Notification by RSE licensee

Transcription

1 Notification by RSE licensee Section 29JA Superannuation Industry (Supervision) Act 1993 (SIS Act) and section 111(1) First Home Saver Accounts Act (FHSA Act) 2008 All questions in the form must be completed before it can be accepted (See over page for information on completing this form - attach extra pages if insufficient space) Name of the RSE licensee RSE licensee ABN Names of all RSEs (or FHSA trusts) affected by breach RSE/FHSA Trust ABN RSE Licence conditions breached s. 29E of the SIS Act (legislative conditions) (select applicable licence condition from list below) 29E(1)(a) 29E(1)(b) RSE licensee law Trustee duties properly performed 29E(1)(ba) Trustee must have an ABN or made an application for an ABN that has not been refused 29E(1)(d) RSE must be registered 29E(1)(ea) RSE must have ABN 29E(1)(f) 29E(1)(g) Notify change in composition Comply with conditions prescribed by SIS Regulations 1

2 RSE Licence conditions breached (continued) 29E(3) 29E(4) 29E(5) 29E(6) Public Offer Entity must be constitutional corporation Only providing old-age pensions Minimum number of individual trustees Transferee fund obligations 29E(6A) s. 29TC MySuper requirements 29E(6B) Giving effect to MySuper elections 29E(6C) ERF elections 29E(6D) ERF requirements 29E(6E) Identify multiple super accounts s. 29EA of the SIS Act (APRA imposed) (select applicable licence condition from one of the lists below) (a) RSE licensee conditions where RSE licensee subject to SPS 114 ORFR requirements Public Offer, Extended Public Offer & Non-Public Offer licensees Acting Trustee licensees 1 Notifying change in controlling influence 2 Notifying change in name of RSE Licensee or MySuper product Specific condition (insert condition no.) Specific condition (insert condition no.) 2

3 (b) RSE licensee conditions where SPS 114 ORFR transitional requirements still apply Public Offer and Extended Public Offer licensees Specific condition (insert condition no.) Non Public Offer licensees Specific condition (insert condition no.) A.1 Minimum number of directors A.1 Change in responsible officer A.2 Notifying change in responsible officer A.2 Audited RSE licensee financial statements A.3 Notifying change in controlling influence A.3 APRA Questionnaires A.4 Audited RSE licensee financial statements A.4 No other business or commercial activity A.5 APRA Questionnaires Acting Trustee licensees A.6 No other business or commercial activity Specific condition (insert condition no.) B.1 Self insurance C.1 Minimum liquid asset requirement C.2 Written Custodian Agreement C.3 Comply with APRA Custodian Circular No. 1 C.4 Number of custodians appointed C.5 All assets custodially held C.6 Custodian must be independent C.7 Comply with Part 15 of SIS Act C.8 Notification of non-compliance with Part 15 C.9 Issues with Custodian C.10 Notification of change in custodian D.1 Investment in prudential supervised institution D.2 $5m Net tangible assets requirement E.1 $5m Net tangible assets requirement F.1 $5m Approved Guarantee F.2 Disclosure of Approved Guarantee G.1 $5m combination of NTA & Approved Guarantee G.2 Disclosure of Approved Guarantee 3

4 FHSA authorisation conditions breached s. 97 of the FHSA Act (legislative conditions) (select applicable licence condition from list below) 97(1)(a) FHSA Act, regulations and Prudential Standard 97(1)(b) Trustee duties properly performed 97(1)(c) FHSA trust maintained solely for provision of FHSAs 97(1)(d) Continues to meet capital requirements under section 93 97(1)(e) Continues to hold Public Offer or Extended Public Offer RSE licence 97(1)(f) Conditions specified by Regulations Legislative Provisions breached (insert section/regulation reference e.g. s.52(2)(f), r. 4.08) SIS Act 1993 (insert section reference) SIS Regulations 1994 Corporations Act 2001 Corporations Regulations 2001 Financial Sector (Collection of Data) Act 2001 Financial Institutions Supervisory Levies Collection Act 1998 First Home Saver Accounts Act 2008 First Home Saver Accounts Regulations 2008 Superannuation Prudential Standards SPS 114 Operation Risk Financial Requirement (ORFR) SPS 160 Defined Benefit Matters SPS 220 Risk Management SPS 231 Outsourcing SPS 232 Business Continuity Management SPS 250 Insurance in Superannuation SPS 310 Audit and Related Matters 4

5 Superannuation Prudential Standards (continued) SPS 410 MySuper Transition SPS 450 Eligible Rollover Fund (ERF) Transition SPS 510 Governance SPS 520 Fit and Proper SPS 521 Conflicts of Interest SPS 530 Investment Governance Nature and impact of the breach (including details on the effect on members or account holders) and how the breach was identified (use an attachment to this form if necessary) Date the breach occurred (or will occur) (Date ranges are not acceptable) Date trustee became aware of breach (Date ranges are not acceptable) D D M M Y Y Y Y / / D D M M Y Y Y Y / / Estimated Number of members/account holders affected Estimate of $dollar amount involved (Amount range is not acceptable) $ Category of Breach (Please select only ONE of the following categories that best describes the nature of the breach) Adequacy of resources Audit/Actuarial or reporting Business continuity management Contribution standards Defined benefit matters Disclosure Fit and proper 5

6 Category of Breach (continued) (Please select only ONE of the following categories that best describes the nature of the breach) Governance, remuneration or conflict management Insurance in superannuation Investment governance or valuation Management of reserves MySuper/ERF requirements ORFR requirements Outsourcing Payment standards Risk management Sole purpose test Trustee covenants Unit pricing Other Rectification action already undertaken and/or proposed action (use an attachment to this form if necessary) Whether ASIC has been separately notified of breach Yes No 6

7 Contact Person in relation to breach First name Last name Phone number Return address for APRA acknowledgment of notification ( , fax or postal address) Position held with RSE licensee Date D D M M Y Y Y Y / / End of form. form directly to your APRA Responsible Supervisor s address Fax to Post to GPO Box 9836, in your Capital City APRA will acknowledge receipt of this breach notification. (Refer to Notes on completing this form overleaf) 7

8 Your obligations If an APRA-regulated institution becomes aware it has breached (or will breach) a prudential requirement, it may have obligations to report the breach to APRA. The relevant legislative requirements for reporting breaches are found in the Prudential Acts. s. 62A of the Banking Act 1959 s. 38AA of the Insurance Act 1973 s. 132A of the Life Insurance Act 1995 s. 29JA of the Superannuation Industry (Supervision) Act 1993 s. 111 of the First Home Saver Accounts Act 2008 When must you notify APRA? Some breaches or matters must be reported immediately to APRA in writing. Other significant breaches or matters must be reported to APRA in writing within 10 business days of becoming aware that a breach has occurred or will occur. Refer to the relevant legislation to determine whether a breach or matter needs to be reported and for the required timeframe. Failure to notify APRA of a breach Failure to notify APRA of a breach within the required time frame is an offence under each relevant Act. Format of Breach Notification Breach notification must be in writing. For ease of reporting, APRA has made available an Online Breach Notification System. Alternatively you may use this form and send to APRA. APRA prefers institutions to use the Online System. Reporting breaches to ASIC Breaches under APRA administered legislation may also breach ASIC-administered legislation. You should determine if you are also required to report the breach to ASIC. If you use the Online Breach Notification System to report your breach, you can elect for APRA to pass it on to ASIC, fulfilling your reporting obligations. If you notify APRA of your breach using this form, you must report your breach separately and directly to ASIC. You cannot use the Online System or forms to report a breach that relates solely to ASICadministered legislation. You should refer to ASIC to ascertain how to report these breaches. Enquiries Telephone info@apra.gov.au Mail GPO Box 9836 in all capital cities (except Hobart and Darwin) Disclaimer The purpose of these instructions is to provide general assistance in the use of the APRA online breach reporting system. These instructions do not contain any legal advice and APRA disclaims any and all liability or responsibility for any loss or damages arising out of any use of, or reliance on, these instructions or the APRA online breach reporting system. Users of the APRA online breach reporting system are encouraged to obtain professional advice on their breach reporting obligations under the relevant legislation and to exercise their own skill and care in relation to any material contained in these instructions or in the APRA. 8