Document ID: chunk:federal_register_of_legislation:F2016L01433:body:0:p5
Version: federal_register_of_legislation:F2016L01433
Segment Type: other
Provision Reference: 
Character Range: 10783–12257

ITE policy;
(b)          the characteristics of ITEs, including their number, size and nature;
(c)          the characteristics of the Level 3 group, including the nature of its business and the experience of its management; and
(d)          other relevant factors to be considered on a case-by-case basis.

Notification requirements
18.         A Level 3 Head must notify APRA as soon as practicable, and no more than 10 business days, after it becomes aware:
(a)          of a breach of the limits in the ITE policy;
(b)          of any significant breach of, or material deviation from, the ITE policy; or
(c)          that the ITE policy did not adequately address a material risk,
and advise of remedial actions taken, or planned to be taken, to deal with the issue.
19.         A Level 3 Head must submit to APRA a copy of its ITE policy as soon as practicable, and no more than 10 business days, after Board approval.

Adjustments and exclusions
20.         APRA may adjust or exclude a specific requirement in this Prudential Standard in relation to the Level 3 Head.[4]
[1]  Refer to Prudential Standard CPS 220 Risk Management (CPS 220).
[2]  Outsourcing of material business activities to a related entity must satisfy the prudential requirements set out in Prudential Standard CPS 231 Outsourcing.
[3]  Refer to CPS 220.
[4]  Refer to subsection 11AF(2) of the Banking Act, subsection 32(3D) of the Insurance Act and subsection 230A(4) of the Life Insurance Act.