(6)The legal, supervisory and enforcement arrangements applicable in Australia for transactions on non-centrally cleared derivative contracts are set out in Prudential Standard CPS 226 of the Australian Prudential Regulation Authority (‘APRA’) adopted under section 11AF of the Banking Act 1959 (Banking Act), section 32 of the Insurance Act 1973 (Insurance Act), section 230A of the Life Insurance Act 1995 (Life Insurance Act) and section 34C of the Superannuation Industry (Supervision) Act 1993 (SIS Act). APRA’s mandate is to ensure the safety and soundness of prudentially regulated financial institutions so that they meet their financial commitments to depositors, policyholders and fund members within a stable, efficient and competitive financial system. Prudential Standard CPS 226 requires an entity covered by those rules to have appropriate margining and risk mitigation practices in relation to non-centrally cleared derivatives. That Prudential Standard applies to institutions in the banking, general insurance, life insurance and superannuation industries, subject to certain thresholds. Prudential Standard CPS 226 entered into force on 1 March 2017. Some of its requirements are subject to a phase-in in accordance with the international framework and aligned with the existing phase-in in Delegated Regulation (EU) 2016/2251.