Get a plain-English read of Notification requirements

Turn the raw legal text into a practical explanation grounded in Banking, Insurance, Life Insurance and Health Insurance (prudential standard) determination No.1 of 2019.

Notification requirements

An APRA-regulated institution must on adoption, and following any material revisions, submit to APRA a copy of the institution’s:

(a) risk appetite statement;

(b) business plan; and

as soon as practicable, and no more than 10 business days, after Board approval.

An APRA-regulated institution must notify APRA as soon as practicable, and no more than 10 business days, after it becomes aware:

(a) of a significant breach of, or material deviation from, the risk management framework of the institution; or

(b) that the risk management framework of the institution did not adequately address a material risk.

An APRA-regulated institution must notify APRA as soon as practicable, and no more than 10 business days, after it becomes aware of any material or prospective material changes to the size, business mix and complexity of the institution.
Where an APRA-regulated institution conducts business in a jurisdiction outside Australia, it must notify APRA as soon as practicable, and no more than 10 business days, after it becomes aware that its right to conduct business in that jurisdiction has been materially affected by the law of that jurisdiction or its right to conduct business has ceased.