Document ID: chunk:federal_register_of_legislation:F2018L01390:body:0:p11
Version: federal_register_of_legislation:F2018L01390
Segment Type: other
Provision Reference: 
Character Range: 27792–30749

after the candidate is nominated; and
       (b)          any other person before an assessment of their fitness and propriety is conducted.
41.         The Fit and Proper Policy must require a fit and proper assessment to be completed before a person becomes the holder of a responsible person position unless they hold the position:
       (a)          because of a resolution of members of the APRA-regulated institution; or
       (b)          because APRA has determined that the person is a responsible person under paragraph 22.
In such cases, the Fit and Proper Policy must require an assessment to be completed within 28 days of the person becoming the holder of the responsible person position or 28 days after APRA makes the determination under paragraph 22.
42.         Interim appointment to a responsible person position may be made without a full fit and proper assessment for a period of up to 90 days (or longer with APRA's written agreement) including any prior period of interim appointment. Prior to making such an appointment, reasonable steps must be taken, as specified in the Fit and Proper Policy, to assess the fitness and propriety of the person. The APRA-regulated institution must complete a full fit and proper assessment prior to appointing the person to the responsible person position on a permanent basis.
43.         The Fit and Proper Policy must require annual fit and proper assessments (or as close to annual as is practicable) for each responsible person position.
44.         When a fit and proper assessment is conducted, an APRA-regulated institution must make all reasonable enquiries[24] to obtain information, including collecting sensitive information as defined in the Privacy Act 1988 (Privacy Act), that it believes may be relevant to an assessment of whether the person is fit and proper to hold a responsible person position.
45.         Where a responsible person has been assessed as fit and proper, but the APRA-regulated institution subsequently becomes aware of information that may result in the person being assessed as not fit and proper, the APRA-regulated institution must take all reasonable steps, including collecting sensitive information as defined in the Privacy Act 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.
46.         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 APRA-regulated institution or to APRA;
       (b)          to enable the disclosure to APRA of any information the APRA-regulated institution 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