Document ID: chunk:federal_register_of_legislation:F2018L01390:body:0:p3
Version: federal_register_of_legislation:F2018L01390
Segment Type: other
Provision Reference: 
Character Range: 5493–8855

for which they are not fit and proper;
     * ensure that additional requirements be met for certain auditors and Appointed and Reviewing Actuaries; and
     * ensure that certain information be provided to APRA regarding responsible persons and the APRA-regulated institution's and Head of a group's assessment of their fitness and propriety.

Table of Contents
Authority
Application
Interpretation
Fit and Proper Policy
Additional requirements of the Head of a group
Responsible persons
Senior managers
Criteria to determine if a responsible person is fit and proper
Additional criteria applying to auditors
Additional criteria applying to Appointed Actuaries
Process for assessment of fitness and propriety
Whistleblowing
When a responsible person is not fit and proper
Informing APRA
Adjustments and exclusions
Determinations made under previous prudential standards
Attachment A - Responsible persons of authorised deposit-taking institutions and authorised banking NOHCs
Attachment B - Responsible persons of foreign authorised deposit-taking institutions
Attachment C - Responsible persons of general insurers and authorised insurance NOHCs
Attachment D - Responsible persons of Category C insurers
Attachment E - Responsible persons of life companies and registered life NOHCs
Attachment F - Responsible persons of eligible foreign life insurance companies
Attachment G – Responsible persons of private health insurers

Authority
     1. This Prudential Standard is made under:
       (a)          section 11AF of the Banking Act 1959 (Banking Act);
       (b)          section 32 of the Insurance Act 1973 (Insurance Act);
       (c)          section 230A of the Life Insurance Act 1995 (Life Insurance Act); and
       (d)          section 92 of the Private Health Insurance (Prudential Supervision Act) 2015 (PHIPS Act).

Application
2.        This Prudential Standard applies to all 'APRA-regulated institutions',[1] defined as:
       (a)          all authorised deposit-taking institutions (ADIs), including foreign ADIs, and non-operating holding companies authorised under the Banking Act (authorised banking NOHCs);
       (b)          all general insurers, including Category C insurers, non-operating holding companies authorised under the Insurance Act (authorised insurance NOHCs) and parent entities of Level 2 insurance groups;
       (c)          all life companies, including friendly societies and eligible foreign life insurance companies (EFLICs), and non-operating holding companies registered under the Life Insurance Act (registered life NOHCs); and
       (d)          all private health insurers registered under the PHIPS Act.
3.             All APRA-regulated institutions have to comply with this Prudential Standard in its entirety, unless otherwise expressly indicated. The obligations imposed by this Prudential Standard on, or in relation to, a foreign ADI, a Category C insurer or an EFLIC apply only in relation to the Australian branch operations of that institution.
4.             Where an APRA-regulated institution is the 'Head of a group',[2] it must comply with a requirement of this Prudential Standard:
       (a)          in its capacity as an APRA-regulated institution;
       (b)          by ensuring that a requirement is applied appropriately throughout the group, including in relation to institutions