Reg 4.15 repealed by SLI No 155 of 2013, reg 4 and Sch 1 item 98, effective 1 July 2013. Reg 4.15 formerly read:
REGULATION 4.15 OPERATING STANDARD
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ADEQUACY OF RESOURCES OF, OR AVAILABLE TO, TRUSTEES OF REGISTRABLE SUPERANNUATION ENTITIES (RSE LICENSEES)
4.15(1)
In this regulation:
adequate financial resources
includes:
(a)
adequate resources to ensure the ongoing solvency of the RSE licensee; and
(b)
adequate liquidity to support the business operations of the RSE licensee.
adequate human resources
includes adequate levels of personnel with the necessary knowledge, skills and expertise to enable the RSE licensee to effectively carry out its operations.
adequate technical resources
includes:
(a)
adequate technical systems, including adequate hardware and software; and
(b)
adequate systems and resources to ensure protection, security and privacy of confidential, personal and sensitive material; and
(c)
adequate technical resources to handle transaction processing and other operations; and
(d)
adequate technical resources to handle any significant changes or increases in business size or capacity that are planned or forecast or that are likely to occur; and
(e)
adequate disaster recovery and business continuity plans; and
(f)
adequate records maintenance systems.
4.15(2)
For paragraphs
31(2)(sb)
,
32(2)(lb)
and
33(2)(jb)
of the Act, the standard stated in this regulation is applicable to trustees of registrable superannuation entities as follows:
(a)
if the trustee is a body corporate that holds an RSE licence
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the body corporate;
(b)
if the trustee is a member of a group of individual trustees that holds an RSE licence
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the group.
Note:
An RSE licence will not be granted unless APRA has no reason to believe that the RSE licensee law would not be complied with. The RSE licensee law includes this regulation. See subsection
10(1)
and paragraph
29D(1)(a)
of the Act.
4.15(3)
The body or group must, for all of the period during which the RSE licence continues in force, have adequate human, technical and financial resources available to it to enable it to undertake its activities as an RSE licensee.
4.15(4)
The body or group has adequate human, technical or financial resources available to it if:
(a)
it has adequate resources of that kind in its own right; or
(b)
it has available to it adequate resources of that kind under an enforceable agreement or undertaking.
History
Reg 4.15 inserted by SR No 113 of 2004, reg 3 and Sch 1 item 7, effective 1 July 2004.
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