Document ID: chunk:federal_register_of_legislation:F2022L01578:front:0:p1
Version: federal_register_of_legislation:F2022L01578
Segment Type: other
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Character Range: 0–3072

Banking, Insurance, Life Insurance and Superannuation (prudential standard) determination No. 2 of 2022

Prudential Standard CPS 226 Margining and risk mitigation for non-centrally cleared derivatives

Banking Act 1959

Insurance Act 1973

Life Insurance Act 1995

Superannuation Industry (Supervision) Act 1993

I, Renée Roberts, a delegate of APRA:

    (a)          under subsections 11AF(3) of the Banking Act 1959 (the Banking Act), 32(4) of the Insurance Act 1973 (the Insurance Act), 230A(5) of the Life Insurance Act 1995 (the Life Insurance Act), and 34C(6) of the Superannuation Industry (Supervision) Act 1993 (the SIS Act) REVOKE Banking, Insurance, Life Insurance, and Superannuation (prudential standard) determination No. 1 of 2022, including Prudential Standard CPS 226 Margining and risk mitigation for non-centrally cleared derivatives made under that determination;

    (b)          under subsection 11AF(1) of the Banking Act, DETERMINE the prudential standard in the form set out in the schedule, which applies to all ADIs and authorised banking NOHCs;

    (c)           under subsection 32(1) of the Insurance Act, DETERMINE the prudential standard in the form set out in the schedule, which applies to all general insurers and authorised insurance NOHCs;

    (d)          under subsection 230A(1) of the Life Insurance Act, DETERMINE the prudential standard in the form set out in the schedule, which applies to all life companies, including friendly societies, and registered life NOHCs; and

    (e)          under subsection 34C(1) of the SIS Act, DETERMINE the prudential standard in the form set out in the schedule, which applies to all RSE licensees.

This instrument commences on 1 January 2023.

Dated: 1 December 2022

[signed]

Renée Roberts
Executive Director
Policy and Advice Division
Interpretation
In this instrument:

APRA means the Australian Prudential Regulation Authority.

ADI has the meaning given in section 5 of the Banking Act.

authorised banking NOHC has the meaning given to the expression authorised NOHC in section 5 of the Banking Act.

authorised insurance NOHC has the meaning given to the expression authorised NOHC in subsection 3(1) of the Insurance Act.

friendly society has the meaning given in section 16C of the Life Insurance Act.

general insurer has the meaning given in section 11 of the Insurance Act.

life company has the meaning given in the Schedule to the Life Insurance Act.

registered life NOHC has the meaning given to the expression registered NOHC in the Schedule to the Life Insurance Act.

RSE licensee has the meaning given in section 10 of the SIS Act.

the prudential standard means Prudential Standard CPS 226 Margining and risk mitigation for non-centrally cleared derivatives.

Schedule

Prudential Standard CPS 226 Margining and risk mitigation for non-centrally cleared derivatives comprises the document commencing on the following page.

Prudential Standard CPS 226

Margining and risk mitigation for
non-centrally cleared derivatives
Objectives and key requirements