Federal Register of Legislation
Superannuation (prudential standard) determination No. 7 of 2012
Prudential Standard SPS 521 Conflicts of Interest
Superannuation Industry (Supervision) Act 1993
I, Ross Jones, delegate of APRA, under subsection 34C(1) of the Superannuation Industry (Supervision) Act 1993 (the Act), DETERMINE Prudential Standard SPS 521 Conflicts of Interest in the form set out in the Schedule, which applies to all RSE licensees.
This instrument commences on 1 July 2013.
Dated: 15 November 2012
[signed]
Ross Jones Deputy Chair
Interpretation
In this instrument: APRA means the Australian Prudential Regulation Authority. RSE licensee has the meaning given in section 10(1) of the Act.
Note 1 It is a condition imposed on all RSE licences that the RSE licensee and, if the RSE licensee is a group of individuals, each of the members of the group, must comply with the RSE licensee law [section 29E(1)(a)]. RSE licensee law includes the prudential standards [section 10(1)]. APRA may direct an RSE licensee to comply with a specified condition of its RSE licence by a specified time if APRA has reasonable grounds to believe that the RSE licensee has breached the condition [section 29EB]. A failure to comply with a direction may lead to cancellation of the RSE licence [section 29G] and may be an offence attracting a penalty of 60 penalty units [section 29JB].
Schedule
Prudential Standard SPS 521 Conflicts of Interest comprises the 6 pages commencing on the following page.
Prudential Standard SPS 521
Conflicts of Interest
Objectives and key requirements of this Prudential Standard
This Prudential Standard establishes requirements for the identification, avoidance and management of conflicts of duty and interest by an RSE licensee. These requirements are essential to ensure that an RSE licensee and its responsible persons meet legislative obligations in Part 6 of the Superannuation Industry (Supervision) Act 1993.
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