Document ID: chunk:federal_register_of_legislation:F2024L00638:body:0:p3
Version: federal_register_of_legislation:F2024L00638
Segment Type: other
Provision Reference: 
Character Range: 5503–8476

person who performs activities for a connected entity of the RSE licensee where those activities could materially affect the whole, or a substantial part, of the RSE licensee's business operations, or its financial standing, either directly or indirectly.
13.         A person need not be an employee of an RSE licensee to be a responsible person if they are within one of the definitions in paragraph 12. In some circumstances a consultant, contractor or employee of another entity may be a responsible person.
14.         In addition to persons who meet the definition of a responsible person, APRA may determine that a person is a responsible person if APRA is satisfied that the person plays a significant role in the management or control of the RSE licensee, or that the person's activities may materially impact on the interests, or reasonable expectations, of beneficiaries, or the financial position of the RSE licensee, any of its RSEs or connected entities, or any other relevant prudential matter.
15.         APRA may determine that a person is not a responsible person in relation to a particular position, responsibility or activity if APRA is satisfied that the person does not play a significant role in the management or control of the RSE licensee or that the person's activities may not materially impact on the interests, or reasonable expectations, of beneficiaries, or the financial position of the RSE licensee, any of its RSEs or connected entities, or any other relevant prudential matter.
16.         'Responsible person position' means the responsibilities or activities of a responsible person that would lead to the person being a responsible person within one of the definitions in paragraph 12.

Senior managers
17.         'Senior manager', in relation to an RSE licensee, means a person (other than a director of the RSE licensee) who:
(a)          makes, or participates in making, decisions that affect the whole, or a substantial part, of the RSE licensee's business operations;
(b)          has the capacity to affect significantly the RSE licensee's business operations or its financial standing[11];
(c)          may materially affect the whole, or a substantial part, of the RSE licensee's business operations or its financial standing through their responsibility for:
(i)            enforcing policies and implementing strategies approved by the Board;
(ii)         the development and implementation of systems used to identify, assess, manage or monitor risks in relation to the RSE licensee's business operations; or
(iii)       monitoring the appropriateness, adequacy and effectiveness of risk management frameworks; or
(d)          is otherwise an executive officer of the RSE licensee.[12]

Criteria to determine if a responsible person is fit and proper
18.         An RSE licensee must clearly define and document the competencies required for each responsible person position.
19.         For the purposes of the SIS Act