Document ID: chunk:federal_register_of_legislation:F2012L02230:body:0:p5
Version: federal_register_of_legislation:F2012L02230
Segment Type: other
Provision Reference: 
Character Range: 11439–13712

23.         In addition to the comprehensive review required in paragraph 20, an RSE licensee must, on an annual basis, review its conflicts management framework and report the results of this review to the Board.

Adjustments and exclusions
    24.         APRA may, by notice in writing to an RSE licensee, adjust or exclude a specific prudential requirement in this Prudential Standard in relation to that RSE licensee.[8]

    [1]  For the purposes of this Prudential Standard, 'RSE licensee' has the meaning given in section 10(1) of the SIS Act.
    [2]  Refer to Prudential Standard SPS 520 Fit and Proper for the definition of responsible person.
    [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' and 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.
    [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, 'group of individual trustees' has the meaning given in section 10(1) of the SIS Act and a reference to 'a director' is a reference to a director of an RSE licensee which has a Board of directors or, in the case of a group of individual trustees, an individual trustee.
    [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]  Nothing in this Prudential Standard authorises a person to manage a conflict if the general law requires the person to avoid it.
    [7]  Refer to Prudential Standard SPS 231 Outsourcing for requirements relating to performance under outsourcing agreements.
    [8]  Refer to section 34C(5) of the SIS Act.