Commonwealth Numbered Regulations - Explanatory Statements

[Index] [Search] [Download] [Related Items] [Help]

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY AMENDMENT REGULATIONS 2003 (NO. 1) 2003 NO. 163

Statutory Rules 2003 No. 163

Australian Prudential Regulation Authority Amendment Regulations 2003 (No. 1)

The Australian Prudential Regulation Authority Act 1998 (the Act) establishes the Australian Prudential Regulation Authority (APRA).

Section 60 of the APRA Act provides that the Governor-General may make regulations prescribing matters required or permitted by the Act to be prescribed or necessary or convenient to be prescribed for carrying out or giving effect to the Act.

Subsection 56(5) of the APRA Act enables a person (including a member or staff member of APRA) to disclose protected information or produce a protected document to assist a financial sector supervisory agency or another agency specified in the Regulations to perform its functions or exercise its powers.

The purpose of the proposed amendment to regulation 5 of the Australian Prudential Regulation Authority Regulations 1998 (Secrecy - disclosure of protected information or production of protected documents to specified agencies) is to add the Council of Financial Regulators to the list of agencies with which APRA is able to share information. This is consistent with the Government's intention of strengthening the role of the Council.

Section 10A of the APRA Act indicates that APRA should, in performing and exercising its functions and powers, have regard to the desirability of cooperating with other financial sector supervisory agencies, and with other agencies specified in Regulations for the purposes of that section.

The purpose of the proposed regulatory amendment under section 10A is to add the Council of Financial Regulators to the list of agencies prescribed in the context of APRA's cooperation with other agencies.

The proposed Regulations would take effect on gazettal.