Reg 4.14 repealed by SLI No 155 of 2013, reg 4 and Sch 1 item 98, effective 1 July 2013. Reg 4.14 formerly read:
REGULATION 4.14 OPERATING STANDARD
-
FITNESS AND PROPRIETY OF RSE LICENSEE
4.14(1)
In this regulation:
disqualified person
means a disqualified person for Part
15
of the Act.
fit and proper standard
means the standard mentioned in subregulation (3).
4.14(2)
For paragraphs
31(2)(ma)
,
32(2)(fa)
and
33(2)(ba)
of the Act, the standard stated in this regulation is applicable to an RSE licensee.
Note:
An RSE licence will not be granted unless APRA is satisfied under paragraph
29D(1)(d)
of the Act that the standard stated in this regulation is met.
4.14(3)
Subject to subregulations (5) and (6), an RSE licensee meets the fit and proper standard if the RSE licensee possesses relevant attributes that enable the RSE licensee to properly discharge the duties and responsibilities of an RSE licensee in a prudent manner.
4.14(4)
The attributes include, but are not limited to:
(a)
character, competence, diligence, experience, honesty, integrity and judgement; and
(b)
educational or technical qualifications, knowledge and skills relevant to the duties and responsibilities of an RSE licensee.
4.14(5)
An RSE licensee that is a body corporate does not meet the fit and proper standard if:
(a)
the body corporate is a disqualified person; or
(b)
a director of the body corporate is a disqualified person, and the body corporate does not, within 14 days after the body corporate becomes aware that the director is a disqualified person:
(i)
notify APRA of that fact; and
(ii)
remove the director.
4.14(6)
An RSE licensee that is a group of individual trustees does not meet the fit and proper standard if:
(a)
an individual trustee who is a member of the group of individual trustees (the
member
) is a disqualified person; and
(b)
the group of individual trustees does not, within 14 days after the group becomes aware that the member is a disqualified person:
(i)
notify APRA of that fact; and
(ii)
remove the member from the group.
4.14(7)
An RSE licensee must meet the fit and proper standard for all the period during which the RSE licence continues in force.
History
Reg 4.14 inserted by SR No 113 of 2004, reg 3 and Sch 1 item 7, effective 1 July 2004.
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