Document ID: chunk:federal_register_of_legislation:F2023L00638:body:0:p2
Version: federal_register_of_legislation:F2023L00638
Segment Type: other
Provision Reference: 
Character Range: 2998–6223

2025, Prudential Standard CPS 231 Outsourcing (CPS 231);

       (b)          until 30 June 2025, Prudential Standard CPS 232 Business Continuity Management (CPS 232);

       (c)           on and from 1 July 2025, Prudential Standard CPS 230 Operational Risk Management;

       (d)          Prudential Standard CPS 234 Information Security;

       (e)          Prudential Standard CPS 220 Risk Management;

       (f)           Prudential Standard APS 310 Audit and Related Matters;

       (g)          Prudential Standard CPS 510 Governance;

       (h)          Prudential Standard CPS 520 Fit and Proper; and

       (i)            Prudential Standard CPS 900 Resolution Planning.

Interpretation

    4.             Terms that are defined in Prudential Standard APS 001 Definitions appear in bold the first time they are used in this Prudential Standard.

    5.             Where this Prudential Standard provides for APRA to exercise a power or discretion, this power or discretion is to be exercised in writing.

    6.             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 the instrument as in force from time to time.

Definitions

    7.             The following definitions are used in this Prudential Standard:

       (a)          stored value - means the balance of funds represented on purchased payment facility (PPF) devices or PPF accounts held by beneficiaries for the purpose of making payments; and

       (b)          stored value liabilities - means the aggregate liabilities of a PPF provider to beneficiaries to complete payments made with PPF devices or PPF accounts, and the outstanding obligations to payees for payments made but not yet settled.

Adjustments and exclusions

    8.             APRA may adjust or exclude a specific prudential requirement in this Prudential Standard in relation to one or more specified PPF providers.

Previous exercise of discretion

    9.             A PPF provider must contact APRA if it seeks to place reliance, for the purposes of complying with this Prudential Standard, on a previous exemption or other exercise of discretion by APRA under a previous version of this Prudential Standard.

Prudential requirements for PPF providers with stored value at risk

    10.         The remainder of this Prudential Standard sets out requirements that apply to all PPF providers with stored value at risk.

Stored value at risk

    11.         A PPF provider is deemed not to have stored value at risk if the PPF provider can satisfy APRA that:

       (a)          the PPF provider does not itself have any stored value liabilities; or

       (b)          the PPF provider has stored value liabilities but:

           (i)            the funds received in exchange for stored value on PPF devices or in PPF accounts are deposited in an account held with an ADI until settlement to payees occurs; and

           (ii)         the PPF provider has no operational control of the account; and

           (iii)       no creditors aside from the beneficiaries or payees of the stored