australian prudential regulation authority
Note: A defendant bears an evidential burden in relation to the matters in subsection (7E) (see subsection 13.3(3) of the Criminal Code). 1) 2002, Medical Indemnity (Prudential Supervision and Product Standards) (Consequential Amendments) Act 2003, Australian Prudential Regulation Authority Amendment Act 2003, Sch 1 and 3: 1 July 2003 (s 2(1) item 2), Financial Framework Legislation Amendment Act 2005, Sch 2 (items 68, 69, 174): 22 Feb 2005 (s 2(1) item 12), Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006, Sch 2 (item 20) and Sch 6 (items 1, 6–11): 14 Sept 2006 (s 2(1) items 2, 4), Financial Sector Legislation Amendment (Trans‑Tasman Banking Supervision) Act 2006, Governance Review Implementation (Treasury Portfolio Agencies) Act 2007, Sch 1 (items 47–66) and Sch 2 (items 1, 11–20): 1 July 2007 (s 2(1) item 2) Sch 3: 5 June 2007 (s 2(1) item 3), Financial Sector Legislation Amendment (Restructures) Act 2007, Superannuation Legislation Amendment (Trustee Board and Other Measures) (Consequential Amendments) Act 2008, Sch 1 (items 32–34): 23 June 2008 (s 2(1) item 4), First Home Saver Accounts (Consequential Amendments) Act 2008, Sch 1 (item 11): 1 July 2002 (s 2(1) item 9), Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008, Sch 1 (items 35–52): 18 Oct 2008 (s 2(1) items 2, 3), Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009, Sch 1 (items 188, 189): 27 Feb 2010 (s 2(1) item 2), Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010, Sch 4 (items 1, 2): 27 July 2010 (s 2(1) item 11), Sch 2 (items 234, 235) and Sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 3, 12), Superannuation Legislation (Consequential Amendments and Transitional Provisions) Act 2011, Sch 1 (items 18, 19): 1 July 2011 (s 2(1) item 2), Superannuation Legislation Amendment (Early Release of Superannuation) Act 2011, Sch 1 (items 17–19, 22): 1 Nov 2011 (s 2(1) item 2), Superannuation Legislation Amendment (Stronger Super) Act 2012, Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012, Sch 3 (items 1–4, 45): 1 July 2013 (s 2(1) items 16, 18), Corporations Legislation Amendment (Derivative Transactions) Act 2012, Sch 1 (items 44, 45): 3 Jan 2013 (s 2(1) item 2), Privacy Amendment (Enhancing Privacy Protection) Act 2012, Sch 5 (item 21) and Sch 6 (items 15–19): 12 Mar 2014 (s 2(1) items 3, 19) Sch 6 (item 1): 12 Dec 2012 (s 2(1) item 16), Sch 6 (items 13, 14, 23): 24 June 2014 (s 2(1) item 9), Public Governance, Performance and Accountability (Consequential and Transitional Provisions) Act 2014, Sch 5 (item 109), Sch 6 (items 22, 23), Sch 7 (items 395–411) and Sch 14: 1 July 2014 (s 2(1) items 5, 6, 14), Public Governance and Resources Legislation Amendment Act (No. (b) during any period, or during all periods, when the Chair is absent from duty or from Australia, or is, for any reason, unable to perform the functions of his or her office. means the APRA member appointed as Chair of APRA. ASIC has responsibility for market integrity and consumer protection and the regulation of investment banks and finance companies. The Australian Prudential Regulation Authority (APRA) oversees banks, credit unions, insurance companies, and other financial services institutions in Australia. See section 23 of the, APRA’s liabilities are Commonwealth liabilities. Note: For information about delegations, see sections 34AA to 34A of the Acts Interpretation Act 1901. This Act may be cited as the Australian Prudential Regulation Authority Act 1998.
Lauren has been writing about the world of compliance and governance for half a decade, but she’s been a journalist and copywriter for longer – that’s 20 years spent writing for media, for agencies and for businesses across sectors including finance, professional services, healthcare, technology, energy and entertainment. If a regulated institution does fail, the Australian Prudential Regulation Authority then takes on the role of administering the Financial Claims Scheme once it is activated by the Australian Government. This notice must be given as soon as practicable after making the decision or resolution and before the winding-up has commenced, as …
(6A) It is not an offence if the disclosure of protected information or the production of a protected document is to: (a) an auditor who has provided, or is providing, professional services to a general insurer, authorised NOHC or a subsidiary of a general insurer or authorised NOHC; or. (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013. In-house compliance teams must be aware of these requirements to ensure that the institution doesn’t fall into non-compliance, as APRA’s enforcement powers include the ability to levy fines and commence formal legal action against individuals or whole companies. The Chair must take reasonable steps to ensure that there are, where appropriate, adequate disclosure of interests requirements applying to: (b) people (other than APRA members and APRA staff members) performing or exercising functions or powers delegated to them by APRA under section 15.
prudential regulation or advice services means services of either or both of the following kinds: (a) services consisting of APRA performing a role in the prudential regulation or supervision of entities; (b) services consisting of APRA providing advice relating to the prudential regulation or supervision of entities. (b) advising the Minister whether the other APRA members have consented as mentioned in paragraph (1)(b). The period must not exceed 5 years. 47 Consultants and other people engaged to perform services. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history. This means harnessing the power of entity management software, board portals and secure document-sharing systems to increase security, communication and transparency within the organization. am No 5, 2018; No 13, 2018; No 40, 2019; No 49, 2019; Treasury Laws Amendment (2019 Measures No. (b) if the determination is to relate to all or a specified part of a relevant reporting document of a specified kind—an association or other body representing an entity or body, or a class of entities or bodies, required to give a document of that kind under section 13 of the Financial Sector (Collection of Data) Act 2001. As an editorial strategist, she has set the tone for national and multinational companies, and loves nothing more than getting to the heart of great stories. (2) APRA must balance the requirements of subsection (1) with the requirements specified in section 8. (1) Subject to subsection (2), this Act commences on a day to be fixed by Proclamation. APRA's authority and scope is determined pursuant to the Australian Prudential Regulation Authority Act, 1998 (Cth). (b) grant a part‑time APRA member leave of absence on the terms and conditions that the Minister determines. The Insurance and Superannuation Commission (ISC) was formally established on 23 November 1987, following the proclamation of the Insurance and Superannuation Commissioner Act 1987. The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration.
[5] Representatives of APRA appeared before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry during 2018. Under the legislation, APRA is tasked with protecting the interests of depositors, policyholders and superannuation fund members. 3) Act 2020, Sch 3 (items 155, 156, 325, 326): 1 Oct 2020 (s 2(1) item 6), Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020, Sch 1 (items 99–101, 1465): awaiting commencement (s 2(1) item 2). The effect of uncommenced … It ensures that these institutions keep their financial promises; that is, that they will remain financially sound and able to meet their obligations to depositors, fund members and policy holders. There must be credited to the Collapsed Insurer Special Account amounts equal to amounts received by APRA, under Part 3B of the Financial Institutions Supervisory Levies Collection Act 1998, by way of: (b) late payment penalty in respect of unpaid amounts of collapsed insurer levy. Its role is to promote financial system stability by keeping a close eye on how certain financial services businesses operate within the Australian system. Note 1: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which APRA members may participate in meetings.
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