Variation of APRA Transitional Prudential Standards (08/09/2000) (Cth)

Financial Sector Reform (Amendments and Transitional Provisions) Regulations 1999

VARIATION OF APRA TRANSITIONAL PRUDENTIAL STANDARDS

 

I, Graeme John Thompson, a delegate   of   the   Australian   Prudential   Regulation

Authority (“APRA”), under paragraph 16(1)(a) of the   Financial Sector Reform

(Amendments and Transitional Provisions) Regulations 1999 (the “Regulations”) VARY

the APRA transitional prudential standards in the manner set out in the Schedule.

 

This instrument takes effect on 1 October 2000.

 

Dated 8 September 2000

 

[Signed]

G J Thompson

 

 Chief Executive Officer

 

[NOTE: The APRA transitional prudential standards (preserved by regulation 12 of the Regulations) are listed in

Schedule 1 to the Regulations.]

 

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SCHEDULE

 

1.      Book 3 – all omitted, except the parts listed below:

 

(a)     Prudential Note 3.1:

·    Under “Specific Risks” part (v) Data Risk, the first paragraph is retained;

·    Under “Specific Risks” part (vi) Operations Risk, the first, sixth, seventh and eighth paragraphs are retained;

(b)     Prudential Standard 3.1.5, Data Risk, paragraphs 3.1.5.a and 3.1.5.c are retained;

(c)     Prudential Standard 3.1.6, Operations Risks, paragraph 3.1.6.a is retained;

(d)     Prudential Note 3.4E, Service Contracts, is retained; and

(e)     Prudential Standard 3.4.5, Review of Service Contracts, is retained.

 

2.      Book 4 – all omitted, except the parts listed below:

 

(a)     Prudential Note 4.1:

·    Under “Specific Risks” part (v) Data Risk, the first paragraph is retained;

·    Under “Specific Risks” part (vi) Operations Risk, the first, sixth, seventh and eighth paragraphs are retained;

(b)     Prudential Standard 4.1.5, Data Risk, paragraphs 4.1.5.a and 4.1.5.c are retained;

(c)     Prudential Standard 4.1.6, Operations Risks, paragraph 4.1.6.a is retained;

(d)     Prudential Note 4.4D, Service Contracts, is retained; and

(e)     Prudential Note 4.4.4, Review of Service Contracts, is retained;

 

3.      Book 5 – all omitted, except the parts listed below:

 

(a)     Prudential Note 5.1:

·    Under “Specific Risks” part 5.1.4, Transaction and Technology Risk, the first and second paragraphs are retained;

·    Under “Specific Risks” part 5.1.5, Operations Risk, the  first,  and  sixth-twelfth paragraphs (inclusive) are retained;

(b)     Prudential   Standard   5.1.4,   Transaction and Technology Risk, paragraphs 5.1.4.a,

5.1.4.b, 5.1.4.d and 5.1.4.e are retained;

(c)     Prudential Standard 5.1.5, Operations Risks, paragraphs 5.1.5.a, 5.1.5.b and 5.1.5.c are retained;

(d)     Prudential Note 5.4C, Directors, is retained;

(e)     Prudential Note 5.4H, Service Contracts, is retained;

(f)      Prudential Standard 5.4.3, Composition of the Boards of Directors of SSPs, is retained;

and

(g)     Prudential Standard 5.4.8, Review of Service Contracts, is retained.

 

4.      Any “urgent prudential standards”, preserved under item 6  of  Schedule  1  of  the

Regulations, are omitted.

 

5.      Any “modifications of transitional prudential standards”, preserved  under  item  7  of

Schedule 1 of the Regulations, are omitted.