Document ID: chunk:federal_register_of_legislation:F2013L00981:body:0:p9
Version: federal_register_of_legislation:F2013L00981
Segment Type: other
Provision Reference: 
Character Range: 22771–25614

Represents an amount of the financial resources held in the form of ORFR reserve to meet the ORFR target amount that the RSE licensee has determined exceeds the ORFR target amount, and the excess financial resources are not needed for it to continue to meet this amount.

                      Reference: Prudential Standard SPS 114 Operational Risk Financial Requirement.

Member account        Represents a distinct entry recorded in the register of member accounts (or other equivalent mechanism).

Employer sponsor      Represents an employer sponsor as given within the meaning in SIS Act, s. 16(1).

Interpretation

For the purposes of these instructions:

     * defined benefit RSE means an RSE that is a defined benefit fund within the meaning given in Prudential Standard SPS 160 Defined Benefit Matters;

     * eligible rollover fund (ERF) has the meaning given in section 10(1) of the SIS Act and, in relation to the period between 1 July 2013 and 31 December 2013, includes an existing ERF within the meaning given in section 391 of the SIS Act;

     * MySuper product has the meaning given in section 10(1) of the SIS Act;

     * operational risk financial requirement (ORFR) has the meaning given in SPS 114;

     * pooled superannuation trust (PST) has the meaning given in section 10(1) of the SIS Act;

     * RSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act that is not a defined benefit RSE, PST, ERF, small APRA fund or single member approved deposit fund[5];

     * RSE licensee has the meaning given in section 10(1) of the SIS Act;

     * SIS Act means Superannuation Industry (Supervision) Act 1993;

     * SIS Regulations means Superannuation Industry (Supervision) Regulations 1994; and

     * SPS 114 means Prudential Standard SPS 114 Operational Risk Financial Requirement.

    [1]  For the purposes of this Reporting Standard, an 'RSE licensee's business operations' 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. For the avoidance of doubt, if the RSE licensee is trustee of more than one RSE, defined benefit RSE, PST or ERF, the RSE licensee must separately provide the information required by the form for each RSE, defined benefit RSE, PST or ERF within its business operations.
    [2]  Refer also to Prudential Standard SPS 310 Audit and Related Matters (SPS 310).
    [3]  Refer to Prudential Standard SPS 510 Governance.
    [4]  For the purposes of this Reporting Standard, 'small APRA fund' means a superannuation entity that is a regulated superannuation fund, within the meaning of the SIS Act, which has fewer than five members and