Document ID: chunk:federal_register_of_legislation:F2012L02221:body:0:p6
Version: federal_register_of_legislation:F2012L02221
Segment Type: other
Provision Reference: 
Character Range: 13604–16361

resources held to meet the ORFR target amount.
Transitional arrangements
28.         An RSE licensee must build the financial resources to meet the ORFR target amount within three years of the effective date in a manner that ensures that the RSE licensee acts fairly in dealing with beneficiaries.
29.         An RSE licensee must develop a plan for implementing its ORFR strategy and building the financial resources to meet the ORFR target amount (transition plan). The transition plan must, at a minimum, set out:

       (a)          how the RSE licensee will build sufficient financial resources to meet the ORFR target amount; and
       (b)          the expected date for the RSE licensee to meet the ORFR target amount for the RSE licensee's business operations. If the expected date for an RSE within the RSE licensee's business operations meeting the ORFR target amount differs from the expected date for the business operations as a whole, the transition plan must also set out the expected date(s) for each RSE(s).
30.         The transition plan must be approved by the Board before it is implemented and at any time it is materially revised. An RSE licensee must submit a copy of the transition plan to APRA within 10 business days of Board approval.
31.         An RSE licensee that holds a class of licence that enables it to be trustee of a public offer entity must continue to comply with the obligations imposed by the previous section 29D(1)(g) and section 29DA of the SIS Act[11], as in force immediately prior to 1 July 2013, until it has met the ORFR target amount for the first time.
32.         An RSE licensee must notify APRA, within 10 business days:
       (a)          when the ORFR target amount is met for the first time;
       (b)          if the RSE licensee has formed the view that it is unlikely to be able to meet the ORFR target amount within the original timeframe specified in the transition plan; or
       (c)          if there has been a material change to, or deviation from, the transition plan, together with an explanation for the change or deviation.

Adjustments and exclusions
    33.         APRA may, by notice in writing to an RSE licensee, adjust or exclude a specific prudential requirement in this Prudential Standard in relation to that RSE licensee.[12]

    [1]  For the purposes of this Prudential Standard, 'RSE licensee' has the meaning given in section 10(1) of the SIS Act.
    [2]  For the purposes of this Prudential Standard, an 'RSE licensee's business operations' includes all activities as an RSE licensee (including the activities of each RSE of which it is the licensee), and all other activities of the RSE licensee to the extent that they are relevant to, or may impact on, its