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    APRA Commences Post-Implementation Review of Prudential Framework

    May 23, 2018

    APRA commenced the post-implementation review of the superannuation prudential framework by releasing its first of a series of consultation papers on aspects of the prudential framework. Over the next few months, APRA will release short consultation papers covering the other four topic areas addressed in the prudential framework: financial requirements, operational risk and outsourcing; investments; insurance; and member flows and products. APRA is inviting written submissions on all consultation papers by September 26, 2018. A final report on the superannuation post-implementation review is expected to be released by early 2019.

    The consultation papers released include the following:

    • An overarching discussion paper that outlines the purpose of the review and review process and includes questions that seek feedback on the superannuation prudential framework
    • Two short topic papers on governance and risk management

    The post-implementation review covers all prudential and reporting standards (including guidance material) introduced or refined as a result of the 2013 Stronger Super reforms. To facilitate consideration of the various elements of the prudential framework, the review will be conducted under six broad topic areas with a series of questions for each topic on which feedback is sought: governance; risk management; financial requirements, operational risk, and outsourcing; investments; insurance; and member flows and products. APRA will consider changes to the prudential framework to address any gaps identified or issues raised during the review process to improve its effectiveness.

    APRA has begun a post-implementation review of the superannuation prudential framework introduced following the 2013 Stronger Super reforms. The aim of the review is to ensure the prudential and reporting standards, and related guidance, have achieved their objectives and continue to remain fit for purpose.

     

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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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