Document ID: chunk:federal_register_of_legislation:F2018L01390:body:0:p13
Version: federal_register_of_legislation:F2018L01390
Segment Type: other
Provision Reference: 
Character Range: 33282–36394

Fit and Proper Policy.

When a responsible person is not fit and proper
54.         Where an APRA-regulated institution has assessed that a person is not fit and proper, or a reasonable person in the APRA-regulated institution's position would make that assessment, the APRA-regulated institution must take all steps it reasonably can to ensure that the person:[27]
       (a)          is not appointed to; or
       (b)          for an existing responsible person, does not continue to hold,
the responsible person position.

Informing APRA
55.         An APRA-regulated institution must notify APRA of the following information for each responsible person:
       (a)          the title of the responsible person's position;
       (b)          the person's full name;
       (c)          the person's date of birth (for identification purposes only);
       (d)          the person's position and main responsibilities; and
       (e)          a statement of whether the person has been assessed under the Fit and Proper Policy.
56.         An APRA-regulated institution must ensure that the information provided under paragraph 55 remains correct for all of its responsible persons. Subject to the Prudential Acts and the PHIPS Act, it must provide revised information to APRA within 28 days of any change or new appointment.
57.         An APRA-regulated institution must notify APRA within 10 business days if it assesses that a responsible person is not fit and proper. If the person remains in the responsible person position, the notification must state the reason for this and the action that is being taken.
58.         The information or notifications required by this Prudential Standard must be given in such form, if any, and by such procedures, if any, as APRA publishes on its website from time to time.
59.         An APRA-regulated institution must take reasonable steps to:
       (a)          obtain any information and documentation that APRA asks of it; and
       (b)          provide that information to APRA,
to assist APRA in assessing the fitness and propriety of a person. This could include providing the Fit and Proper Policy to APRA on request.
60.         APRA does not and will not require disclosure of spent convictions where precluded under Part VIIC of the Crimes Act 1914.

Adjustments and exclusions
61.         APRA may adjust or exclude a specific prudential requirement in this Prudential Standard in relation to an APRA-regulated institution.[28]

Determinations made under previous prudential standards
62.         An exercise of APRA's discretion (such as an approval, waiver or direction) under a previous version of this Prudential Standard continues to have effect as though exercised pursuant to a corresponding power (if any) exercisable by APRA under this Prudential Standard.  For the purposes of this paragraph, 'a previous version of this Prudential Standard' includes any versions of:
       (a)          Prudential Standard APS 520 Fit and Proper;
       (b)          Prudential Standard GPS 520 Fit and Proper; and
       (c)          Prudential Standard