A number of APRA prudential standards and requirements for banks, insurers and RSE licensees commenced on 1 January 2023.

These include:

• the bank countercyclical capital buffer is now set at a new default rate of 1 per cent of risk-weighted assets.
• Prudential Standard CPS 511 Remuneration, which applies to all ADIs, general insurers, life companies, including friendly societies, private health insurers and RSE licensees.
• Banking, Insurance, Life Insurance and Health Insurance Prudential Standard CPS 510 Governance.
• Banking Prudential Standard APS 120 Securitisation. 
• Banking Prudential Standard APS 121 Covered Bonds.
• Banking Prudential Standard APS 180 Capital Adequacy: Counterparty Credit Risk .
• Banking Prudential Standard APS 210 Liquidity.
• Banking Prudential Standard APS 220 Credit Risk Management.
• Banking Prudential Standard APS 221 Large Exposures. 
• Banking Prudential Standard APS 310 Audit and Related Matters.
• Banking Prudential Standard APS 110 – Capital Adequacy.
• Banking Prudential Standard APS 111 Capital Adequacy: Measurement of Capital. 
• Banking Prudential Standard APS 112 Capital Adequacy: Standardised Approach to Credit Risk. 
• Banking Prudential Standard APS 113 Capital Adequacy: Internal Ratings-based Approach to Credit Risk.
• Banking Prudential Standard APS 115 Capital Adequacy: Standardised Measurement Approach to Operational Risk.
• Banking Prudential Standard APS 116 Capital Adequacy: Market Risk.
• Banking Prudential Standard APS 330 Public Disclosure.
• Banking, Insurance, Life Insurance and Superannuation Prudential Standard CPS 226 Margining and risk mitigation for non-centrally cleared derivatives.
• Superannuation Prudential Standard SPS 530 Investment Governance.
• Superannuation Prudential Standard SPS 510 Governance, which applies to all RSE licensees.

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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.