Commonwealth Numbered Acts Commonwealth Numbered Acts1 Subsection 3(1)
Insert:
APRA means the Australian Prudential Regulation Authority.
2 Subsection 3(1)
Insert:
ASIC means the Australian Securities and Investments Commission.
3 Subsection 3(1)
Insert:
authorised person means a person authorised under subsection (1A).
4 Subsection 3(1) (definition of Commissioner )
Repeal the definition.
5 After subsection 3(1)
Insert:
(1A) APRA may, in writing, authorise a person who is an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998 , to perform the functions of an authorised person under this Act.
6 Section 8
Repeal the section, substitute:
SECT 8 General administration of Act (1) Subject to subsection (3), APRA has the general administration of this Act, other than section 113.
(2) Subject to subsection (3), ASIC has the general administration of section 113.
(3) The Treasurer may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act.
7 Section 19A
Repeal the section.
8 Section 23
Omit "he or she", substitute "APRA".
9 Section 24
Omit "he or she", substitute "APRA".
10 Subsection 27(1)
Omit "he or she" (wherever occurring), substitute "APRA".
11 Paragraph 29(4)(a)
Omit "him or her", substitute "APRA or the Treasurer".
12 Subsection 29(4)
Omit "his or her", substitute "that".
13 Subsection 30(2A)
Omit "he or she", substitute "APRA".
14 Subsection 30(4)
Omit "he or she", substitute "APRA".
15 Subsection 31(3)
Omit "he or she", substitute "APRA".
16 Paragraph 31(3C)(a)
Omit "him or her", substitute "APRA".
17 Subsection 31(3C)
Omit "his or her", substitute "the".
18 Subsection 33(2)
Omit "him or her", substitute "APRA".
19 Subsection 33(2)
Omit "he or she", substitute "APRA".
20 Subsection 33(2)
Omit "his or her", substitute "APRA's".
21 Subsection 33(3)
Omit "he or she", substitute "APRA".
22 Subsections 34(3) and (5)
Omit "he or she" (wherever occurring), substitute "APRA".
23 Subsections 36(2), (3) and (4)
Omit "he or she", substitute "APRA".
24 Subsections 36(2) and (3)
Omit "him or her", substitute "APRA".
25 Subsection 37(1)
Omit "he or she", substitute "APRA".
26 Subsection 40(5)
Omit "him or her", substitute "APRA".
27 Subsection 41(2)
Omit "he or she", substitute "APRA".
28 Subsection 44(9)
Omit "he or she", substitute "APRA".
29 Subsection 46(4)
Omit "he or she", substitute "APRA".
30 Section 49
Omit "him or her", substitute "APRA".
31 Subsection 49C(2)
Omit "he or she", substitute "APRA".
32 Subsection 49E(3)
Omit "he or she", substitute "APRA".
33 Subsection 49G(2)
Omit "the Commissioner's", substitute "APRA's".
34 Subsection 50(1) (paragraph (d) of the definition of prescribed person )
Omit "he or she", substitute "APRA".
35 Subsection 51(1)
Omit "he or she" (wherever occurring), substitute "APRA".
36 Paragraphs 51(1)(a) and (2)(c)
Omit "him or her", substitute "APRA".
37 Subsection 52(1)
Omit "he or she" (wherever occurring), substitute "APRA".
38 Paragraph 52(2)(a)
Omit "the Commissioner's", substitute "APRA's".
39 Paragraph 52(2)(c)
Omit "himself or herself", substitute "itself".
40 Paragraph 52(2)(d)
Omit "by signed instrument", substitute "in writing".
41 Subsection 52(6)
Repeal the subsection.
42 Subsection 54(1)
Omit "his or her", substitute "the".
43 Subsection 54(1)
Omit "he or she", substitute "an authorised person (if the investigation is by APRA), or the inspector,".
44 Subsection 54(2)
Omit "Commissioner" (wherever occurring), substitute "authorised person".
45 Subsections 55(1) and (2)
Omit "he or she", substitute "APRA or the inspector".
46 Paragraph 55(1)(c)
Omit "the Commissioner", substitute "a specified authorised person".
47 After subsection 55(2)
Insert:
(2A) APRA's powers under subsection (2) to make copies of, or take extracts from, books may be exercised on APRA's behalf by an authorised person.
48 Paragraph 56(1)(c)
Omit "the Commissioner", substitute "an authorised person".
49 Subsection 56(2)
Omit "the Commissioner" (first occurring), substitute "an authorised person".
50 Subsection 56(2)
Omit "the Commissioner" (second and third occurring), substitute "the authorised person".
51 Section 57
Omit "the Commissioner" (first occurring), substitute "an authorised person".
52 Paragraph 57(b)
Omit "the Commissioner" (wherever occurring), substitute "the authorised person".
53 Subsection 58(1)
Omit "The Commissioner", substitute "An authorised person".
54 Subsection 59(1)
Repeal the subsection, substitute:
(1) Powers under this Part may be delegated as follows:
(b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998 .
Omit "he or she", substitute "APRA or the inspector".
56 Subsections 60(3) and (4)
Omit "his or her", substitute "APRA's or the inspector's".
57 Subsections 60(5) and (6)
Omit "him or her", substitute "APRA".
58 Subsection 60(7)
Omit "he or she" (wherever occurring), substitute "APRA".
59 Subsection 62(1)
Omit "he or she" (wherever occurring), substitute "APRA".
60 Paragraph 62(7A)(a)
Omit "him or her", substitute "APRA".
61 Subsection 62(7A)
Omit "his or her", substitute "APRA's".
62 Subsection 63(2)
Omit "or Commissioner", substitute "or APRA".
63 Subsections 63(4), (5) and (6)
Omit "he or she" (wherever occurring), substitute "the Treasurer or APRA".
64 Subsection 63(6)
Omit "his or her" (wherever occurring), substitute "the Treasurer's or APRA's".
65 Subsection 93(2)
Omit "he or she", substitute "APRA".
66 Part IX
Repeal the Part.
67 Section 113
Omit "the Commissioner", substitute "ASIC".
68 At the end of section 113
Add:
(2) The following provisions of this Act have effect, in relation to this section, as if references to APRA were instead references to ASIC:
(b) subsection 115A(6);
(c) section 124.
Omit "him or her" (first occurring), substitute "APRA".
70 Subsection 115(1)
Omit "him or her" (second occurring), substitute "APRA or the person".
71 Subsection 115(2)
Omit "him or her", substitute "APRA".
72 Subsection 115A(6)
Omit "him or her", substitute "APRA".
73 Subsections 124(1) and (1A)
Omit "under the hand of the Commissioner", substitute "under APRA's seal".
74 Subsection 124(2)
Repeal the subsection.
75 Sections 125, 126 and 127
Repeal the sections, substitute:
SECT 125 APRA Act secrecy provisions apply Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act.
76 Paragraph 5 of the Schedule
Omit "him or her", substitute "APRA".
Part 2--Changing "Commissioner" to "APRA" (main amendments)
77 Amendment of the Act
The provisions of the Act specified in this Part are amended:
(b) by omitting "the Commissioner" (wherever occurring) and substituting "APRA"; and
(c) by omitting " the Commissioner " (wherever occurring) and substituting " APRA ".
Note 2: The headings to sections 56 and 60 are altered by omitting " the Commissioner " and substituting " APRA ".
79 Subsection 3(1) (definition of yearly statutory accounts )
80 Subsections 3A(1) and (2)
81 Subsections 22(1), (4) and (5)
82 Section 23
83 Section 24
84 Subsection 27(1)
85 Section 28
86 Subsections 29(1), (2), (3), (4), (5) and (6)
87 Subsections 30(1), (2), (2A), (4), (4A), (5) and (5A)
88 Subsections 31(3), (3A), (3AB), (3B), (3C) and (3D)
89 Subsections 33(2), (3), (6B), (8) and (10)
90 Subsections 34(1), (1A), (1C), (1D), (2), (3), (4) and (5)
91 Subsections 34A(2), (3), (4), (5) and (8)
92 Subsections 36(1), (2), (3), (4) and (6)
93 Subsections 37(1), (2), (2A), (5) and (6)
94 Subsection 40(5)
95 Subsections 41(2), (3) and (5)
96 Section 43
97 Subsections 44(1), (2A), (3), (4), (6), (7), (7AA), (7A) and (9)
98 Subsections 45(2), (3), (4) and (5)
99 Subsections 46(1), (2), (3), (4) and (5)
100 Section 48
101 Subsections 48A(2), (4), (5), (6) and (7)
102 Subsections 48B(1), (3), (4) and (5)
103 Section 49
104 Paragraphs 49B(1)(a) and (2)(a)
105 Subsections 49C(2) and (3)
106 Section 49D
107 Subsections 49E(1), (2), (3), (6), (7) and (8)
108 Subsections 49F(3), (4), (5), (7), (8) and (9)
109 Subsections 49G(2), (5), (7), (10) and (12)
110 Subsection 49H(5)
111 Subsections 49J(1), (2A), (3), (4), (5), (5A), (6) and (9)
112 Subsections 49K(2), (3), (4) and (5)
113 Subsections 49L(1), (2), (3), (4) and (5)
114 Section 49N
115 Section 49P
116 Subsection 50(1) (paragraph (d) of the definition of prescribed person )
117 Subsections 51(1), (2) and (4)
118 Subsections 52(1), (1A), (1B), (1C), (2), (3) and (4)
119 Subsection 54(1)
120 Subsections 55(1) (other than paragraph (c)), (2) and (3)
121 Paragraph 56(1)(a)
122 Subsections 58(2) and (3)
123 Subsections 60(1), (1A), (2), (3), (4), (4A), (5), (6) and (7)
124 Subsections 62(1), (1A), (1B), (2), (3), (3B), (5), (7) and (7A)
125 Subsections 63(1), (2), (4), (5), (6), (7), (9), (10), (11), (12), (13) and (14)
126 Subsections 64(1) and (2)
127 Subsections 93(2) and (3)
128 Section 96
129 Section 114
130 Subsections 115(1) and (2)
131 Subsection 115A(6)
132 Subsection 116(1)
133 Subsection 117(2)
134 Subsection 118(4)
135 Subsection 119(2)
136 Paragraph 121(1)(c)
137 Subsections 122(1) and (2)
138 Subsections 123(1), (2), (3) and (4)
139 Subsection 124(2)
140 Subsections 129D(3) and (6)
141 Section 130
142 Section 132
143 Subparagraphs 3(1), (2), (3), (4), (5) and (7) of the Schedule
144 Subparagraphs 4(1) and (2) of the Schedule
145 Paragraph 5 of the Schedule
146 Subparagraph 6(4) of the Schedule
147 Subparagraph 7(2) of the Schedule
148 Paragraph 8 of the Schedule
149 Subparagraphs 9(2) and (3) of the Schedule
Part 3--Changing the administration of the Act (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998)
150 Paragraph 70(3)(f)
Omit "the Commissioner", substitute "APRA or an authorised person".
151 Division 3 of Part VII (heading)
Repeal the heading, substitute:
Division 3--General powers of APRA 152 Subdivision A of Division 4 of Part VII (heading)
Repeal the heading, substitute:
Subdivision A--Inquiries and directions by APRA 153 Paragraph 79(3)(c)
Omit "himself or herself", substitute "itself".
154 Paragraph 79(3)(d)
Omit "by signed instrument", substitute "in writing".
155 Subsection 79(6)
Repeal the subsection.
156 Subsection 80(1)
Omit "the Commissioner" (first occurring), substitute "APRA".
157 Subsection 80(1)
Omit "the Commissioner or the inspector may", substitute "an authorised person (if the investigation is by APRA), or the inspector, may".
158 Paragraphs 80(1)(d) and (e) and subsections 80(2), (3) and (4)
Omit "Commissioner", substitute "authorised person".
159 Paragraph 81(2)(c)
Omit "the Commissioner", substitute "an authorised person".
160 After subsection 81(3)
Insert:
(3A) APRA's powers under subsection (3) to make copies of, or take extracts from, books may be exercised on APRA's behalf by an authorised person.
161 Subsection 82(3)
Omit "the Commissioner" (first occurring), substitute "an authorised person".
162 Subsection 82(3)
Omit "the Commissioner" (second occurring), substitute "the authorised person".
163 Section 83
Omit "the Commissioner" (first occurring), substitute "an authorised person".
164 Paragraph 83(b)
Omit "the Commissioner" (wherever occurring), substitute "the authorised person".
165 Subsection 84(1)
Omit "The Commissioner", substitute "An authorised person".
166 Subsection 84(2)
Omit "The Commissioner", substitute "The authorised person".
167 Subsection 85(1)
Repeal the subsection, substitute:
(1) Powers under this Division may be delegated as follows:
(b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998 .
Omit "his or her", substitute "APRA's or the inspector's".
169 Subsection 86(8)
Omit "he or she" (wherever occurring), substitute "APRA".
170 Subsection 92H(2)
Omit "the Commissioner's", substitute "APRA's".
Part 4--Changing "Commissioner" to "APRA" (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998)
171 Amendment of the Act
The provisions of the Act specified in this Part are amended:
(b) by omitting "the Commissioner" (wherever occurring) and substituting "APRA"; and
(c) by omitting " the Commissioner " (wherever occurring) and substituting " APRA ".
Note 2: The headings to sections 81, 82 and 86 are altered by omitting " the Commissioner " and substituting " APRA ".
173 Subsections 68(1), (2), (3), (5), (6), (7) and (8)
174 Subsections 70(1), (2), (3) (other than paragraph (f)) and (5)
175 Subsections 74(1), (2) and (3)
176 Subsections 75(1), (2), (3), (4), (5) and (6)
177 Subsections 76(1) and (3)
178 Subsection 77(1)
179 Subsections 78(1), (2), (3) and (4)
180 Subsections 79(1), (3) and (4)
181 Subsections 81(2) (other than paragraph (c)), (3) and (4)
182 Subsection 82(1)
183 Subsections 84(4) and (5)
184 Subsections 86(1), (2), (3), (4), (5), (6), (7) and (8)
185 Subsections 88(1), (3), (4) and (5)
186 Subsections 92D(4) and (5)
187 Subsection 92G(1)
188 Subsection 92H(1)
189 Subsections 92K(4), (5) and (6)
190 Subsections 92L(2) and (3)
191 Subsection 92M(10)
192 Subsection 92Q(3)
193 Subsection 92R(3)
194 Subsections 94A(1), (2) and (5)
195 Subsection 96(2)
196 Section 97