King & Wood Mallesons

Asia-Pacific 100 position: 3

Australian Prudential Standard 120 — back to basics

The Australian Prudential Regulation Authority (APRA) is proposing to adopt a simplified principles-based approach to prudential regulation of the Australian securitisation market.

APRA has outlined its proposed approach to the regulation of securitisation by authorised deposit-taking institutions (ADIs) going forward. The speech by Charles Littrell at the recent Australian Securitisation Forum annual conference foreshadowed what is expected when APRA releases a discussion paper on changes to Australian Prudential Standard 120 (APS 120). It is expected that the discussion paper will be followed by a consultation process commencing in early 2014, with the revised APS 120 expected to come into effect in 2015. APRA indicated there will be a transitional period for ADIs to implement the new APS 120 in securitisation structures, but it is unclear if there will be grandfathering of existing transactions.

The foundation of the new APS 120 is expected to be funding-only securitisations. APRA’s aspiration is that Australia will end up with a large and active funding-only market, with funding-only securitisations having a key role in providing market liquidity…

If you are registered and logged in to the site, click on the link below to read the King & Wood Mallesons briefing. If not, please register or sign in with your details below.

Sign in or Register to continue reading this article

Sign in

Register

It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer

 

Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.

 

Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.

 

Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from King & Wood Mallesons

View more briefings from King & Wood Mallesons

Analysis from The Lawyer

View more analysis from The Lawyer

Overview

Level 61, Governor Phillip Tower
1 Farrer Place
Sydney
NSW 2000
Australia
http://www.kwm.com

Jurisdiction: PRC/Australia
No. of offices: 20
No. of qualified lawyers: 1,252

Jobs