Document ID: chunk:federal_register_of_legislation:F2024L00638:body:0:p9
Version: federal_register_of_legislation:F2024L00638
Segment Type: other
Provision Reference: 
Character Range: 21249–24124

and propriety of a person. This could include providing the Fit and Proper Policy to APRA on request.
48.         An RSE licensee must take reasonable steps to satisfy itself that a person holding, or proposed to hold, a responsible person position is not a disqualified person within the meaning of section 120 of the SIS Act. To this end, the RSE licensee must satisfy itself that the person has never been convicted of any offence of dishonesty in any jurisdiction, whether in Australia of overseas. Other than for this purpose, APRA does not and will not require disclosure of spent convictions where precluded under Part VIIC of the Crimes Act 1914.

Adjustments and exclusions
49.         APRA may adjust or exclude a specific prudential requirement in this Prudential Standard in relation to:
(a)          a particular RSE licensee of an RSE; or
(b)          specified RSE licensees of RSEs.[25]

Previous exercise of discretion
50.         An RSE licensee must contact APRA if it seeks to place reliance, for the purposes of complying with this Prudential Standard, on an exercise of discretion made by APRA under a previous version of this Prudential Standard.

[1]  'RSE licensee' has the meaning given in section 10(1) of the SIS Act.
    [2]  Paragraph 19 sets out criteria for fitness and propriety for the purposes of sections 107(2)(a)(ii)(DA), 108(2)(a)(iia), 126H(6A), 130D(5A), 131AA(2A), 131A(1A) and 134(5) of the SIS Act. Paragraph 21 sets out additional criteria for fitness and propriety for RSE auditors for the purposes of sections 130D(5A), 130EA(2)(c), 131AA(2A) and 131A(1A) of the SIS Act. Paragraph 24 sets out additional criteria for fitness and propriety for RSE actuaries for the purposes of sections 130D(5A), 131AA(2A) and 131A(1A) of the SIS Act.
    [3]  Paragraphs 19 and 21 set out the eligibility criteria for auditors for the purposes of sections 35AC(2)(a), 35AC(2A)(a)(i), 35AC(6)(a), 35AC(7)(a)(i), 130D(4)(aa), 130D(4)(ab), 130EA(2)(b), 131AA(2)(ba) and 131A(1)(aa) of the SIS Act. Paragraphs 19 and 24 set out the eligibility criteria for actuaries for the purposes of paragraphs 35AD(2)(a), 35AD(6)(a), 130D(4)(aa), 131AA(2)(ba) and 131A(1)(aa) of the SIS Act.
[4]  Refer to paragraph 16 for the definition of responsible person position.
[5]  For the purposes of this Prudential Standard, a reference to 'beneficiaries' is a reference to 'beneficiaries of an RSE within the RSE licensee's business operations', an 'RSE licensee's business operations' includes all activities as an RSE licensee (including the activities of each RSE of which it is the licensee), and all other activities of the RSE licensee to the extent that they are relevant to, or may impact on, its activities as an RSE licensee and 'connected entity' has the meaning given in section 10(1) of the SIS Act. Refer also to Part 3A of the SIS Act.