Superannuation (prudential standard) determination No. 7 of 2012 - Prudential Standard SPS 521 - Conflicts of Interest
Relevant duties and relevant interestsRelevant duties and relevant interests
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Relevant duties and relevant interests
- For the purposes of this Prudential Standard:
(a) a ‘relevant duty’ refers to any duty owed by the RSE licensee, or a responsible person of the RSE licensee[2], to beneficiaries or to any other person[3]; and
(b) a ‘relevant interest’ of an RSE licensee, an associate of the RSE licensee or a responsible person of the RSE licensee refers to any interest, gift, emolument or benefit, whether pecuniary or non-pecuniary, directly or indirectly held by the RSE licensee, the associate or the responsible person
that the RSE licensee has determined to be relevant in accordance with paragraph 16.
- For the purposes of this Prudential Standard, a reference to a ‘conflict’ is a reference to a conflict:
(a) between the duties owed by an RSE licensee, or a responsible person of an RSE licensee, to beneficiaries and the duties owed by them to any other person;
(b) between the interests of beneficiaries and the duties owed by an RSE licensee, or a responsible person of the RSE licensee, to any other person;
(c) between an interest of an RSE licensee, an associate of an RSE licensee or a responsible person or an employee of an RSE licensee, and the RSE licensee’s duties to beneficiaries; and
(d) between an interest of an RSE licensee, an associate of an RSE licensee or a responsible person or an employee of an RSE licensee and the interests of beneficiaries.