July 31, 2018

APRA published four "short topic" consultation papers, as part of the post-implementation review of the superannuation prudential framework. The consultation papers cover four topic areas addressed in the prudential framework—that is, financial requirements, operational risk, and outsourcing; investments; insurance in superannuation; and member flows and products. APRA is inviting comments on all consultation papers by September 26, 2018.

Earlier, in May 2018, APRA had released the consultation papers on governance and risk management. APRA is undertaking this comprehensive post-implementation review to determine whether the prudential and reporting standards (and related guidance material) have achieved their objectives and remain fit for purpose. The review is not intended to revisit the original policy intent or objectives of the reforms and is not seeking to either weaken or strengthen the prudential framework. Rather, APRA aims to assess whether the prudential framework is operating effectively and efficiently and to identify and address any unintended consequences or areas for improvement in the framework.

 

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Comment Due Date: September 26, 2018

Keywords: Asia Pacific, Australia, Banking, Insurance, Securities, Prudential Framework, Post-Implementation Review, APRA

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