Document ID: chunk:federal_register_of_legislation:F2022L01578:front:0:p6
Version: federal_register_of_legislation:F2022L01578
Segment Type: other
Provision Reference: 
Character Range: 14204–17221

collateral required to be transferred between the two counterparties as part of a collateral call;
(q)          netting agreement — is an 'eligible bilateral netting agreement' within the meaning of Prudential Standard APS 112 Capital Adequacy: Standardised Approach to Credit Risk (APS 112), except that all references to 'ADI' are replaced with 'APRA covered entity';
(r)           non-centrally cleared derivative — is a derivative that is not cleared by a CCP. This does not include exchange traded derivatives, securities financing transactions and indirectly cleared derivatives that are intermediated through a clearing member on behalf of a non-member client where the client is subject to the margin requirements of the CCP, or where the client provides margin consistent with the CCP's margin requirements;
(s)           qualifying level — is the level of aggregate month-end average notional amount for a reference period, in relation to the margining group of an APRA covered entity and the margining group of a covered counterparty, above which an APRA covered entity is subject to variation margin or initial margin requirements in the corresponding margining period (see Tables 1 and 2);
(t)            reference period — is the period of time in respect of which month-end totals must be used to calculate the aggregate month-end average notional amount (see Tables 1 and 2);
(u)          RSE — is a 'registrable superannuation entity' as defined in the SIS Act;
(v)          RSE licensee — has the same meaning as in the SIS Act;
(w)        securities financing transactions (SFTs) — are transactions such as repurchase agreements, reverse repurchase agreements, and securities lending and borrowing transactions where the value of the transactions depends on the market valuation of securities and the transactions are typically subject to margin agreements;
(x)          securitisation special purpose vehicle — a special purpose vehicle that purchases and holds, or otherwise holds directly in its name, the pool for the purpose of a securitisation. The special purpose vehicle's acquisition of exposures held in the pool is typically funded by debt issued by the SPV, including through the issue of securities or units by the special purpose vehicle;
(y)          senior securitisation exposure — is a securitisation exposure effectively backed or secured by a first claim on the entire amount of the assets in the underlying pool. Securitisation exposures with different maturities that share pro rata loss allocation with senior securitisation exposures so that they benefit from the same level of credit enhancement, are themselves senior securitisation exposures;
(z)          threshold — is the amount specified in a margin agreement that defines the level of exposure above which margin will be posted. The threshold represents the amount of uncollateralised exposure allowed under the margin agreement;
(aa)       traditional securitisation — a securitisation where the pool is transferred