Document ID: chunk:federal_register_of_legislation:F2022L01492:body:0:p8
Version: federal_register_of_legislation:F2022L01492
Segment Type: other
Provision Reference: 
Character Range: 21247–23451

relevant Board committees and senior management, to ensure that such information and the key metrics remain appropriate to enable sufficient oversight of valuation risk.

    [1]  For the purposes of this Prudential Standard, 'RSE licensee' has the meaning given in section 10(1) of the SIS Act.
    [2]  For the purposes of this Prudential Standard, an 'RSE licensee's business operations' includes all activities as an RSE licensee (including the activities of each RSE of which it is the licensee), and all other activities of the RSE licensee to the extent that they are relevant to, or may impact on, its activities as an RSE licensee.
    [3]  For the purposes of this Prudential Standard, a reference to 'the Board' is a reference to the Board of directors or group of individual trustees of an RSE licensee and 'group of individual trustees' has the meaning given in section 10(1) of the SIS Act.
    [4]  For the purposes of this Prudential Standard, a reference to 'a group' is a reference to a group comprising the RSE licensee and all connected entities and 'connected entity' has the meaning given in section 10(1) of the SIS Act
    [5]  For the purposes of this Prudential Standard, a reference to 'beneficiaries' is a reference to 'beneficiaries of an RSE within the RSE licensee's business operations'.
    [6]  An RSE licensee's investment governance framework must reflect the risks associated with investments as a material risk area identified in Prudential Standard SPS 220 Risk Management.
    [7]  An RSE licensee's methodology for determining the investment reporting measures must also support compliance with relevant reporting standards made under the Financial Sector Collection of Data Act 2001.
    [8]  As required by section 52(6)(a)(ii) of the SIS Act.
    [9]           Refer to paragraphs 32-34 for minimum requirements relating to the comprehensive stress testing program.
[10]       As required in Part 2C Division 5 and Part 11A of the SIS Act.
    [11]  Where an RSE licensee engages an external service provider under an investment management agreement or mandate, the RSE licensee must comply with the requirements in Prudential Standard SPS 231 Outsourcing.