The Australian Prudential Regulation Authority (APRA) has released for consultation a draft form and guide for applications to acquire a controlling stake in a registrable superannuation entity (RSE) licensee.
The new process follows the amendment of the Superannuation Industry (Supervision) Act 1993 (SIS Act) by the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019.
From 5 July 2019, APRA must approve a person seeking to acquire a stake greater than 15 percent in an RSE licensee.
APRA will consider the suitability of persons seeking to take a controlling stake in an RSE licensee to ensure the applicant in acquiring the stake will not impede the RSE licensee in meeting its fiduciary obligations under the SIS Act, including by prioritising the best interests of members.
APRA’s change of ownership regulation in superannuation will mirror its powers in the banking and insurance sectors.