Document ID: chunk:federal_register_of_legislation:F2019L01085:body:0:p3
Version: federal_register_of_legislation:F2019L01085
Segment Type: other
Provision Reference: 
Character Range: 5257–8207

The following matters are prescribed, under subsection 14A(2) of the Act, as matters that must be considered in determining whether a person is a fit and proper person for the purposes of paragraphs 14A(1)(a) and 18(1)(d) of the Act:
       (a)          the honesty, integrity and reputation of the person;

       (b)          the competence and capability of the person, having regard to the degree of control or influence that the person has over the financial sector company;

       (c)          the financial soundness of the person;

       (d)          whether the person has any conflict of interest in regards to the proposed shareholding that is likely to give rise to a material risk;

       (e)          whether there are reasonable grounds for suspecting the person has committed, or is at risk of committing, a financial crime, including money laundering or terrorism financing;

       (f)           whether:
            (i)               the financial sector company's ability and willingness to comply with its prudential requirements; and
            (ii)               APRA's ability to effectively supervise the financial sector company,
       are likely to be negatively impacted if approval is granted to the person under paragraph 14(1)(b) of the Act;

       (g)          if the person is a company, whether each of its directors and chief executive officer, or equivalent persons, would be a fit and proper person to hold a stake of more than 20% in the financial sector company; and

       (h)          the potential for the person to be influenced by another person that is not a fit and proper person to hold a stake of more than 20% in the financial sector company.

Meaning of total resident assets (subsection 14A(5) of the Act)

8.             In relation to a financial sector company that is an ADI that is a credit union, building society or provider of purchased payment facilities, total resident assets means the value of the company's total assets, worked out in accordance with the method for calculating total assets under Reporting Standard ARS 323.0.

9.             In relation to a financial sector company that is an ADI to which Rule 8 of these Rules does not apply, total resident assets means the value of the company's total assets, worked out in accordance with the method for calculating total assets under Reporting Standard ARS 320.0.

10.         In relation to a financial sector company that is a general insurer, total resident assets means the value of the company's total assets, worked out in accordance with the method for calculating total assets under Reporting Standard GRS 300.0.

11.         In relation to a financial sector company that is a life company, total resident assets means the value of the company's total assets, worked out in accordance with the method for calculating total assets under Reporting Standard LRS 300.0.

Information to be contained in yearly report