22 July 2015
To: All locally-incorporated authorised deposit-taking institutions (ADIs) other than purchased payment facility providers
The Australian Prudential Regulation Authority (APRA) has today released a revised version of Prudential Standard APS 330 Public Disclosure (APS 330), which rectifies an omission in the July 2015 version of APS 330. The revised version of APS 330 will take effect from 1 August 2015.
The omission was in paragraph 21(b) of the July 2015 version of APS 330 and had the effect of altering the definition of ‘material risk-taker’ for the purposes of the remuneration disclosure requirements in APS 330. This omission would have imposed quantitative remuneration disclosure requirements on a wider range of persons than APRA intended.
The revised APS 330 issued today amends paragraph 21(b) to align the definition of ‘material risk-taker’ with the definition used in the January 2015 version of APS 330. No other substantive changes have been made, although APRA has also made a number of minor formatting amendments. Revised APS 330 will not be subject to public consultation as it represents a correction to align with APRA’s previously consulted upon position.
As remuneration disclosures are required with the same frequency as, and within three months of lodgement of, an ADI’s annual financial report under the Corporations Act 2001, APRA anticipates that all ADIs will follow the corrected requirements of APS 330 released today.
If you have any questions on these matters, please contact your APRA Responsible Supervisor.
Executive General Manager
Policy and Advice