Mon, 04 Feb 2013 - 22:00
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Local Government Superannuation Scheme Pty Ltd

Mr Fletcher asked the Assistant Treasurer, in writing, on 11 May 2011:

In respect of the activities of the Australian Prudential Regulation Authority (APRA), has APRA undertaken any reviews or investigations from 2007 onwards into the investment operations of the Local Government Superannuation Scheme Pty Ltd (LGSS) (ABN 68078003497), including the purchase by the LGSS of securities known as 'Rembrandt' notes; if so, (a) what is the nature of the reviews or investigations, (b) what powers was APRA exercising in undertaking the reviews or investigations, (c) what were the findings and the outcome of the reviews or investigations, (d) were any adverse findings made against actions of the LGSS, and (e) has any follow-up action been taken by APRA on the reviews or investigations.

Mr Shorten: The answer to the honourable member's question is as follows:

LGSS Pty Ltd (ABN 68078003497) is an APRA-regulated superannuation trustee. Pursuant to section 56 of the Australian Prudential Regulation Authority Act 1998, APRA is precluded from disclosing information disclosed or obtained under or for the purposes of a prudential framework law and relating to the affairs of a regulated entity, where the information is not already in the public domain.