APRA proposes minor amendments to centralise the definition of significant financial institution
The Australian Prudential Regulation Authority (APRA) has released a cross-industry consultation on minor amendments to align and centralise the definition of a significant financial institution (SFI) within the prudential framework.
The letter to industry and draft prudential standards are available on the APRA website at: Proportionality and significant financial institutions.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.