Document ID: chunk:federal_register_of_legislation:F2018L01745:body:0:p3
Version: federal_register_of_legislation:F2018L01745
Segment Type: other
Provision Reference: 
Character Range: 5909–8718

or an EFLIC apply only in relation to the Australian branch operations of that entity.
4.             Where an APRA-regulated entity is the 'Head of a group',[2] it must comply with a 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, including in relation to entities that are not APRA-regulated;  and
(c)          on a group basis.
In applying the requirements of this Prudential Standard on a group basis, references in paragraphs 13 to 36 to an 'APRA-regulated entity' are to be read as 'Head of a group' and references to 'entity' are to be read as 'group'.
5.             This Prudential Standard commences on 1 July 2019, subject to paragraph 6.
6.             Where an APRA-regulated entity's information assets are managed by a third party, the requirements in this Prudential Standard will apply in relation to those information assets from the earlier of the next renewal date of the contract with the third party or 1 July 2020.

Interpretation
7.             Terms that are defined in Prudential Standard APS 001 Definitions (APS 001), Prudential Standard GPS 001 Definitions (GPS 001), Prudential Standard
LPS 001 Definitions, Prudential Standard HPS 001 Definitions or Prudential Standard 3PS 001 Definitions appear in bold the first time they are used in this Prudential Standard.
8.             In this Prudential Standard, unless the contrary intention appears, a reference to an Act, Regulation or Prudential Standard is a reference to the Act, Regulation or Prudential Standard as in force from time to time.
9.             Where this Prudential Standard provides for APRA to exercise a power or discretion, the power or discretion is to be exercised in writing.
10.         For the purposes of this Prudential Standard:
'group' means a Level 2 group or a Level 3 group, as relevant;
'Head of a group' means a Level 2 Head or Level 3 Head, as relevant;
'Level 2 group' means the entities that comprise:
(a)          Level 2 as defined in APS 001; or
(b)          a Level 2 insurance group as defined in GPS 001;
'Level 2 Head' means:
(a)          where an ADI that is a member of a Level 2 group is not a subsidiary of an authorised banking NOHC or another ADI, that ADI;
(b)          where an ADI that is a member of a Level 2 group is a subsidiary of an authorised banking NOHC, that authorised banking NOHC; or
(c)          the parent entity of a Level 2 insurance group as defined in GPS 001.

Adjustments and exclusions
11.         APRA may adjust or exclude a specific prudential requirement in this Prudential Standard in relation to an APRA-regulated entity.[3]

Definitions
12.         The following definitions are used in this Prudential