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ARTICLE · 23 OCTOBER 2015

Further changes to RSE licensee governance proposals

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APRA intends to further strengthen its independence requirements for RSE licensees, after new guidance have been issued.

AustraliaFinance and Banking
Michael Chaaya
Michael Chaaya
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APRA intends to further strengthen its independence requirements for RSE licensees, following new guidance issued by the regulator last week. As we have previously reported, APRA is consulting with industry about significant amendments to SPS 510 Governance and a new prudential standard, SPS 512 Governance Transition with a view to these changes taking effect from 1 July 2016.

APRA's proposed changes will further strengthen governance requirements for RSE licensees, with APRA now proposing to require that RSE licensees:

  • establish a policy to determine the materiality threshold for when a director has, or has had, a "material business relationship" with the RSE licensee. This policy will then be applied to determine the independence of current or potential directors; and

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