A link to the certification document and a quote from the certification basis section:
Cirrus SR20/22 certification document
Equivalent Safety Items
Equivalent Levels Of Safety finding (ACE-96-5) made per the provisions of 14 CFR Part 23.221; Refer to FAA ELOS letter dated June 10, 1998 for models SR20, SR22.
Equivalent Levels Of Safety finding (ACE-00-09) made per the provisions of 14 CFR Part 23.1143(g) and 23.1147(b); Refer to FAA ELOS letter dated September 11, 2000 for model SR22.
Equivalent Levels Of Safety finding (ACE-01-01) made per the provisions of 14 CFR Part 23.1143(g) and 23.1147(b); Refer to FAA ELOS letter dated February 14, 2001 for model SR20.
Special Conditions
23-ACE-88 for ballistic parachute.
23-134-SC for protection of systems for High Intensity Radiated Fields (HIRF).
The first equivalent safety item covers it, and basically implies that the aircraft does NOT comply with 23.221, but has an "equlivalent level of safety finding", namely the CAPS parachute.