The Australian Prudential Regulation Authority (APRA) has released for consultation a new cross-industry standard to centralise APRA’s existing standards on definitions for authorised deposit-taking institutions and general, life and private health insurers.
The proposed new prudential standard CPS 001 Defined terms (CPS 001) follows APRA’s strategic initiative to Modernise the Prudential Architecture and aims to remove terms that are no longer in use, address duplication and consolidate existing definitions across different standards into one place.
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