A tap on the shoulder: Prudential Standard CPS 900 – Resolution Planning

In May 2023, APRA finalised CPS 900 and released the Prudential Practice Guide CPG 900 – Resolution Planning (CPG 900). CPS 900 is yet to be registered as a determination. However, given that it takes effect from 1 January 2024, it is assumed that it will be.

CPS 900 empowers APRA to implement an action plan (Resolution Plan) to manage or respond to a superannuation fund trustee's failure (or a failure that APRA considers likely to occur) (Resolution) to protect beneficiaries or maintain functions important to financial system stability or the availability of essential financial services (Critical Functions).

CPS 900 and CPG 900 were released a few months after the yet-to-be-registered Prudential Standard CPS 190 – Recovery and Exit Planning (CPS 190) was finalised around the same time as APRA released Prudential Practice Guide CPG 190 – Recovery and Exit Planning. Assuming both prudential standards are registered, CPS 900 commences before CPS 190