Document ID: chunk:federal_register_of_legislation:F2018L01390:body:0:p7
Version: federal_register_of_legislation:F2018L01390
Segment Type: other
Provision Reference: 
Character Range: 16520–19720

the person's activities may not materially impact on prudential matters.
24.         'Responsible person position' means the responsibilities or activities of a responsible person that would lead to the person being a responsible person under the definition in paragraph 20.

Senior managers
25.         'Senior manager', or a person who has or exercises senior management responsibilities[11], means a person (other than a director) who:
       (a)          makes, or participates in making, decisions that affect the whole, or a substantial part, of the business of the institution;
       (b)          has the capacity to affect significantly the institution's financial standing[12];
       (c)          may materially affect the whole, or a substantial part, of the business of the institution or its financial standing through their responsibility for:
(i)                   enforcing policies and implementing strategies approved by the Board of the APRA-regulated institution;
(ii)                   the development and implementation of systems used to identify, assess, manage or monitor risks in relation to the business of the institution; or
(iii)                   monitoring the appropriateness, adequacy and effectiveness of risk management systems; or
       (d)          for a foreign ADI or Category C insurer, is nominated as the senior officer outside Australia to the extent that the person meets the definition in subparagraphs (a), (b) or (c).
26.         For the purposes of the definition of senior manager in the Prudential Acts[13] and the definition of officer in the PHIPS Act[14], the responsibilities set out in paragraph 25, when exercised for an APRA-regulated institution, are senior management responsibilities (except where carried out by a director).
27.         'Senior manager', in relation to a corporate agent of a Category C insurer, means a person (other than a director of the corporate agent) who, when acting for the corporate agent:
       (a)          makes, or participates in making, decisions that affect the whole, or a substantial part, of the business of the Category C insurer represented by the corporate agent;
       (b)          has the capacity to affect significantly the Category C insurer's financial standing;[15] or
       (c)          may materially affect the whole, or a substantial part, of the business of the Category C insurer or its financial standing through:
(i)                   enforcing policies and implementing strategies approved by the Board of the Category C insurer;
(ii)                   the development and implementation of systems that identify, assess, manage or monitor risks in relation to the business of the Category C insurer; or
(iii)                   monitoring the appropriateness, adequacy and effectiveness of risk management systems.
28.         For the purposes of the definition of senior manager in subsection 3(1) of the Insurance Act, the responsibilities set out in paragraph 27, when exercised for a corporate agent in respect of an APRA-regulated institution, are senior management responsibilities (except when carried out by a director of the corporate agent).

Criteria to determine if