APRA has finalised new requirements and guidance to strengthen the preparedness of superannuation funds, insurers and banks to respond to a crisis.

The updated guidance consists of:

• Prudential Practice Guide CPG 190 Recovery and Exit Planning (CPG 190) – all entities must develop and maintain credible plans for managing stress, including actions to restore financial resilience or exit regulated activities in an orderly manner. CPG 190 accompanies Prudential Standard CPS 190 Recovery and Exit Planning (CPS 190);
• Prudential Standard CPS 900 Resolution Planning (CPS 900) – large and complex entities must support APRA in bespoke planning and pre-positioning to ensure that, in the event of failure, they can be resolved in an orderly manner; and
• Prudential Practice Guide CPG 900 Resolution Planning (CPG 900) – sets out the outcomes that APRA is seeking to achieve at each stage of the resolution planning process, and the factors that APRA will have regard to in developing a bespoke resolution plan for a particular entity.

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