Federal Register of Legislation
Banking (prudential standard) determination No. 7 of 2020
Prudential Standard APS 222 Associations with Related Entities
Banking Act 1959
I, John Lonsdale, delegate of APRA:
(a) under subsection 11AF(3) of the Banking Act 1959 (the Act) REVOKE Banking (prudential standard) determination No. 9 of 2014, including Prudential Standard APS 222 Associations with Related Entities, made under that Determination; and
(b) under subsection 11AF(1) of the Act DETERMINE Prudential Standard APS 222 Associations with Related Entities, in the form set out in the Schedule, which applies to all ADIs to the extent provided in paragraphs 2 to 3 of the prudential standard.
This instrument commences on 1 January 2022.
Dated: 8 December 2020
[Signed]
John Lonsdale Deputy Chair
Interpretation In this Determination:
ADI has the meaning given in section 5 of the Act.
APRA means the Australian Prudential Regulation Authority. Schedule
Prudential Standard APS 222 Associations with Related Entities comprises the document commencing on the following page.
Prudential Standard APS 222
Associations with Related Entities Objectives and key requirements of this Prudential Standard The objective of this Prudential Standard is that authorised deposit-taking institutions identify, monitor and control contagion risks arising from their associations and dealings with related entities and those creating step-in risk. The key requirements of this Prudential Standard are that an authorised deposit-taking institution must: * have a Board-approved policy that governs its associations and dealings with its related entities; * identify, monitor, manage and control potential contagion risk between the authorised deposit-taking institution and its related entities and step-in risk entities; * meet minimum requirements with respect to dealings with related entities and step-in risk entities which may give rise to prudential concerns; and * maintain exposures to related entities within limits.
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