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    APRA Updates Validation Rules, Deems UK Margin Rules to be Equivalent

    April 12, 2022

    The Australian Prudential Regulation Authority (APRA) updated the lists of the Direct to APRA validation and derivation rules for authorized deposit-taking institutions, insurers, and superannuation entities. It also made minor change to CPS 226, which is the prudential standard on margin and risk mitigation requirements for non-centrally cleared derivatives.

    APRA has added the UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to the list of foreign regulators in Attachment D of CPS 226, whose margin requirements are eligible for substituted compliance with the margin requirements in CPS 226. The amendment was made after the APRA assessed that the PRA and FCA’s new margin requirements are equivalent to those set out in CPS 226. The amendment will allow APRA-regulated entities to rely on UK rules when transacting with counterparties that are subject to the new UK margining rules. APRA published a revised version of CPS 226, incorporating these amendments, which will come into effect on April 18, 2022.

     

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    Keywords: Asia Pacific, Australia, UK, Banking, Basel, Validation Rules, Reporting, D2A, CPS 226, Equivalence Regime, Initial Margin, Derivatives, APRA, FCA, PRA

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