Document ID: chunk:federal_register_of_legislation:F2012L02221:body:0:p7
Version: federal_register_of_legislation:F2012L02221
Segment Type: other
Provision Reference: 
Character Range: 16143–18924

includes all activities as an RSE licensee (including the activities of each RSE of which it is the licensee), and all other activities of the RSE licensee to the extent that they are relevant to, or may impact on, its activities as an RSE licensee.
    [3]  Refer to Prudential Standard SPS 220 Risk Management for requirements relating to the risk management framework.
    [4]  For the purposes of this Prudential Standard, a reference to 'the Board' is a reference to the Board of directors or group of individual trustees of an RSE licensee and 'group of individual trustees' has the meaning given in section 10(1) of the SIS Act.
    [5]  Where this Prudential Standard provides for APRA to require an RSE licensee to meet a specific ORFR target amount or tolerance limit, or otherwise exercise a power or discretion, the power or discretion is to be exercised in writing.
    [6]  For the purposes of this Prudential Standard, a reference to 'a group' is a reference to a group comprising the RSE licensee and all connected entities and all related bodies corporate of the RSE licensee, 'connected entity' has the meaning given in section 10(1) of the SIS Act and 'related body corporate' has the meaning given in section 50 of the Corporations Act 2001.
    [7]  Common Equity Tier 1 comprises the highest quality capital elements that fully satisfy all of the following essential characteristics: it provides a permanent and unrestricted commitment of funds; is freely available to absorb losses; does not impose any unavoidable servicing charges against earnings and ranks behind the claims of depositors and other creditors in the event of winding-up.
    [8]  Under section 52(2)(i) of the SIS Act, an RSE licensee that holds reserves is required to have a strategy for their prudential management. The requirement to have an ORFR strategy is in addition to the requirement for an RSE licensee to have a general reserving strategy (where reserves in addition to those used to meet the ORFR target amount are held within the RSE).
    [9]  For the purposes of this Prudential Standard, a reference to 'beneficiaries' is a reference to 'beneficiaries of an RSE within the RSE licensee's business operations'.
    [10]  Refer to Prudential Standard SPS 310 Audit and Related Matters and Prudential Standard SPS 510 Governance for requirements relating to external and internal audits respectively.
    [11]  In so complying, the RSE licensee must assume that regulation 3A.04 of Superannuation Industry (Supervision) Regulations 1994, and the forms of guarantee approved for the purposes of subsections 29DA(3) and (4) of the SIS Act, as in force immediately prior to 1 July 2013, continue in force. If, immediately prior to 1 July 2013, section 29DA(5) applied to the RSE