Document ID: chunk:federal_register_of_legislation:F2012L02224:body:0:p5
Version: federal_register_of_legislation:F2012L02224
Segment Type: other
Provision Reference: 
Character Range: 11551–14544

operations. The RSE licensee must notify APRA when normal operations resume.

    29.         The information or notifications required by this Prudential Standard must be given in such form, if any, and by such procedures, if any, as APRA determines and publishes on its website from time to time.[10]

Audit arrangements
    30.         An RSE licensee's internal audit function, or an appropriate external expert, must periodically review the BCP and provide an assurance to the Board or to delegated management that:

       (a)          the BCP is in accordance with the RSE licensee's BCM Policy and addresses the risks it is designed to control; and

       (b)          testing procedures are adequate and have been conducted satisfactorily.

    31.         APRA may request the external auditor of the RSE licensee, or another appropriate external expert, to provide an assessment of the RSE licensee's BCM arrangements. Any such report must be paid for by the RSE licensee and must be made available to APRA.[11]

Commencement and transitional arrangements
    32.         Paragraphs 33 and 34 of this Prudential Standard commence on the date of registration of this Prudential Standard on the Federal Register of Legislative Instruments (registration date).

    33.         An RSE licensee must ensure that, when entering into an arrangement covered by this Prudential Standard on and from the day after the registration date, it complies with paragraphs 24 and 27.

    34.         Where an RSE licensee has entered into an arrangement covered by this Prudential Standard prior to the registration date, the RSE licensee must, for each arrangement:

       (a)          assess the provisions of the arrangement against paragraphs 24 and 27;

       (b)          identify whether it is satisfied as to the matters in paragraphs 24 and 27;

       (c)          where the RSE licensee is not satisfied as to the matters in paragraphs 24 and 27, identify the anticipated end date of the arrangement;

       (d)          where the anticipated end date of the arrangement is on or after 1 January 2014, take all reasonable steps to adjust the terms of the arrangement in order to ensure that the RSE licensee complies with paragraphs 24 and 27;

       (e)          where, as a result of the reasonable steps taken under paragraph 34(d), the RSE licensee determines that, if it were to renegotiate the terms of the arrangement, it would not be acting in the best interests of beneficiaries, demonstrate to APRA why it considers the arrangement should continue; and

       (f)           report to APRA before 1 July 2013 the extent of any non-compliance with paragraphs 24 and 27 and the anticipated end date of the arrangement.

Adjustments and exclusions
    35.         APRA may, by notice in writing to an RSE licensee, adjust or exclude a specific prudential requirement in this Prudential Standard in relation to that RSE licensee.[12]

    [1]  For the purposes