Document ID: chunk:federal_register_of_legislation:F2016L01436:body:0:p10
Version: federal_register_of_legislation:F2016L01436
Segment Type: other
Provision Reference: 
Character Range: 25774–27886

made under previous prudential standards
47.         An exercise of APRA's discretion (such as an approval, waiver or direction) under a previous version of this Prudential Standard continues to have effect as though exercised pursuant to a corresponding power (if any) exercisable by APRA under this Prudential Standard. For the purposes of this paragraph, 'a previous version of this Prudential Standard' includes any versions of:
(a)          Prudential Standard APS 231 Outsourcing;
(b)          Prudential Standard GPS 231 Outsourcing;
(c)          Prudential Standard LPS 231 Outsourcing; and
(d)          Prudential Standard GPS 221 Risk Management: Level 2 Insurance Groups (GPS 221), to the extent that GPS 221 related to outsourcing.
[1] Note, for the purposes of this Prudential Standard, an RSE licensee is not treated as an 'APRA-regulated institution'. Refer to Prudential Standard SPS 231 Outsourcing (SPS 231) for requirements relating to the outsourcing arrangements of an RSE licensee.
[2] Where a Level 2 group operates within a Level 3 group, a requirement expressed as applying to a Head of a group is to be read as applying to the Level 3 Head.
[3] Related body corporate has the meaning given in section 50 of the Corporations Act 2001.
[4] A reference to the Board in the case of a foreign ADI is a reference to the senior officer outside Australia.
[5] Service provider is a reference to the institution providing the outsourced services to the APRA-regulated institution.
[6] This paragraph does not override any requirements applying to an RSE licensee in SPS 231.
[7] For details of the risk management framework for regulated institutions refer to Prudential Standard CPS 220 Risk Management.
[8] For the purposes of this Prudential Standard, 'third party' is a reference to an institution that is not the APRA-regulated institution or a related body corporate of the APRA-regulated institution.
[9] Refer to GPS 001.
[10] Refer to CPS 232.
[11]  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.