AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY ACT 1998

This compilation was prepared on 4 September 2009
taking into account amendments up to Act No. 75 of 2009

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General's Department, Canberra

Contents

Part 1--Preliminary 1

1............ Short title [see Note 1] ....................................................................... 1

2............ Commencement [see Note 1] .............................................................. 1

3............ Definitions .......................................................................................... 1

4............ Act binds the Crown .......................................................................... 4

5............ External Territories ............................................................................. 4

6............ Application of Criminal Code ............................................................ 4

Part 2--Establishment, functions and powers of APRA 5

7............ Establishment of APRA ..................................................................... 5

8............ Purpose for establishing APRA ......................................................... 5

8A......... Trans‑Tasman cooperation ................................................................. 5

9............ APRA's functions .............................................................................. 6

9A......... Conferral of functions by State or Territory laws or by agreements . 6

10.......... Advice to the Minister ....................................................................... 7

10A....... Cooperation with other agencies ........................................................ 8

11.......... APRA's powers ................................................................................. 8

11A....... APRA's liabilities are Commonwealth liabilities ............................... 9

12.......... Directions by Minister respecting APRA policies and priorities ...... 9

12A....... Chair not subject to direction by APRA on certain matters ............ 10

13.......... APRA is a body corporate ............................................................... 10

15.......... Delegation by APRA ........................................................................ 10

Part 3--APRA membership and other corporate matters 12

Division 1--Membership 12

16.......... Appointment of APRA members .................................................... 12

17.......... Restrictions on appointment ............................................................ 12

18.......... Appointment of Chair and Deputy Chair ........................................ 13

19.......... Acting appointments ........................................................................ 13

Division 2--Terms and conditions for APRA members 15

20.......... Term of office as an APRA member ................................................ 15

21.......... Term of office as Chair or Deputy Chair ......................................... 15

22.......... Remuneration and allowances ........................................................... 15

23.......... Leave of absence ............................................................................... 15

24.......... Resignation ....................................................................................... 16

25.......... Termination of appointment ............................................................ 16

26.......... Other terms and conditions .............................................................. 18

Division 3--APRA meetings 19

27.......... Times and places of meetings ........................................................... 19

28.......... Quorum ............................................................................................. 19

29.......... Who is to preside at meetings ........................................................... 19

30.......... Voting at meetings ............................................................................ 19

31.......... Conduct of meetings ......................................................................... 20

32.......... APRA resolutions without meetings ................................................ 20

Part 4--APRA staff members 21

45.......... Appointment of permanent, temporary and casual staff ................. 21

46.......... Staff seconded to APRA .................................................................. 21

47.......... Consultants and other people engaged to perform services ............. 21

48.......... Appointments of person appointed to perform specific roles ........ 21

48AA.... Delegation by Chair .......................................................................... 22

48AB.... APRA Values ................................................................................... 22

48AC.... APRA Code of Conduct ................................................................... 22

Part 4A--Disclosure of interests of APRA members, APRA staff members and delegates 23

Division 1--Disclosure of interests of APRA members 23

48A....... Standing obligation to disclose interests ........................................... 23

48B....... Obligation to disclose interests before deciding a particular matter . 24

Division 2--Disclosure of interests of APRA staff members and delegates 25

48D....... The Chair to ensure adequate disclosure of interests requirements apply to APRA staff members and delegates .......................................................................................................... 25

Part 5--Financial and taxation matters 26

Division 1--APRA's finances and the APRA Special Account 26

50.......... APRA's share of levy money .......................................................... 26

51.......... Charges for APRA's services etc. .................................................... 28

52.......... Australian Prudential Regulation Authority Special Account .......... 28

53.......... Credits to the APRA Special Account ............................................. 28

54.......... Purposes of the APRA Special Account .......................................... 29

Division 2--Financial Claims Scheme Special Account and related borrowing 31

Subdivision A--Financial Claims Scheme Special Account 31

54A....... Financial Claims Scheme Special Account ........................................ 31

54B....... Credits to the Financial Claims Scheme Special Account ................. 31

54C....... Purposes of the Financial Claims Scheme Special Account ............. 31

54D....... Debits to reflect reduced amounts specified in declarations ............. 32

Subdivision B--Borrowing for payments from the Financial Claims Scheme Special Account 32

54E........ Borrowing ......................................................................................... 32

Division 3--Taxation of APRA 34

55.......... Liability to taxation .......................................................................... 34

Part 6--Secrecy 35

56.......... Secrecy--general obligations ............................................................ 35

57.......... Determination as to confidentiality .................................................. 42

Part 7--Miscellaneous 43

58.......... Protection from liability ................................................................... 43

59.......... Annual reports .................................................................................. 43

60.......... Regulations ....................................................................................... 45

Notes 47

Notes to the Australian Prudential Regulation Authority Act 1998

Note 1

The Australian Prudential Regulation Authority Act 1998 as shown in this compilation comprises Act No. 50, 1998 amended as indicated in the Tables below.

For application, saving or transitional provisions made by the Corporations (Repeals, Consequentials and Transitionals) Act 2001, see Act No. 55, 2001.

For all other relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Australian Prudential Regulation Authority Act 1998	50, 1998	29 June 1998	1 July 1998 (see Gazette 1998, No. S316)
Financial Sector Reform (Amendments and Transitional Provisions) Act 1998	54, 1998	29 June 1998	Schedule 18 (items 41, 42): (a)	S. 2(18) (am. by 146, 1999, Sch. 1 [item 486])
as amended by
Public Employment (Consequential and Transitional) Amendment Act 1999	146, 1999	11 Nov 1999	Schedule 1 (items 486, 487): (b)	--
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999	44, 1999	17 June 1999	Schedule 1 (items 1-3, 5-9) and Schedule 8: Royal Assent (c) Schedule 1 (item 4): 1 July 1999 (see Gazette 1999, No. S283) (c)	Sch. 8 (item 22)
Superannuation Legislation Amendment Act (No. 3) 1999	121, 1999	8 Oct 1999	Schedule 2 (items 1, 2): Royal Assent (d)	--
Public Employment (Consequential and Transitional) Amendment Act 1999	146, 1999	11 Nov 1999	Schedule 1 (item 236): 5 Dec 1999 (see Gazette 1999, No. S584) (e)	--
Corporate Law Economic Reform Program Act 1999	156, 1999	24 Nov 1999	Schedule 10 (items 53, 54): 13 Mar 2000 (see Gazette 2000, No. S114) (f)	--
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000	24, 2000	3 Apr 2000	Schedule 1 (items 1, 2): (g) Schedule 1 (items 3-13): Royal Assent (g) Schedule 12 (items 1-3): 3 Apr 2000 (g)	Sch. 12 (items 1-3)
Financial Sector Legislation Amendment Act (No. 1) 2000	160, 2000	21 Dec 2000	Schedule 1 (item 21): Royal Assent Remainder: 18 Jan 2001	S. 4
Corporations (Repeals, Consequentials and Transitionals) Act 2001	55, 2001	28 June 2001	Ss. 4-14 and Schedule 3 (items 63, 64, 66): 15 July 2001 (see Gazette 2001, No. S285) (h) Schedule 3 (items 65, 67): 1 July 2002 (see Gazette 2002, No. GN24) (h)	Ss. 4-14 [see Note 1]
General Insurance Reform Act 2001	119, 2001	19 Sept 2001	Schedules 1 and 3: 1 July 2002 Remainder: Royal Assent	--
Financial Sector (Collection of Data--Consequential and Transitional Provisions) Act 2001	121, 2001	24 Sept 2001	Ss. 1-3: Royal Assent Remainder: 1 July 2002 (see s. 2(2) and Gazette 2002, No. GN24)	Sch. 3
Financial Sector Legislation Amendment Act (No. 1) 2002	37, 2002	26 June 2002	Schedule 1: 27 June 2002 (i)	Sch. 1 (item 2)
Medical Indemnity (Prudential Supervision and Product Standards) (Consequential Amendments) Act 2003	36, 2003	2 May 2003	1 July 2003	--
Australian Prudential Regulation Authority Amendment Act 2003	42, 2003	24 June 2003	Schedules 1-3: 1 July 2003 (see Gazette 2003, No. S230) Remainder: Royal Assent	Sch. 3
Financial Framework Legislation Amendment Act 2005	8, 2005	22 Feb 2005	Schedule 2 (items 68, 69, 174): Royal Assent	Sch. 2 (item 174)
Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006	101, 2006	14 Sept 2006	Schedule 2 (item 20) and Schedule 6 (items 1, 6-11): Royal Assent	Sch. 6 (items 1, 6-11)
Financial Sector Legislation Amendment (Trans‑Tasman Banking Supervision) Act 2006	147, 2006	6 Dec 2006	6 Dec 2006	--
Governance Review Implementation (Treasury Portfolio Agencies) Act 2007	74, 2007	5 June 2007	Schedules 1 and 2: 1 July 2007 Remainder: Royal Assent	Sch. 2 (items 1, 11-20)
Financial Sector Legislation Amendment (Restructures) Act 2007	117, 2007	28 June 2007	28 June 2007	--
Superannuation Legislation Amendment (Trustee Board and Other Measures) (Consequential Amendments) Act 2008	26, 2008	23 June 2008	Schedule 1 (items 32-34): Royal Assent	--
First Home Saver Accounts (Consequential Amendments) Act 2008	45, 2008	25 June 2008	Schedule 3 (items 5-9): 26 June 2008	--
Statute Law Revision Act 2008	73, 2008	3 July 2008	Schedule 1 (item 11): (j)	--
Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008	105, 2008	17 Oct 2008	Schedule 1 (items 35-52): (k)	--
Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009	75, 2009	27 Aug 2009	Schedule 1 (items 188, 189): [see Note 2]	--

(a) The Australian Prudential Regulation Authority Act 1998 was amended by Schedule 18 (items 41 and 42) only of the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998, subsection 2(18) of which provides as follows:

(18) The items in Schedule 18 amending the Australian Prudential Regulation Authority Act 1998 commence:

(a) on the commencement of the Australian Prudential Regulation Authority Act 1998 if the Public Service Act 1999 commences before the commencement of the Australian Prudential Regulation Authority Act 1998; or

(b) immediately after the commencement of the Public Service Act 1999 if that Act does not commence before the commencement of the Australian Prudential Regulation Authority Act 1998.

The Public Service Act 1999 commenced on 5 December 1999 (see Gazette 1999, No. S584).

(b) The Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 was amended by Schedule 1 (items 486 and 487) only of the Public Employment (Consequential and Transitional) Amendment Act 1999, subsections 2(1) and (4) of which provide as follows:

(1) In this Act, commencing time means the time when the Public Service Act 1999 commences.

(4) If:

(a) an item (the amending item) of a Schedule to this Act is expressed to amend, or to amend a part of, a section (the amended section) of another Act; and

(b) at the time when the Public Service Act 1999 commences, the amended section:

(i) has not yet been enacted; or

(ii) has been enacted but has not yet commenced;

then the amending item commences immediately after the commencement of the amended section.

The amended items commenced on 5 December 1999 immediately after the Public Employment (Consequential and Transitional) Amendment Act 1999 came into operation.

(c) The Australian Prudential Regulation Authority Act 1998 was amended by Schedule 1 only of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999, subsections 3(1), (2)(a) of which provide as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(2) The following provisions commence on the transfer date:

(a) item 4 of Schedule 1 (the commencement of the rest of the items in this Schedule is covered by subsection (1));

(d) The Australian Prudential Regulation Authority Act 1998 was amended by Schedule 2 (items 1 and 2) only of the Superannuation Legislation Amendment Act (No. 3) 1999, subsection 2(1) of which provides as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(e) The Australian Prudential Regulation Authority Act 1998 was amended by Schedule 1 (item 236) only of the Public Employment (Consequential and Transitional) Amendment Act 1999, subsections 2(1) and (2) of which provide as follows:

(1) In this Act, commencing time means the time when the Public Service Act 1999 commences.

(2) Subject to this section, this Act commences at the commencing time.

(f) The Australian Prudential Regulation Authority Act 1998 was amended by Schedule 10 (items 53 and 54) only of the Corporate Law Economic Reform Program Act 1999, subsection 2(2)(c) of which provides as follows:

(2) The following provisions commence on a day or days to be fixed by Proclamation:

(g) The Australian Prudential Regulation Authority Act 1998 was amended by Schedule 1 only of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000, subsections 2(1), (2), (12) and (13) of which provide as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(2) Items 1 and 2 of Schedule 1 are taken to have commenced immediately after the commencement of the Australian Prudential Regulation Authority Act 1998.

(12) Part 1 of Schedule 12 commences:

(a) after all of the Acts listed in subsection (13) have received the Royal Assent; and

(b) on the day that is the last day on which any of those Acts received the Royal Assent.

(13) These are the relevant Acts for the purposes of paragraph (12)(a):

(a) this Act;

(b) each of the Acts referred to in the definition of Validation Act in item 1 of Schedule 12 to this Act.

(h) The Australian Prudential Regulation Authority Act 1998 was amended by Schedule 3 (items 63-67) only of the Corporations (Repeals, Consequentials and Transitionals) Act 2001, subsections 2(3) and (4)(b) of which provide as follows:

(3) Subject to subsections (4) to (10), Schedule 3 commences, or is taken to have commenced, at the same time as the Corporations Act 2001.

(4) Items 65 and 67 of Schedule 3 commence on the later of:

(b) the time when Part 1 of Schedule 2 to the Financial Sector (Collection of Data--Consequential and Transitional Provisions) Act 2001 commences.

(i) The Australian Prudential Regulation Authority Act 1998 was amended by Schedule 1 only of the Financial Sector Legislation Amendment Act (No. 1) 2002, subsection 2(1) (item 2) of which provides as follows:

(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table.

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
2. Schedules 1 to 3	The day after the day on which this Act receives the Royal Assent	27 June 2002

(j) Subsection 2(1) (item 9) of the Statute Law Revision Act 2008 provides as follows:

(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Provision(s)	Commencement	Date/Details
9. Schedule 1, item 11	Immediately after the commencement of item 9 of Schedule 2 to the Financial Sector (Collection of Data--Consequential and Transitional Provisions) Act 2001.	1 July 2002

(k) Subsection 2(1) (items 2 and 3) of the Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008 provides as follows:

Provision(s)	Commencement	Date/Details
2. Schedule 1	Immediately after the provision(s) covered by table item 3.	18 October 2008
3. Schedules 2 to 5	The day after this Act receives the Royal Assent.	18 October 2008

Table of Amendments

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
Part 1
S. 3.......................................	am. No. 44, 1999; No. 160, 2000; Nos. 55 and 119, 2001; No. 42, 2003; No. 147, 2006; Nos. 74 and 117, 2007; Nos. 45 and 105, 2008
Note to s. 3(2)......................	am. No. 45, 2008
Part 2
Note to s. 7...........................	am. No. 42, 2003
	rep. No. 74, 2007
S. 8.......................................	am. No. 42, 2003; No. 147, 2006; No. 105, 2008
S. 8A....................................	ad. No. 147, 2006
S. 9.......................................	rs. No. 44, 1999
S. 9A....................................	ad. No. 44, 1999
	am. No. 146, 1999
S. 10.....................................	rs. No. 42, 2003
S. 10A..................................	ad. No. 42, 2003
S. 11.....................................	am. No. 74, 2007
S. 11A..................................	ad. No. 74, 2007
S. 12.....................................	rs. No. 42, 2003
S. 12A..................................	ad. No. 74, 2007
S. 13.....................................	am. No. 42, 2003
S. 14.....................................	rep. No. 74, 2007
S. 15.....................................	rs. No. 42, 2003
Part 3
Part 3....................................	rs. No. 42, 2003
Division 1
Ss. 16-19.............................	rs. No. 42, 2003
Division 2
Ss. 20-24.............................	rs. No. 42, 2003
S. 25.....................................	rs. No. 42, 2003
	am. No. 26, 2008
S. 26.....................................	rs. No. 42, 2003
Division 3
Ss. 27-30.............................	rs. No. 42, 2003
S. 31.....................................	am. No. 156, 1999
	rs. No. 42, 2003
S. 32.....................................	rs. No. 42, 2003
Ss. 33, 34.............................	rep. No. 42, 2003
Part 4
Heading to Part 4..................	rs. No. 42, 2003
Div. 1 of Part 4.....................	rep. No. 42, 2003
Ss. 35-37.............................	rep. No. 42, 2003
S. 38.....................................	am. No. 54, 1998
	rep. No. 42, 2003
S. 39.....................................	rep. No. 42, 2003
S. 40.....................................	am. No. 156, 1999
	rep. No. 42, 2003
Ss. 41-44.............................	rep. No. 42, 2003
Heading to Div. 2 of Part 4...	rep. No. 42, 2003
S. 45.....................................	am. No. 42, 2003; No. 74, 2007
S. 46.....................................	am. No. 54, 1998 (as am. by No. 146, 1999); No. 147, 2006
S. 47.....................................	am. No. 42, 2003; No. 74, 2007
S. 48.....................................	am. No. 74, 2007
Ss. 48AA-48AC..................	ad. No. 74, 2007
Part 4A
Part 4A.................................	ad. No. 42, 2003
Division 1
Ss. 48A, 48B........................	ad. No. 42, 2003
S. 48C..................................	ad. No. 42, 2003
	rep. No. 74, 2007
Division 2
Heading to s. 48D.................	am. No. 74, 2007
S. 48D..................................	ad. No. 42, 2003
	am. No. 74, 2007
Note to s. 48D......................	ad. No. 74, 2007
Part 5
Division 1
Heading to Div. 1 of Part 5...	ad. No. 105, 2008
S. 49.....................................	rep. No. 74, 2007
Subhead. to s. 50(2)............	am. No. 105, 2008
S. 50.....................................	rs. No. 37, 2002
	am. No. 42, 2003
	rs. No. 74, 2007
	am. No. 105, 2008
S. 51.....................................	am. No. 44, 1999; No. 74, 2007
S. 52.....................................	rs. No. 74, 2007
Heading to s. 53...................	am. No. 105, 2008
S. 53.....................................	am. No. 8, 2005
	rs. No. 74, 2007
	am. No. 105, 2008
Note to s. 53.........................	rep. No. 105, 2008
Heading to s. 54...................	am. No. 105, 2008
S. 54.....................................	rs. No. 74, 2007
	am. No. 105, 2008
Division 2
Div. 2 of Part 5.....................	ad. No. 105, 2008
Subdivision A
Ss. 54A-54D........................	ad. No. 105, 2008
Subdivision B
S. 54E...................................	ad. No. 105, 2008
Division 3
Heading to Div. 3 of Part 5...	ad. No. 105, 2008
S. 55.....................................	am. No. 24, 2000; No. 101, 2006; No. 74, 2007
Note to s. 55(2)....................	ad. No. 74, 2007
Part 6
S. 56.....................................	am. Nos. 44 and 121, 1999; Nos. 24 and 160, 2000; Nos. 55, 119 and 121, 2001; No. 37, 2002; Nos. 36 and 42, 2003; No. 45, 2008
Note to s. 56(3)....................	ad. No. 24, 2000
Note to s. 56(4)....................	ad. No. 24, 2000
Note to s. 56(5) Renumbered Note 1..........	No. 24, 2000
	rep. No. 42, 2003
Note 2 to s. 56(5)................. Renumbered Note.............	ad. No. 24, 2000 No. 42, 2003
Note to s. 56(5A).................	am. No. 73, 2008
Note to s. 56(5B)..................	am. No. 73, 2008
Note to s. 56(5C)..................	am. No. 73, 2008
Note to s. 56(6)....................	ad. No. 24, 2000
Note to s. 56(7)....................	ad. No. 24, 2000
Note to s. 56(11)..................	ad. No. 24, 2000
S. 57.....................................	am. No. 44, 1999
	rep. No. 24, 2000
	ad. No. 121, 2001
	am. No. 74, 2007
Part 7
S. 58.....................................	rs. No. 44, 1999
	am. No. 42, 2003
S. 59.....................................	rs. No. 74, 2007
	am. No. 105, 2008

Table A

Application, saving or transitional provisions

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (No. 44, 1999)

Schedule 8

22 Regulations may deal with transitional, saving or application matters

(1) The regulations may deal with matters of a transitional, saving or application nature relating to:

(a) the transition from the application of provisions of the replaced legislation to the application of provisions of the Banking Act 1959, the Life Insurance Act 1995, the Financial Sector (Transfers of Business) Act 1999, the Financial Sector (Shareholdings) Act 1998 or the Australian Prudential Regulation Authority Act 1998; or

(b) the transition, for The Cairns Cooperative Weekly Penny Savings Bank Limited, from the application of provisions of the Financial Intermediaries Act 1996 of Queensland to the application of provisions of any of the Acts referred to in paragraph (a); or

(2) Without limiting subitem (1), the regulations may provide for a matter to be dealt with, wholly or partly, in any of the following ways:

(a) by applying (with or without modifications) to the matter:

(i) provisions of a law of the Commonwealth, or of a State or Territory; or

(ii) provisions of a repealed or amended law of the Commonwealth, or of a State or Territory, in the form that those provisions took before the repeal or amendment; or

(iii) a combination of provisions referred to in subparagraphs (i) and (ii);

(b) by otherwise specifying rules for dealing with the matter;

(c) by specifying a particular consequence of the matter, or of an outcome of the matter, for the purposes of a law of the Commonwealth.

(3) Without limiting subitems (1) and (2), the regulations may provide for the continued effect, for the purposes of a provision of a law of the Commonwealth, of a thing done or instrument made, or a class of things done or instruments made, before the transfer date under or for the purposes of a provision of a law of a State or Territory. In the case of an instrument or class of instruments, the regulations may provide for the instrument or instruments to continue to have effect subject to modifications.

(4) Without limiting subitem (3), regulations providing for the continued effect of things done or instruments made may permit all or any of the following matters to be determined in writing by a specified person, or by a person included in a specified class of persons:

(a) the identification of a thing done or instrument made, or a class of things done or instruments made, that is to continue to have effect;

(b) the purpose for which a thing done or instrument made, or a class of things done or instruments made, is to continue to have effect;

(c) any modifications subject to which an instrument made, or a class of instruments made, is to continue to have effect.

(5) Despite subsection 48(2) of the Acts Interpretation Act 1901, regulations for the purposes of this item:

(a) may be expressed to take effect from a date before the regulations are notified in the Gazette; and

(b) may provide for a determination of a kind referred to in subitem (4) to take effect from a date before the determination is made (including a date before the regulations are notified in the Gazette).

(6) In this item, a reference to a law, whether of the Commonwealth or of a State or Territory, includes a reference to an instrument made under such a law.

(7) In this item:

replaced legislation means:

(a) the AFIC Codes; and

(b) the Financial Institutions Codes; and

(d) the Australian Financial Institutions Commission Act 1992 of Queensland, and any Act of another State or of a Territory that provides for the application, as a law of the State or Territory, of the Code set out in section 21 of the Australian Financial Institutions Commission Act 1992 of Queensland; and

(e) the Financial Institutions (Queensland) Act 1992 of Queensland, and any Act of another State or of a Territory that provides for the application, as a law of the State or Territory, of the Code set out in section 30 of the Financial Institutions (Queensland) Act 1992 of Queensland; and

(f) the Friendly Societies (Victoria) Act 1996 of Victoria, and any Act of another State or of a Territory that provides for the application, as a law of the State or Territory, of the Code set out in the Schedule to the Friendly Societies (Victoria) Act 1996 of Victoria; and

(g) the Friendly Societies (Western Australia) Act 1999; and

(h) any other law of a State or Territory prescribed by the regulations for the purposes of this definition.

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000 (No. 24, 2000)

Schedule 12

1 Definitions

In this Part:

Collection Act means the Financial Institutions Supervisory Levies Collection Act 1998.

deferred payment day means the day that is 6 weeks after the day on which this Part commences.

Imposition Act means any of the following Acts:

(a) the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998;

(b) the General Insurance Supervisory Levy Imposition Act 1998;

(d) the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998;

(e) the Superannuation Supervisory Levy Imposition Act 1998.

levy paying entity has the same meaning as in the Collection Act.

Validation Act means any of the following Acts:

(a) the Authorised Non‑operating Holding Companies Supervisory Levy Determination Validation Act 2000;

(b) the General Insurance Supervisory Levy Determination Validation Act 2000;

(d) the Retirement Savings Account Providers Supervisory Levy Determination Validation Act 2000;

(e) the Superannuation Supervisory Levy Determination Validation Act 2000.

2 Deferral of date for paying levy

(1) This item applies to a levy paying entity if, because of section 4 of a Validation Act:

(a) the entity is liable to pay levy imposed by an Imposition Act; and

(b) the levy payable by the entity would, apart from this item, have been due and payable under section 9 of the Collection Act before the deferred payment day.

(2) The levy payable by the entity is taken to be due and payable on the deferred payment day, despite section 9 of the Collection Act.

Note: This provision affects the calculation of late payment penalty (if any) under section 10 of the Collection Act.

3 No retrospective criminal liability

Nothing in this Part or the Validation Acts is taken to make a person criminally liable in respect of acts or omissions of the person before the day on which this Part commences, if the person would not have been so liable had this Part and the Validation Acts not been enacted.

Financial Sector Legislation Amendment Act (No. 1) 2000 (No. 160, 200)

4 Actuarial services provided by APRA

(1) APRA is taken to have had the function of providing actuarial services for the period commencing on 1 July 1998 and ceasing at the end of the day on which the Australian Government Actuary ceases to be a part of APRA.

(2) Subsection (1) does not mean that APRA did not or does not have the power to provide actuarial services that are incidental to another function of APRA.

(3) Subsection (1) confers functions and powers to the extent to which they are not in excess of the legislative power of the Commonwealth.

(4) In this section:

APRA means the Australian Prudential Regulation Authority established by section 7 of the Australian Prudential Regulation Authority Act 1998.

Financial Sector (Collection of Data--Consequential and Transitional Provisions) Act (No. 1) 2001 (No. 121, 2001)

Schedule 3

1 Treatment of certain exemptions and determinations in connection with obligations of corporations to register

An exemption or determination by the Reserve Bank that was in force immediately before the commencement of this Schedule under paragraph 8(2)(l) of the Financial Corporations Act 1974 continues to have effect as if it were an exemption or determination by APRA under paragraph 7(2)(j) of the Financial Sector (Collection of Data) Act 2001.

2 Former Register of Corporations

On the commencement of this Schedule, the Register of Corporations that, immediately before that commencement, was kept by the Reserve Bank under subsection 9(9) of the Financial Corporations Act 1974 continues in existence as the Register of Entities kept by APRA under section 8 of the Financial Sector (Collection of Data) Act 2001.

3 Former list of registered corporations and categories

(1) On the commencement of this Schedule:

(a) the list (the former list) of registered corporations, divided into categories, that, immediately before that commencement, was prepared by the Reserve Bank under section 10 of the Financial Corporations Act 1974 continues in existence as a list (the new list) of the names of registered entities, divided into categories, kept by APRA under subsection 11(1) of the Financial Sector (Collection of Data) Act 2001; and

(b) a reference in any instrument having effect under an Act to a corporation included in a particular category in the former list is taken to be a reference to that corporation in its capacity as a registered entity included in the corresponding category in the new list.

(2) An obligation on the Reserve Bank to publish notice, or to notify a person, of a matter under section 10 of the Financial Corporations Act 1974, being an obligation that is undischarged as at the commencement of this Schedule, becomes, on that commencement, an obligation that APRA is to discharge in respect of the corresponding matter under section 11 of the Financial Sector (Collection of Data) Act 2001.

(3) A determination by the Reserve Bank that was in force under a provision of section 10 of the Financial Corporations Act 1974 immediately before the commencement of this Schedule continues to have effect, after that commencement, as if it were a determination by APRA under the corresponding provision of section 11 of the Financial Sector (Collection of Data) Act 2001.

(4) A request to the Reserve Bank under subsection 10(7) of the Financial Corporations Act 1974 that has not been dealt with by the commencement of this Schedule is, after that commencement, to be dealt with by APRA as if it were a request under subsection 11(7) of the Financial Sector (Collection of Data) Act 2001.

4 Definitions

In this Schedule:

APRA means the Australian Prudential Regulation Authority.

Reserve Bank means the Reserve Bank of Australia.

Financial Sector Legislation Amendment Act (No. 1) 2002 (No. 37, 2002)

Schedule 1

2 Application

The amendment made by item 1 applies for the financial year that began on 1 July 2001 and for all later financial years.

Australian Prudential Regulation Authority Amendment Act 2003
(No. 42, 2003)

Schedule 3

1 Definitions

In this Schedule:

amended Act means the Australian Prudential Regulation Authority Act 1998 as in force after the commencement of the amendments.

commencement of the amendments means the commencement of the amendments made by Schedule 1.

old Act means the Australian Prudential Regulation Authority Act 1998 as in force immediately before the commencement of the amendments.

2 APRA's corporate existence is continued

(1) The body corporate that was, immediately before the commencement of the amendments, the Australian Prudential Regulation Authority (APRA) continues in existence after that commencement by force of this item under the corporate structure provided for by the amended Act.

Note: Rights, liabilities and obligations as between APRA and other people, and things done by or on behalf of APRA, or in relation to APRA, are therefore not affected by the restructure of APRA.

(2) However, this does not imply that any person who, immediately before the commencement of the amendments, was a member of APRA's Board, or was APRA's Chief Executive Officer, continues to hold office after that commencement.

Note: These people cease to hold office on the commencement of the amendments because of the repeal of the provisions under which they were appointed.

3 Continued protection from liability

Section 58 of the old Act continues to apply in relation to conduct, before the commencement of the amendments, of APRA's Board, a member of APRA's Board or an agent of a member of APRA's Board.

Note: The reference to a member of APRA's Board covers APRA's Chief Executive Officer.

4 Continued effect of certain delegations

(1) A delegation in force, immediately before the commencement of the amendments, under subsection 15(1) or (2) of the old Act continues to have effect after that commencement as if it were a delegation under APRA's seal under that subsection of the amended Act. If the delegation was to one or more members of APRA's Board, it continues to have effect as if it were a delegation to any APRA member.

(2) A direction in force, immediately before the commencement of the amendments, under subsection 15(3) of the old Act continues to have effect after that commencement, in relation to a delegation to which subitem (1) applies, as if it were a direction given by APRA under that subsection of the amended Act.

(3) A delegation to one or more members of APRA's Board in force, immediately before the commencement of the amendments, under a provision amended by Schedule 2 continues to have effect after that commencement as if it were a delegation under the amended provision to any APRA member.

Note: Delegations in favour of APRA, or APRA staff members, are not affected by the Schedule 2 amendments.

5 Continued effect of determinations of terms and conditions for staff and consultants

A determination of terms and conditions in force, immediately before the commencement of the amendments, under subsection 45(2) or 47(2) of the old Act continues to have effect after that commencement as if it were a determination by APRA under that subsection of the amended Act.

6 Continued effect of approvals under paragraph 56(5)(b)

An approval in force, immediately before the commencement of the amendments, under paragraph 56(5)(b) of the old Act continues to have effect after that commencement as if it were an approval by APRA under that paragraph of the amended Act.

7 Continued or extended effect of certain regulations

(1) Regulations in force, immediately before the commencement of the amendments, under paragraph (k) of the definition of Act covered by this section in subsection 56(1) of the old Act continue to have effect after that commencement as if they were made under paragraph (o) of the definition of prudential regulation framework law in subsection 3(1) of the amended Act, but only as that paragraph applies for the purposes of section 56 of the amended Act.

(2) Regulations in force, immediately before the commencement of the amendments, under paragraph 56(5)(a) of the old Act have effect after that commencement (in addition to the effect they continue to have for that paragraph of the amended Act) as if they were also made under subsection 10A(1) of the amended Act.

8 Delegations by ASIC to APRA staff members

(1) Subsection 102(2A) of the Australian Securities and Investments Commission Act 2001 has effect after the commencement of the amendments as if the reference in that subsection to the Chief Executive Officer of APRA were instead a reference to APRA.

(2) For the purposes of that subsection as it continues to have effect, an agreement to a delegation, in force under that subsection immediately before the commencement of the amendments, continues to have effect after that commencement as if it were given by APRA.

Financial Framework Legislation Amendment Act 2005 (No. 8, 2005)

Schedule 2

174 Saving provision--provisions that formerly referred to the Treasurer

(1) Any thing that:

(a) was done by the Treasurer, or by a delegate of the Treasurer, before the commencing time under an affected provision; and

(b) was in effect immediately before the commencing time;

continues to have effect after the commencing time as if it had been done by the Finance Minister under the affected provision.

(2) In this item:

affected provision means a provision that is amended by an item in this Schedule so as to replace references to the Treasurer with references to the Finance Minister.

commencing time means the day this Act receives the Royal Assent.

Finance Minister means the Minister who administers the Financial Management and Accountability Act 1997.

Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006
(No. 101, 2006)

Schedule 6

1 Application of Schedule 1 and 2 amendments

Except as mentioned in items 2 and 3, the repeals and amendments made by Schedules 1 and 2 apply:

(a) so far as they affect assessments--to assessments for the 2006‑07 income year and all later income years; and

(b) otherwise--to acts done or omitted to be done, or states of affairs existing, after the commencement of the repeals and amendments.

6 Object

The object of this Part is to ensure that, despite the repeals and amendments made by this Act, the full legal and administrative consequences of:

(a) any act done or omitted to be done; or

(b) any state of affairs existing; or

before such a repeal or amendment applies, can continue to arise and be carried out, directly or indirectly through an indefinite number of steps, even if some or all of those steps are taken after the repeal or amendment applies.

7 Making and amending assessments, and doing other things, in relation to past matters

Even though an Act is repealed or amended by this Act, the repeal or amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003):

(a) making or amending an assessment (including under a provision that is itself repealed or amended);

(b) exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);

in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.

Example 1: On 31 July 1999, Greg Ltd lodged its annual return under former section 160ARE of the Income Tax Assessment Act 1936. The return stated that the company had a credit on its franking account and that no franking deficit tax was payable for the 1998‑99 franking year. Under former section 160ARH of that Act, the Commissioner was taken to have made an assessment consistent with the return.

Following an audit undertaken after the repeal of Part IIIAA of that Act, the Commissioner concludes that Greg Ltd fraudulently overfranked dividends it paid during the 1998‑99 franking year, and had a franking account deficit for that franking year. As a result, the Commissioner considers that franking deficit tax and a penalty by way of additional tax are payable.

The Commissioner can amend the assessment under former section 160ARN of that Act, because item 7 of this Schedule disregards the repeal of that section for the purposes of making an assessment in relation to the 1998‑99 franking year. Item 7 will also disregard the repeal of Division 11 of former Part IIIAA to the extent necessary for the Commissioner to assess Greg Ltd's liability to a penalty by way of additional tax.

Despite the repeal of sections 160ARU and 160ARV, item 9 will ensure that the general interest charge will accrue on the unpaid franking deficit tax and penalty until they are paid.

Item 7 will also preserve Greg Ltd's right, under former section 160ART of that Act, to object against the Commissioner's amended assessment (including the penalty), since the objection is the exercise of a right in relation to a franking year that ended before the repeal of Part IIIAA.

Example 2: During the 1997‑98 income year, Duffy Property Ltd withheld amounts from its employees' wages as required by former Divisions 1AAA and 2 of Part VI of the Income Tax Assessment Act 1936. The company failed to notify the Commissioner of those amounts, and failed to remit them to the Commissioner.

Following an audit undertaken after the repeal of those Divisions, the Commissioner discovers that the withheld amounts have not been remitted. The company's records are incomplete and the Commissioner is unable to completely ascertain the extent of its liability for the withheld amounts. Under section 222AGA of that Act, the Commissioner makes an estimate of the liability.

Item 7 will disregard the repeal of section 220AAZA of that Act (which empowered the Commissioner to recover the amount of the estimate). Even though the estimate is made after the repeal, it relates to amounts withheld before the repeal.

8 Saving of provisions about effect of assessments

If a provision or part of a provision that is repealed or amended by this Act deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made, before or after the repeal or amendment applies, in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.

9 Saving of provisions about general interest charge, failure to notify penalty or late reconciliation statement penalty

If:

(a) a provision or part of a provision that is repealed or amended by this Act provides for the payment of:

(i) general interest charge, failure to notify penalty or late reconciliation statement penalty (all within the meaning of the Income Tax Assessment Act 1936); or

(ii) interest under the Taxation (Interest on Overpayments and Early Payments) Act 1983; and

(b) in a particular case, the period in respect of which the charge, penalty or interest is payable (whether under the provision or under the Taxation Administration Act 1953) has not begun, or has begun but not ended, when the provision is repealed or amended;

then, despite the repeal or amendment, the provision or part continues to apply in the particular case until the end of the period.

10 Repeals disregarded for the purposes of dependent provisions

If the operation of a provision (the subject provision) of any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003) made under any Act depends to any extent on an Act, or a provision of an Act, that is repealed by this Act, the repeal is disregarded so far as it affects the operation of the subject provision.

11 Schedule does not limit operation of section 8 of the Acts Interpretation Act 1901

This Schedule does not limit the operation of section 8 of the Acts Interpretation Act 1901.

Governance Review Implementation (Treasury Portfolio Agencies) Act 2007 (No. 74, 2007)

Schedule 2

1 Definitions

In this Schedule:

acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.

Agency means:

(a) ASIC as established under the Australian Securities and Investments Commission Act 2001 immediately before the commencement time; or

(b) CAMAC as established under the Australian Securities and Investments Commission Act 2001 immediately before the commencement time; or

(c) APRA as established under the Australian Prudential Regulation Authority Act 1998 immediately before the commencement time.

Agency head means:

(a) in relation to ASIC--the Chairperson of ASIC; or

(b) in relation to CAMAC--the Convenor of CAMAC; or

asset means:

(a) any legal or equitable estate or interest in real or personal property, whether actual, contingent or prospective; and

(b) any right, power, privilege or immunity, whether actual, contingent or prospective.

assets official, in relation to an asset other than land, means the person or authority who, under a law of the Commonwealth, a State or a Territory, under a trust instrument or otherwise, has responsibility for keeping a register in relation to assets of the kind concerned.

commencement time means the time when this Schedule commences.

financial liability means a liability to pay a person an amount, where the amount, or the method for working out the amount, has been determined.

just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.

land means any legal or equitable estate or interest in real property, whether actual, contingent or prospective.

land registration official, in relation to land, means the Registrar of Titles or other proper officer of the State or Territory in which the land is situated.

liability means any liability, duty or obligation, whether actual, contingent or prospective.

member means:

(a) in relation to ASIC--a member of ASIC; or

(b) in relation to CAMAC--a member of CAMAC; or

11 Pre‑existing property, money and financial liabilities

(1) Any real or personal property or money that is held by APRA immediately before the commencement time is taken, immediately after that time, to be held by APRA for and on behalf of the Commonwealth.

(2) Any financial liabilities of APRA that exist immediately before the commencement time are taken, immediately after that time, to be liabilities of the Commonwealth.

(3) After the commencement time, there must be credited to the Australian Prudential Regulation Authority Special Account an amount equal to the total of all money held by APRA immediately before the commencement time.

12 Appointment and engagement of staff and consultants

(1) A person who is appointed or engaged by APRA under section 45 or 47 of the Australian Prudential Regulation Authority Act 1998 immediately before the commencement time, is taken to be appointed or engaged (as the case requires) by the Chair, on behalf of APRA, immediately after the commencement time.

(2) If:

(a) an instrument is in force under section 45 or 47 of the Australian Prudential Regulation Authority Act 1998 immediately before the commencement time; and

(b) the instrument contains a reference to APRA;

so far as the context permits, the instrument has effect from the commencement time as if the reference to APRA were a reference to the Chair of APRA.

(3) To avoid doubt, the amendments made by items 53 to 56 of Schedule 1 do not constitute a transmission of business for the purposes of the Workplace Relations Act 1996.

13 Access to records

For the purposes of the operation of subsection 27L(4) of the Commonwealth Authorities and Companies Act 1997 in relation to the books of APRA, the reference in that subsection to a Commonwealth authority is to be read, after the commencement time, as a reference to the Chair of APRA.

14 Financial statements and other reporting requirements

Reporting requirements

(1) If:

(a) immediately before the commencement time, a law required an Agency or a member of the Agency to provide a report (whether financial statements or otherwise) for a period; and

(b) the period ends after the commencement time;

the Agency head must provide the report, as required, for so much of the period as occurs before the commencement time.

(2) If:

(a) under subitem (1), the Agency head is required to provide a report for a part of a period; and

(b) the Agency head is also required to provide a similar report for the remainder of the period;

the Agency head may meet the requirements in a single report for the period.

Outstanding reporting requirements

(3) If:

(a) a law required the Agency or a member of the Agency to provide a report (whether financial statements or otherwise) for a period that ended before the commencement time; and

(b) the report has not been provided by the commencement time;

the Agency head must provide the report as required.

Application of law to Agency head

(4) To avoid doubt, if, under this item, an Agency head is required to provide a report under a law, the law applies to the Agency head in respect of the report in the same way as the law would have applied to the Agency or the member of the Agency in respect of the report.

15 New annual report requirements to apply from 2007‑2008 and later financial years

Sections 136 and 162 of the Australian Securities and Investments Commission Act 2001 (as inserted by items 12 and 46 of Schedule 1 to this Act), and item 66 of Schedule 1 to this Act, apply to the 2007‑2008 financial year and later financial years.

16 Continuing obligation to keep records

If, immediately before this item commences, an Agency has kept accounting records under subsection 20(1) of the Commonwealth Authorities and Companies Act 1997, then, after this item commences, section 20 of that Act (as in force from time to time), continues to apply, in respect of those records, as if the Agency continued to be subject to that Act.

17 Constitutional safety net--acquisition of property

(1) If the operation of this Schedule would result in an acquisition of property from a person otherwise than on just terms, the Commonwealth is liable to pay a reasonable amount of compensation to the person.

(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.

18 Exemption from stamp duty and other State or Territory taxes

No stamp duty or other tax is payable under a law of a State or Territory in respect of, or in respect of anything connected with:

(a) the transfer of an asset or liability under this Schedule; or

(b) the operation of this Schedule in any other respect.

19 Delegation by Minister

(1) The Minister may, by writing, delegate all or any of his or her powers and functions under this Schedule, in relation to an Agency, to the Agency head.

(2) In exercising or performing powers or functions under a delegation, the delegate must comply with any directions of the Minister.

20 Regulations

(1) The Governor‑General may make regulations prescribing matters:

(a) required or permitted by this Schedule to be prescribed; or

(b) necessary or convenient to be prescribed for carrying out or giving effect to this Schedule.

(2) In particular, regulations may be made prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments or repeals made by Schedule 1 to this Act.

Commonwealth Consolidated Acts

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY ACT 1998 - NOTES