{"id":"F2023L00638","name":"Banking (prudential standard) determination No. 3 of 2023","slug":"banking-prudential-standard-determination-no-3-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104345,"registerId":"commonwealth-F2023L00638-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Banking (prudential standard) determinat","sectionType":"part","heading":"Banking (prudential standard) determination No. 3 of 2023","content":"## ![Commonwealth Coat of Arms](image.001.png)\n\n## Banking (prudential standard) determination No. 3 of 2023\n\n## Prudential Standard APS 610 Prudential Requirements for Providers of Purchased Payment Facilities\n\nBanking Act 1959\n\nI, Clare Gibney, a delegate of APRA:\n\n(a) under subsection 11AF(3) of the Banking Act 1959 (the Act) REVOKE Banking (prudential standard) determination No. 6 of 2014, including Prudential Standard APS 610 Prudential Requirements for Providers of Purchased Payment Facilities made under that determination; and\n\n(b) under subsection 11AF(1) of the Act DETERMINE Prudential Standard APS 610 Prudential Requirements for Providers of Purchased Payment Facilities, in the form set out in the schedule, which applies to ADIs that are purchased payment facility providers.\n\nThis instrument commences upon registration on the Federal Register of Legislation.\n\nDated: 11 May 2023\n\nClare Gibney\n\nExecutive Director\n\nPolicy and Advice Division\n\nInterpretation\n\nIn this instrument:\n\nAPRA means the Australian Prudential Regulation Authority.\n\nADI has the meaning given in subsection 5(1) of the Act.\n\npurchased payment facility has the meaning given in section 7 of the Payment Systems (Regulation) Act 1998.\n\n  \nSchedule\n\nPrudential Standard APS 610 Prudential Requirements for Providers of Purchased Payment Facilities comprises the document commencing on the following page.","sortOrder":0},{"sectionNumber":"Prudential Standard APS 610 Prudential R","sectionType":"part","heading":"Prudential Standard APS 610 Prudential Requirements for Providers of Purchased Payment Facilities","content":"## Prudential Standard APS 610 Prudential Requirements for Providers of Purchased Payment Facilities\n\nBanking Act 1959\n\nI, Clare Gibney, a delegate of APRA:\n\n(a) under subsection 11AF(3) of the Banking Act 1959 (the Act) REVOKE Banking (prudential standard) determination No. 6 of 2014, including Prudential Standard APS 610 Prudential Requirements for Providers of Purchased Payment Facilities made under that determination; and\n\n(b) under subsection 11AF(1) of the Act DETERMINE Prudential Standard APS 610 Prudential Requirements for Providers of Purchased Payment Facilities, in the form set out in the schedule, which applies to ADIs that are purchased payment facility providers.\n\nThis instrument commences upon registration on the Federal Register of Legislation.\n\nDated: 11 May 2023\n\nClare Gibney\n\nExecutive Director\n\nPolicy and Advice Division\n\nInterpretation\n\nIn this instrument:\n\nAPRA means the Australian Prudential Regulation Authority.\n\nADI has the meaning given in subsection 5(1) of the Act.\n\npurchased payment facility has the meaning given in section 7 of the Payment Systems (Regulation) Act 1998.\n\n  \nSchedule\n\nPrudential Standard APS 610 Prudential Requirements for Providers of Purchased Payment Facilities comprises the document commencing on the following page.","sortOrder":1}],"analysis":{"kimi_summary":{"content_quality":"rejected","complexity_score":3,"rejection_reason":"This text is a framing instrument only — it contains the formal machinery to revoke the old standard and enact the new one, but the actual Schedule containing Prudential Standard APS 610 (the substantive rules) is explicitly excluded with the phrase 'comprises the document commencing on the following page.' Without the Schedule, this is an incomplete fragment containing no substantive regulatory content to analyse.","scope_assessment":{"changed":false,"description":"This appears to be a straightforward reissue/update of an existing prudential standard. The scope remains focused on prudential requirements for ADIs that are purchased payment facility providers, consistent with the original 2014 determination. No expansion beyond the original purpose is evident from this instrument."},"complexity_factors":["The provided text is only the 'enabling instrument' — the formal document that revokes the old standard and activates the new one","The actual substantive rules (the Schedule containing Prudential Standard APS 610) are referenced but not included in this text","Only 3 defined terms in the interpretation section (APRA, ADI, purchased payment facility)","Simple binary structure: revoke old, determine new","No nested exceptions or conditional logic visible in this framing instrument","Cross-references to external legislation (Banking Act 1959, Payment Systems (Regulation) Act 1998) but these are standard definitional references"],"plain_english_summary":"This APRA instrument repeals the 2014 Prudential Standard APS 610 and replaces it with a 2023 version updating rules for ADIs that offer purchased payment facilities (prepaid cards, digital wallets and similar stored‑value products). It tightens prudential requirements so customer funds held by banks in these products are better protected and supervisory standards reflect evolving digital payment risks."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"Instrument explicitly revokes Determination No. 6 of 2014 and issues a replacement Prudential Standard APS 610 that applies to ADIs that are purchased payment facility providers. Based solely on the supplied text, the legal scope has changed procedurally (replacement of the prior instrument), but the supplied document does not include the schedule’s substantive content, so it is not possible from this text alone to determine whether the range of entities covered or the substantive obligations differ from the prior standard."},"complexity_factors":["Legal cross‑references to the Banking Act (subsections 11AF(1) & 11AF(3)) and to the Payment Systems (Regulation) Act for the term 'purchased payment facility'","The instrument revokes and replaces an earlier determination rather than amending in place, requiring comparison with prior Determination No. 6 of 2014 to see substantive changes","The operative requirements are contained in a schedule referenced but not reproduced in the supplied text, creating interpretative uncertainty","Decision and signature by an APRA delegate (discretion point) governs commencement and form","Commencement tied to registration (administrative timing consideration)"],"plain_english_summary":"This instrument revokes Banking (prudential standard) determination No. 6 of 2014 and replaces Prudential Standard APS 610 with a new version that applies to authorised deposit-taking institutions (ADIs) that are providers of purchased payment facilities. It takes effect on registration. APRA (by delegate) makes the change under the Banking Act (subsections 11AF(1) and 11AF(3)); affected ADIs will be subject to the new APS 610 obligations and must comply with the standard as set out in the instrument’s schedule."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/banking-prudential-standard-determination-no-3-of-2023","history":"/api/acts/banking-prudential-standard-determination-no-3-of-2023/history","analysis":"/api/acts/banking-prudential-standard-determination-no-3-of-2023/analysis","conflicts":"/api/acts/banking-prudential-standard-determination-no-3-of-2023/conflicts","importantCases":"/api/acts/banking-prudential-standard-determination-no-3-of-2023/important-cases","documents":"/api/acts/banking-prudential-standard-determination-no-3-of-2023/documents"}}