Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(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).
(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.
(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) 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.
(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.
(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.
(7) An RSE licensee must meet the fit and proper standard for all the period during which the RSE licence continues in force.