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ARTICLE · 28 DECEMBER 2015

APRA RSE governance reforms on hold – for now

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RSEs should keep a close eye on future developments from APRA and the Government in this politically-charged reform area.

AustraliaFinance and Banking
Michael Chaaya
Michael Chaaya
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In a letter to all RSE licensees, APRA has confirmed its proposed amendments to SPS 510 Governance and other prudential standards ( on which we have previously reported) will not be progressed in the immediate future after the Government was unable to secure passage of the Superannuation Legislation Amendment (Governance) Bill in the Senate. 

While this appears to discount the possibility that APRA will "go it alone" and implement the governance reforms without Government action, APRA remains committed to the proposals and intends to formally reflect in the prudential framework its proposed governance changes "at the earliest opportunity".

Significantly, APRA intends to proceed with the proposed amendments in SPS 510 Governance to require RSE licensees to establish a "governance framework" which must include:

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