APRA releases amendments on minimum capital requirements for PPF providers
The Australian Prudential Regulation Authority (APRA) has released a response to consultation on its proposed amendments to the minimum capital requirements for purchased payment facilities (PPF) providers.
In the letter responding to submissions released today, APRA outlined the amendments to Prudential Standard APS 610 Prudential Requirements for Providers of Purchased Payment Facilities (APS 610), which are aimed at aligning capital requirements for PPF providers more closely with the broader capital framework for other APRA-regulated industries.
The amendments are an interim measure ahead of a broader review of APS 610, which will be part of the implementation of broader reforms to the regulatory framework for stored-value facilities.
The letter to PPF providers is available on the APRA website at: Minimum capital requirements for purchased payment facilities providers.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $8.6 trillion in assets for Australian depositors, policyholders and superannuation fund members.