On 18 November 2025, the Australian Prudential Regulation Authority (APRA) released for consultation a draft instrument to exempt certain management employees and company secretaries from compliance with the change of ownership and control provisions of the Superannuation Industry (Supervision) Act 1993 (Cth).

The change of ownership and control provisions require persons to obtain approval from APRA to own or hold a controlling stake of more than 15 per cent in a Registrable Superannuation Entity (RSE) licensee.

A person’s stake is aggregated with those of their “associates”. The change of ownership and control provisions therefore impact a broad range of individuals including some office holders whose direct holdings in an RSE licensee are very small.

APRA is seeking to reduce the regulatory burden on applicants by exempting certain classes of persons from needing to apply to APRA. The proposed exemption would remove the requirement for management employees and company secretaries with a direct controlling interest in an RSE licensee of less than 2% to apply to APRA before acquiring a controlling stake.

The deadline for comments on the draft instrument is 16 December 2025.