ADI’s which established securitisation arrangements under old APS 120 (Prudential Standard APS 120 Funds Management
and Securitisation made on 30 May 2006 which has been revoked since 31 December 2007) must complete the transition to new APS 120 by 30 June 2010.

If APRA allowed a lower capital requirement or compliance with the old standard that exemption must expire by 30 June 2010. If the arrangement does not comply by 30 June then APRA will impose a higher capital requirement or the ADI can re-document the arrangement so that it does comply with APS 120.