SYDNEY, May 22 -- Australian Prudential Regulation Authority issued the following media release:
The Australian Prudential Regulation Authority (APRA) has finalised a class exemption from the change of ownership and control provisions of the Superannuation Industry (Supervision) Act 1993
The exemption removes the requirement for management employees and company secretaries with a direct controlling interest of less than 2 per cent in an RSE licensee to apply to APRA before acquiring a controlling stake. The change is intended to reduce regulatory burden while maintaining appropriate APRA scrutiny.
Following consultation, APRA has made minor refinements to improve clarity and operation, without expanding the scope.
The response paper, dr...