Document ID: chunk:federal_register_of_legislation:F2024L00638:body:0:p7
Version: federal_register_of_legislation:F2024L00638
Segment Type: other
Provision Reference: 
Character Range: 15980–18891

of whether the person is fit and proper to hold a responsible person position.
33.         Where a responsible person has been assessed as fit and proper, but an RSE licensee subsequently becomes aware of information that may result in the person being assessed as not fit and proper, the RSE licensee must take all reasonable steps, including collecting sensitive information as defined in the Privacy Act 1988 if relevant, to ensure that it can prudently conclude that no material fitness and propriety concern exists. Where a concern exists, a full fit and proper assessment must be conducted.
34.         The Fit and Proper Policy must contain adequate provisions:
(a)          to encourage any person to disclose information that may be relevant to a fit and proper assessment to the RSE licensee or to APRA;
(b)          to enable the disclosure to APRA of any information the RSE licensee is required to provide under this Prudential Standard; and
(c)          for giving or obtaining any consents required for the collection and use of any information:
(i)            by the RSE licensee to comply with the Fit and Proper Policy or this Prudential Standard; and
(ii)         by APRA for its powers and functions under the SIS Act.
35.         The Fit and Proper Policy must require that sufficient documentation for each fit and proper assessment is retained to demonstrate the fitness and propriety of the RSE licensee's current, and recently past, responsible persons.

Whistleblowing[21]
36.         The Fit and Proper Policy must include adequate provisions to allow whistleblowing if a person has information that a responsible person does not meet the RSE licensee's fit and proper criteria. The Fit and Proper Policy must ensure that the RSE licensee and its connected entities consent to the person providing that information to either the person responsible for conducting fit and proper assessments or APRA.
37.         The Fit and Proper Policy must include adequate provisions to allow any person who has information that the RSE licensee has not complied with this Prudential Standard to provide that information to APRA.
38.         The Fit and Proper Policy must provide that the RSE licensee and its connected entities consent to any person who held a responsible person position disclosing information or providing documents to APRA relating to their reasons for resignation, retirement or removal.
39.         An RSE licensee must not, and must ensure that its connected entities do not, constrain, impede, restrict or discourage, whether by confidentiality clauses, policies or other means, any person from disclosing information or providing documents to APRA about matters referred to in paragraphs 36 to 38 inclusive.
40.         The Fit and Proper Policy must require that all provisions of the Policy encouraging whistleblowing, and the procedures relating to whistleblowing, are