Regulatory AlertsLPG 700 Friendly Society Benefit Funds
The Australian Prudential Regulation Authority issues this prudential practice guide to assist friendly societies in complying with LPS 700 requirements for the fair and equitable operation of approved benefit funds. The document provides detailed guidance on the content of benefit fund rules, classification of funds, seed capital management, and the administration of joint investments and single bank accounts. It further outlines procedural requirements for the adequate adoption of rules, approval of constitutional amendments, member notifications, and the restructuring or termination of benefit funds.
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