Document ID: chunk:federal_register_of_legislation:F2023L01348:front:0:p3
Version: federal_register_of_legislation:F2023L01348
Segment Type: other
Provision Reference: 
Character Range: 5910–8957

under the Banking Act (authorised banking NOHCs) but excluding purchased payment facility providers;
(b)          general insurers, including Category C insurers, non-operating holding companies authorised under the Insurance Act (authorised insurance NOHCs) and parent entities of Level 2 insurance groups;
(c)          life companies, including friendly societies, eligible foreign life insurance companies (EFLICs) and registered NOHCs;
(d)          private health insurers registered under the PHIPS Act; and
(e)          registrable superannuation entity licensees (RSE licensees) under the SIS Act in respect of their business operations.[1]
3.             The obligations imposed by this Prudential Standard on, or in relation to, a foreign ADI, a Category C insurer or an EFLIC apply only in relation to the Australian branch operations of that entity.
4.             For the purposes of this Prudential Standard, an APRA-regulated entity is either a significant financial institution (SFI) or a non-significant financial institution (non-SFI). Unless APRA determines otherwise in a particular case, [2] this Prudential Standard applies to these two classes of APRA-regulated entities as follows:
(a)          paragraphs 1 to 20 apply to both SFIs and non-SFIs;
(b)          paragraphs 21 to 73 apply only to SFIs; and
(c)          paragraphs 74 to 98 apply only to non-SFIs.
5.             Subject to paragraph 7, where an entity is the 'Head of a group',[3] it must comply with an applicable requirement of this Prudential Standard:
(a)          in its capacity as an APRA-regulated entity;
(b)          by ensuring that the requirement is applied appropriately throughout the group, including in relation to entities that are not APRA-regulated; and
(c)          on a group basis.
6.             In applying the requirements of this Prudential Standard on a group basis, references in paragraphs 18 to 98 to an 'APRA-regulated entity' must be read as 'Head of a group' and references to 'entity' must be read as 'group'.
7.             Unless otherwise determined by APRA, an APRA-regulated entity within a group is not required to make the disclosures required by this Prudential Standard on an individual entity or a Level 2 basis where:
(a)          the APRA-regulated entity is part of a group headed by another APRA-regulated entity; and
(b)          the other APRA-regulated as the Head of a group makes the required disclosures on a Level 2 basis or Level 3 basis, as applicable.
8.             This Prudential Standard does not apply to the extent it would require any entity to act (or not act) in a manner contrary to:
        (a)          the Fair Work Act 2009; and
        (b)          in relation to any employment contract or contract of appointment or engagement governed by foreign law, any applicable foreign legislation.
9.             For an ADI, by operation of the Legislation Act 2003, this Prudential Standard is to be read and construed subject to the Banking Act, including Part IIAA which imposes requirements