Document ID: chunk:federal_register_of_legislation:F2023L01380:body:0:p3
Version: federal_register_of_legislation:F2023L01380
Segment Type: other
Provision Reference: 
Character Range: 5706–8620

Standard on, or in relation to, a Category C insurer or an EFLIC apply only in relation to the Australian branch operations of that entity. This Prudential Standard does not apply to a foreign ADI unless APRA determines that all or part of this Prudential Standard applies to the Australian branch operations of the foreign ADI.[2]

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,[3] the requirements of this Prudential Standard apply to SFIs and non-SFIs as indicated.
5.             For the purposes of this Prudential Standard, an SFI means, in relation to RSE licensees, an RSE licensee that either:

(a)          has total assets in excess of AUD $30 billion in the case of a single RSE operated by an RSE licensee, or if the RSE licensee operates more than one RSE, where the combined total assets of all RSEs exceed this amount; or
(b)          is determined as such by APRA, having regard to matters such as complexity in its operations or its membership of a group.
    A non-SFI means, in relation to RSE licensees, an RSE licensee that is not an SFI.[4]
6.             Where an APRA-regulated entity is the Head of a group,[5] 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,[6] including in relation to entities that are not APRA-regulated; and
(c)          on a group basis.
7.             In applying the requirements of this Prudential Standard on a group basis, references to an 'APRA-regulated entity' must be read as 'Head of a group' and references to 'entity' must be read as 'group'.
8.             This Prudential Standard applies to:

(a)          an APRA-regulated entity, other than an RSE licensee, on 1 January 2024; and
(b)          an RSE licensee on 1 January 2025.

Interpretation
9.             Terms that are defined in Prudential Standard 3PS 001 Definitions (3PS 001), Prudential Standard APS 001 Definitions (APS 001), Prudential Standard GPS 001 Definitions (GPS 001), Prudential Standard LPS 001 Definitions (LPS 001) or Prudential Standard HPS 001 Definitions (HPS 001) appear in bold the first time they are used in this Prudential Standard.

10.         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 as in force from time to time.
11.         Where this Prudential Standard provides for APRA to exercise a power or discretion, the power or discretion is to be exercised in writing.

Adjustments and exclusions
12.         APRA may adjust or exclude