Document ID: chunk:federal_register_of_legislation:F2019L01578:body:0:p8
Version: federal_register_of_legislation:F2019L01578
Segment Type: other
Provision Reference: 
Character Range: 20566–23474

for the year and financial position at year end in accordance with the provisions of the SIS Act and FSCOD Act.

    [1]  For the purposes of this Prudential Standard, 'RSE licensee' has the meaning given in section 10(1) of the SIS Act.
    [2]  For the purposes of this Prudential Standard, 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. The risk management framework must also cover risks that arise from functions that are outsourced; refer to Prudential Standard SPS 231 Outsourcing (SPS 231).
    [3]  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'.
    [4]  For the purposes of this Prudential Standard, a reference to 'the Board' is a reference to the Board of directors or group of individual trustees of an RSE licensee and 'group of individual trustees' has the meaning given in section 10(1) of the SIS Act.
    [5]  For the purposes of this Prudential Standard, a reference to 'a group' is a reference to a group comprising the RSE licensee and all connected entities and all related bodies corporate of the RSE licensee, 'connected entity' has the meaning given in section 10(1) of the SIS Act and 'related body corporate' has the meaning given in section 50 of the Corporations Act 2001.
    [6]  Refer to Prudential Standard SPS 510 Governance (SPS 510), Prudential Standard SPS 520 Fit and Proper and Prudential Standard SPS 521 Conflicts of Interest.
    [7]  Refer to Prudential Standard SPS 530 Investment Governance (SPS 530).
    [8]  Refer to SPS 530.
    [9]  Refer to Prudential Standard SPS 114 Operational Risk Financial Requirement (SPS 114), SPS 231 and Prudential Standard SPS 232 Business Continuity Management (SPS 232).
    [10]  Refer to Prudential Standard SPS 250 Insurance in Superannuation.
    [11]  Refer to section 62 of the SIS Act for details of the sole purpose test to identify business that has a purpose other than superannuation.
    [12]  Refer to Prudential Standard SPS 515 Strategic Planning and Member Outcomes (SPS 515) for core requirements relating to strategic and business planning.
    [13]  'Prudential requirements' include requirements under the SIS Act, the Superannuation Industry (Supervision) Regulations 1994, the prudential standards, reporting standards, the Financial Sector (Collection of Data) Act 2001 (FSCOD Act), licence conditions, authorisations, superannuation data and payment standards, directions and any other requirements imposed by APRA under legislation.
    [14]  Where this Prudential Standard provides for APRA to require an RSE licensee to amend its