The Australian Prudential Regulation Authority (APRA) consultation on level-three conglomerates will close on March 1, after it released its proposed regulatory requirements.

Level-three groups operate across more than one industry. APRA Chairman John Laker says the global financial crisis showed supervisory regimes must better capture the risks facing institutions in a conglomerate group.

Level-three prudential standards are expected to take effect from January 1 next year.