Document ID: chunk:federal_register_of_legislation:F2024L01075:body:0:p2
Version: federal_register_of_legislation:F2024L01075
Segment Type: other
Provision Reference: 
Character Range: 3047–6081

ADI on a Level 1 basis; and
         2.           a group of which an ADI is a member on a Level 2 basis.
 2.              If an ADI is a member of a group on a Level 2 basis, the ADI is not required to comply with the requirements in this Prudential Standard on a Level 1 basis unless APRA determines otherwise. If an ADI to which this Prudential Standard applies is:
         1.           the holding company for a group, the ADI must ensure that the requirements in this Prudential Standard are met on a Level 2 basis, where applicable; or
         2.           a subsidiary of an authorised non-operating holding company (authorised NOHC), the authorised NOHC must ensure that the requirements in this Prudential Standard are met on a Level 2 basis, where applicable.
 3.              This Prudential Standard commences on 1 January 2025.

Interpretation
 1.              Terms that are defined in Prudential Standard CPS 001 Defined terms appear in bold the first time they are used in this Prudential Standard.
 2.              Where this Prudential Standard provides for APRA to exercise a power or discretion, this power or discretion will be exercised in writing.
 3.              In this Prudential Standard, unless the contrary intention appears, a reference to an Act, Regulations, Prudential Standard or Reporting Standard is a reference to the instrument as in force from time to time.

Adjustments and exclusions
 1.              APRA may adjust or exclude a specific prudential requirement in this Prudential Standard in relation to one or more ADIs or authorised NOHCs.[1]

Previous exercise of discretion
 1.          An ADI 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.

Key principles
 1.          An ADI must make clear, comprehensive, meaningful, consistent, and comparable public disclosures of prudential information as required in this Prudential Standard, so as to contribute to the transparency of financial markets and to enhance market discipline.

Disclosures must be clear
 1.          Disclosures must be presented in a form that is understandable to key stakeholders, including investors, analysts, financial customers and others, and communicated through an accessible medium. Important messages must be highlighted and easy to find. Complex issues must be explained in a simple language with important terms defined. Related risk information must be presented together.

Disclosures must be comprehensive
 1.          Disclosures must describe an ADI's main activities and all significant risks, supported by relevant underlying data and information. Significant changes in risk exposures between reporting periods must be described, together with the appropriate response by management.
 2.          Disclosures must provide sufficient information in both qualitative and quantitative terms on an ADI's processes and