Document ID: chunk:federal_register_of_legislation:F2020L01591:body:0:p2
Version: federal_register_of_legislation:F2020L01591
Segment Type: other
Provision Reference: 
Character Range: 2983–5880

is only required to comply with the requirements in paragraphs 23 to 28 of this Prudential Standard.
4.             This Prudential Standard commences on 1 January 2022.

Interpretation
5.             Terms that are defined in Prudential Standard APS 001 Definitions (APS 001) appear in bold the first time they are used in this Prudential Standard.
6.             Where this Prudential Standard provides for APRA to exercise a power or discretion, this power or discretion is to be exercised in writing.
7.             In this Prudential Standard, unless the contrary intention appears, a reference to an Act, Regulations or Prudential Standard is a reference to the Act, Regulations or Prudential Standard as in force from time to time.

Definitions
8.             The following definitions are used in this Prudential Standard:
(a)          control over an entity includes, but is not limited to, having:
(i)            more than 50 per cent of voting rights over the entity;
(ii)         a voting agreement with other shareholders resulting in control of voting rights over the entity;
(iii)       significant influence over the appointment of persons to or removal of persons from the entity's management, Board of directors (Board[1]) or board committees;
(iv)        significant influence over a senior manager or senior management of the entity (including influence on the policies of the entity);
(b)          ELE subsidiary means a subsidiary that has been approved to be part of an ADI's extended licensed entity (ELE);
(c)          entity has the meaning given in section 9 of the Corporations Act 2001 (Corporations Act) for the purposes of Chapter 2E of that Act, a government-related entity or a trust;
(d)          funds management means the provision of investment and related services for the management of investors' funds;[2]
(e)          government-related entity means a public sector entity, a state-owned enterprise or an entity controlled (whether directly or indirectly) by any level of government or a central bank;
(f)           related entity of an ADI means an entity which could give rise to risk to the ADI due to conflicts of interest and contagion, where the risk would not arise if the ADI were dealing with an unrelated entity. A related entity of an ADI includes, but is not limited to, any of the following:
(i)            an entity which is directly or indirectly controlled by the ADI;
(ii)         an entity which directly or indirectly controls the ADI;
(iii)       a substantial shareholder of the ADI; and
(iv)        a related individual of the ADI and the related individual's relatives.
       Where APRA considers it appropriate, APRA may require an ADI to treat an entity as a related entity;
(g)          related individual of an ADI means a senior manager of the ADI, an individual who is a Board member of the ADI or any other individual that is