Superannuation (prudential standard) determination No. 4 of 2024
Responsible personsResponsible persons
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Responsible persons
- A responsible person of an RSE licensee is:
(a) a director of the RSE licensee[8];
(b) a secretary of the RSE licensee;
(c) a senior manager of the RSE licensee;
(d) an individual RSE auditor or a lead auditor, appointed to conduct an audit of an RSE for which the RSE licensee is trustee, or of any connected entity of the RSE licensee[9];
(e) an RSE actuary who is appointed to perform an actuarial function under RSE licensee law[10]; and
(f) a person who performs activities for a connected entity of the RSE licensee where those activities could materially affect the whole, or a substantial part, of the RSE licensee’s business operations, or its financial standing, either directly or indirectly.
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A person need not be an employee of an RSE licensee to be a responsible person if they are within one of the definitions in paragraph 12. In some circumstances a consultant, contractor or employee of another entity may be a responsible person.
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In addition to persons who meet the definition of a responsible person, APRA may determine that a person is a responsible person if APRA is satisfied that the person plays a significant role in the management or control of the RSE licensee, or that the person’s activities may materially impact on the interests, or reasonable expectations, of beneficiaries, or the financial position of the RSE licensee, any of its RSEs or connected entities, or any other relevant prudential matter.
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APRA may determine that a person is not a responsible person in relation to a particular position, responsibility or activity if APRA is satisfied that the person does not play a significant role in the management or control of the RSE licensee or that the person’s activities may not materially impact on the interests, or reasonable expectations, of beneficiaries, or the financial position of the RSE licensee, any of its RSEs or connected entities, or any other relevant prudential matter.
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‘Responsible person position’ means the responsibilities or activities of a responsible person that would lead to the person being a responsible person within one of the definitions in paragraph 12.