Document ID: chunk:federal_register_of_legislation:F2023L01535:body:0:p20
Version: federal_register_of_legislation:F2023L01535
Segment Type: other
Provision Reference: 
Character Range: 52502–55246

2001 (Corporations Act).
[5] An 'overseas equivalent' is an entity which is not authorised in Australia but is authorised and subject to prudential regulation in a foreign country.
[6] Note that, where the proportionate shareholding does not equate to a whole number, it may be rounded to the nearest whole number.
[7] This paragraph does not override any Board composition and representation requirements applying to an RSE licensee in SPS 510.
[8] For foreign ADIs, 'senior manager' has the same meaning as in CPS 520. For Category C insurers, 'senior manager' has the same meaning as in the Insurance Act read with CPS 520. Note that the person who performs this role may be the same as the agent in Australia (where the agent is an individual) or a director or senior manager of the agent in Australia (where the agent is a corporate agent) as required under section 118 of the Insurance Act.
[9] Note that, by virtue of paragraph 118(6)(a) of the Insurance Act, an individual agent in Australia must be resident in Australia.
[10] Compliance Committee has the same meaning as in subsection 16ZF(1) of the Life Insurance Act.
[11] APES 110 Code of Ethics for Professional Accountants was issued by the Accounting Professional and Ethical Standards Board in December 2010.
[12] Refer to Prudential Standard CPS 220 Risk Management (CPS 220) for the requirement for a review of an APRA-regulated institution's risk management framework. Such a review carried out by a role or function within the institution, other than internal audit, does not relieve the internal audit function from carrying out a review of the risk management framework, though the internal audit function may rely on such other review in carrying out its own review.
[13] Refer also to Prudential Standard APS 310 Audit and Related Matters, 3PS 310, Prudential Standard GPS 310 Audit and Related Matters (GPS 310); LPS 310 and Prudential Standard HPS 310 Audit and Related Matters (HPS 310).
[14] 'Reporting Standards' are those standards made under FSCODA.
[15] Independent of the APRA-regulated institution means that the auditor has been assessed as independent in terms of paragraph 58 of this Prudential Standard.
[16] This definition is based on that used in section 324CD of the Corporations Act to describe the circumstances under which a conflict of interest situation is considered to exist, and is intended to be interpreted in a similar manner. Without limiting the situations that may cause a conflict to arise for the purposes of this Prudential Standard, it is expected that any circumstances of the type that would lead to a breach of the Corporations Act requirements for audit independence, whether or not these provisions actually apply in relation to