Document ID: chunk:federal_register_of_legislation:F2023L01380:body:0:p7
Version: federal_register_of_legislation:F2023L01380
Segment Type: other
Provision Reference: 
Character Range: 16550–19075

other APRA-regulated entities.
[5]  Head of a group means a Level 2 Head or a Level 3 Head as relevant. Level 2 Head means: 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; 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 the parent entity of a Level 2 insurance group. For life companies, Head of a group includes: where a relevant group of bodies corporate is headed by a life company that is not a subsidiary of a registered NOHC, that life company; or where a relevant group of bodies corporate is headed by a registered NOHC, that registered NOHC. 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. For the avoidance of doubt, the reference to Head of a group does not apply to an RSE licensee or a private health insurer.
[6]  Group means a Level 2 group, Level 3 group or a group comprising the RSE licensee and all connected entities (as defined in subsection 10(1) of the SIS Act) and all related bodies corporate (with the meaning given in section 50 of the Corporations Act 2001) of the RSE licensee, as relevant. Level 2 group means the entities that comprise Level 2 (for ADIs) or Level 2 insurance groups (for general insurers). For the avoidance of doubt, group includes a group as defined in APS 001 and, for an RSE licensee, where the RSE licensee is part of a corporate group.
[7] Refer to Prudential Standard CPS 220 Risk Management (CPS 220) or, in the case of an RSE licensee, Prudential Standard SPS 220 Risk Management (SPS 220).
[8]  Refer to Prudential Standard SPS 515 Strategic Planning and Member Outcomes (SPS 515). Where an RSE licensee determines that changes to its business operations would likely improve outcomes for beneficiaries or the sound and prudent management of its business, the RSE licensee must reflect those changes in its business plan. This would include changes to its business operations arising from recovery and exit planning as required by this Prudential Standard.
[9]  "Board" refers, in the case of a foreign ADI, to the senior officer outside Australia as referred to in Prudential Standard CPS 510 Governance (CPS 510) and as defined in APS 001. In the case of a Category C insurer or an EFLIC, "Board" refers to the senior officer outside Australia or Compliance Committee (as applicable), as referred