BUSSQ lastly faces into APRA license situations | Australian Markets
Queensland based mostly construction industry fund BUSSQ has been given more time to adjust to the extra license situations imposed by the Australian Prudential Regulation Authority (APRA) after the fund discontinued its legal appeals.
However, on the identical time, APRA has reminded BUSSQ of its obligations stating that the additional time granted is a end result of the regulator affording the fund “procedural fairness”.
The extra license situations had been initially imposed on BUSSQ in August final yr, the identical time as related situations had been imposed on Cbus which has complied with the APRA motion.
The APRA assertion identified the situations, imposed on 13 August 2024, require BUSSQ to nominate an unbiased third get together to review BUSSQ’s match and correct processes and expenditure management practices.
“The conditions have been varied to update the timeframes for BUSSQ’s compliance, to provide additional detail to BUSSQ about the operation of the conditions and to enable the work contemplated in the conditions to be commenced by BUSSQ as soon as possible. BUSSQ was afforded procedural fairness in relation to the variation,” APRA’s assertion mentioned.
“APRA imposed the conditions to safeguard the interests of members, to ensure APRA’s prudential concerns could be addressed effectively and expeditiously, and to ensure transparency in BUSSQ’s response to APRA’s concerns.”
“In August 2024, BUSSQ utilized to the Federal Court docket for judicial review of APRA’s resolution to impose the situations. APRA agreed at that time to droop the impact of the situations till the Court docket’s willpower of the matter on the idea BUSSQ requested an expedited listening to. His Honour Justice Derrington dismissed BUSSQ’s utility and on 20 February 2025 ordered BUSSQ to pay APRA’s prices. BUSSQ appealed Justice Derrington’s resolution on 18 February 2025.
“BUSSQ has informed APRA that it has decided to discontinue its appeal and BUSSQ has undertaken to APRA to commence the work contemplated by the varied conditions.”
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