Superannuation Industry (Supervision) Act 1993

PART 16A - APRA ' S POWERS TO ISSUE DIRECTIONS  

Division 2 - Directions to relinquish control over an RSE licensee  

SECTION 131EC  

131EC   MEANING OF PRACTICAL CONTROL  

A person has practical control over an RSE licensee that is a body corporate if:

(a) either of the following is satisfied:

(i) the directors of the RSE licensee are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person (either alone or together with associates);

(ii) the person (either alone or together with associates) is in a position to exercise control over the RSE licensee; and

(b) the person does not hold a controlling stake in the RSE licensee.