{"id":"F2009B00135","name":"Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 - Declaration that Instruments have effect as if References to 'Reserve Bank' or 'Commissioner' are References to 'APRA' No. 1 of 1998","slug":"financial-sector-reform-amendments-and-transitional-provisions-act-1998-declaration-that-instruments","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":121466,"registerId":"commonwealth-F2009B00135-current","compilationNumber":null,"startDate":"2026-04-03","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 - Declaration that Instruments have effect as if References to 'Reserve Bank' or 'Commissioner' are References to 'APRA' No. 1 of 1998","content":"Financial Sector Reform (Amendments and Transitional Provisions) Act 1998\n\nDECLARATION THAT INSTRUMENTS HAVE \nEFFECT AS IF REFERENCES TO ‘RESERVE BANK’ \nOR ‘COMMISSIONER’ ARE REFERENCES TO ‘APRA’\n\nNO. 1 OF 1998\n\n \nI, Graeme John Thompson, a delegate of the Australian Prudential Regulation Authority, (“APRA”), under subitem 30(1) of Part 3 of Schedule 19 of the Financial Sector Reform (Amendment and Transitional Provisions) Act 1998, DECLARE that any references to the Reserve Bank or the Insurance and Superannuation Commissioner in all instruments in the classes of instruments:\n\n(a) to which paragraph 35(1)(a) of Part 3 of Schedule 19 of the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 applies; or\n\n(b) which contain the words ‘Reserve Bank’, but only to the extent that a reference to the Reserve Bank is a reference to a former part of the Reserve Bank that is now a part of APRA,\n\nmade or issued under the provisions set out in column 2 of the Acts set out in column 1 of the table in the Schedule and in force immediately before the commencement of the Australian Prudential Regulation Authority Act 1998, have effect, from 1 July 1998, as if they were references to APRA.\n\nSubitem 30(2) states that a declaration under subitem 30(1) has effect accordingly.\n\nDated 30 September 1998\n\n\\[signed\\]\n\nG J Thompson\n\nChief Executive Officer\n\n \nSCHEDULE\n\n```html\n

Column 1

Act

Column 2

Provision

Banking Act 1959

9 Authority, or imposition of conditions on, or variation of, or revocation of an authority to carry on banking business;

11 Exemption;

66 Consent to the use of restricted words or expressions;

67 Consent to the establishment or maintenance in Australia of representative offices of overseas banks.

Insurance Act 1973

34(1A) Approval of form for the purposes of subsection 34(1);

34(1C) Determination of period by which application under subsection 34(1) must be lodged;

34A(2) Determination of period by which statements of reinsurance arrangements are to be lodged;

34A(3) Determination of period by which statements of reinsurance arrangements are to be lodged;

34A(5) Determination of statements of reinsurance arrangements for the purposes of subsections 34A(2) and (3);

44(6) Determination of accounts and statements for the purposes of subsection 44(1);

44(7) Determination of statutory accounts for the purposes of subsection 44(4);

45(2)(a) Approval of form of certificate for the purposes of subsection 45(1);

45(3)(a) Approval of form of certificate for the purposes of subsection 45(1);

49J(5) Determination of accounts and statements for the purposes of subsections 49J(1) and 49J(4);

49K(2)(a) Approval of form of certificate for the purposes of subsection 49K(1);

49K(3)(a) Approval of form of certificate for the purposes of subsection 49K(1);

68(1) Determination of Lloyd’s Security Trust Fund Arrangements;

70(1) Rules for Designated Security Trust Funds.

Life Insurance Act 1995

42(4) Investment performance guarantee--limit of certain liabilities;

65 Approval of solvency standards;

70 Approval of capital adequacy standards;

101 Actuarial Standards;

114(2) Method of valuing policy liabilities;

207(4) Surrender of Policies;

252 Commissioner’s Rules (except the title of these instruments, that will, by virtue of Prudential Rule 30, be “Prudential Rules”).

Retirement Savings Accounts Act 1997

15(4)(d) Approval of Provisions of Benefits;

23(2)(a) Application for approval as an RSA institution;

26(1) Approval as an RSA institution;

44(1)(a) RSA provider’s annual return;

44(1)(b) RSA provider’s certificate in respect of a year of income;

65(1) Report given to the RSA provider by the approved auditor;

135(1) Approval of manner of requesting and informing of tax file numbers;

136(1) Approval of manner of requesting and informing of tax file numbers;

138(2) Approval of manner of informing of tax file numbers;

139(a) Approval of manner of informing of tax file numbers to an employer (for the purposes of section 131);

139(a) Approval of manner of requesting and informing of tax file numbers (for the purposes of section 134);

142(1) Approval of manner of setting out tax file numbers in an application for benefits.

Superannuation Industry (Supervision) Act 1993

11 Approval of approved forms for the purposes of subsections 18(3), 19(4), 23(2), 36(1), 113(1), 113(3), 248(2), 252(1), 299U and
342(3);

18(6) Declaration in writing that a superannuation fund is a public offer fund;

18(7) Declaration in writing that a superannuation fund is not a public offer fund;

18(10) Notice in writing of a revocation of a declaration that a superannuation fund is, or is not, a public offer fund;

24(3) Notice in writing that the Commissioner has decided to treat an application for approval as trustee as having been withdrawn;

25(3) Notice in writing that the Commissioner has extended (by up to 60 days) the period for deciding an application for trustee approval;

26(1) Approval of trustee;

26(2) Advice in writing refusing an application for approval as trustee;

27A(5) Notice in writing treating applications for variation of approval of the trustee as withdrawn;

27B(4) Notice in writing extending period for deciding application for variation of approval of the trustee;

27D(1) Variation of approval of a trustee;

27D(3) Notice in writing refusing to vary approval of a trustee;

28(1) Revocation of approval of a trustee;

40(1) Notice of compliance;

40(4)(b) Notice of non-compliance;

42(1AC)(b) Advice in writing to trustee that the requirements of subsections 19(2) to 19(4) have not been complied with;

50(2)(c) Notice in writing to trustee naming the day by which the fund must be wound up or terminated;

62(1)(b)(v) Advice in writing approving the provision by superannuation funds of other ancillary benefits;

63(1) Direction to trustee of a superannuation fund not to accept employer contributions;

63(5) Revocation of direction under subsection 63(1);

67(3)(b)(ii) Determination in writing under which a borrowing by a superannuation fund is taken to be exempt from paragraph 67(3)(b);

70A(1) Determination in writing that a person is taken to be a standard employer-sponsor;

70A(2) Advice in writing of a revocation of a determination made under section 70A(1);

71(1)(e) Notice in writing that an asset is not an in-house asset of a fund;

71(1)(f) Determination in writing that an asset is not an in-house asset of a fund, or class of funds;

92(4)(c)(ii) Approval of an arrangement between members and employer in relation to the control and management of the fund;

92(4A)(b) Notice in writing of a revocation of an approval under subparagraph 92(4)(c)(ii);

92(4B) Notice in writing varying the conditions of approval under subparagraph 92(4)(c)(ii);

92B(5) Advice in writing choosing a day for the purposes of paragraph 92B(2)(a);

93A(2) Notice in writing of approval of a higher allowable percentage of members;

93A(3) Notice in writing of approval of a higher allowance percentage of value of assets;

93A(5) Notice in writing of variation of approvals under subsections 93A(2) or (3) or conditions under section 93A(4);

95(3)(b)(ii) Determination in writing under which a borrowing by an approved deposit fund is taken to be exempt from paragraph 95(3)(b);

97(3)(b)(ii) Determination in writing under which a borrowing by a pooled superannuation trust is taken to be exempt from paragraph 97(3)(b);

126B(7) Notification to the applicant that the Commissioner intends to make inquiries of any police force, agency or court re an application for waiver of disqualified person status;

126C(3) Notice in writing to the applicant that the Commissioner thinks it will take longer than 60 days to decide an application for waiver of disqualified person status;

126D(1) Notice in writing that the Commissioner has made a determination waiving the applicant’s disqualified person status;

126D(3) Notice in writing that the Commissioner has made a determination not to wive the applicant’s disqualified person status, and, a Statement of Reasons for that decision;

126D(4) Notification to a body corporate that the Commissioner has become aware that a responsible officer of the corporate trustee has failed to resign after becoming a disqualified person;

126F(2) Notice in writing to require applicant to pay fees;

131(1) Order in writing disqualifying a person from being an approved auditor;

131(9) Notice in writing to an applicant of a refusal to revoke a disqualification order against an auditor;

131A(1) Informing a person of their obligations under s346(6B) in relation their status and their professional association;

131A(4) Notice in writing to auditor or actuary informing that person of the referral of their status to their professional association;

133(4) Notice in writing to trustee suspending or removing the trustee, or extending period of suspension of trustee, and, the Statement of Reasons;

133(5) Written consent of Minister (for Commissioner to suspend or remove trustee, or extend the suspension);

134(1) Appointment of acting trustee on suspension of trustee;

134(2) Appointment of acting trustee on removal of trustee;

135(1) Determination of the terms and conditions of appointment of an acting trustee;

138(1) Order in writing vesting property of an entity in acting trustee;

138(2) Order in writing vesting property in a fresh acting trustee, or in the actual trustee once appointment of acting trustee ends;

141(1) Notice in writing giving directions to acting trustee;

142(1) Instrument formulating scheme for winding-up or dissolution of a superannuation entity;

197(1) Application for a civil penalty order;

201(2) Request in writing for a person to give assistance in relation to an application for a civil penalty order;

201(4)(b) Application to the Court to require a person to give assistance;

254(2) Notice in writing requiring a trustee to provide information or a report;

255(1) Notice in writing requiring the production of books;

257 Notice in writing requiring a trustee to appoint a person or committee (\"investigator\") to investigate and report on an entity;

259(2) Notice of the veto of the appointment of an investigator;

259(3) Notice in writing of the veto of the appointment of investigator;

260(2)(b) Notice in writing of alteration to deadline for submission of the investigator’s report;

263(1) Notice in writing informing trustee of proposed investigation by Commissioner;

264(2) Notice in writing directing a trustee or investment manager to provide written information to the Commissioner;

264(3) Notice in writing directing a trustee or investment manager not to dispose of assets;

264(4) Notice in writing directing other persons who has possession, custody or control of assets not to dispose of them;

265(1) Appointment of a member of the Commissioner’s staff to be an

inspector;

270 Notice in writing by inspector requiring a person to give assistance and/or appear for examination;

278(2)(b) Authorisation by Commissioner that person may be present at an examination;

289(2) Advice in writing certifying to the Court a person’s failure to comply with a requirement made under the Act;

328 Exemption of persons or classes of persons from compliance with the “modifiable provisions”;

332 Modification of the operation of a “modifiable provision” in its application to a person or class of persons;

335 Revocation of an exemption or modifiable declaration;

342(2) Notice in writing granting a pre- 1 July 88 funding credit;

342(4) Notice in writing to trustee in respect of failure by trustee to notify Commissioner of prescribed event relating to membership of or the benefits provided by the fund;

342(6) Notice I writing granting a pre- 1 July 88 funding debit;

342(9) Notice in writing including a Statement of Reasons revoking pre- 1 July 88 funding credit or debit;

342(10) Notice in writing including a Statement of Reasons refusing an application for a pre- 1 July 88 funding credit;

344(6) Notice in writing including Statement of Reasons confirming, revoking or varying a reviewable decision;

347A(2) Approval in writing of survey forms;

347A(4) Notice in writing determining that a trustee is a participant in ISC’s statistics program;

347A(10) Notice by publication in the Gazette, the period within which a class of filled-up survey forms is to be given to the authorised recipient.

\n```","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":1472},"content_quality":"ok","complexity_score":5,"rejection_reason":"","scope_assessment":{"changed":false,"description":"This declaration performs exactly the function contemplated by the enabling legislation (Financial Sector Reform Act 1998). It is a machinery provision for regulatory transition and has not expanded beyond its original transitional purpose."},"complexity_factors":["Extensive cross-referencing to 5 primary Acts and over 100 specific legislative provisions","Transitional law mechanics involving statutory succession of regulatory functions","Delegated instrument made under specific subitem 30(1) of Part 3 of Schedule 19 of the parent Act","Retrospective application (effective from 1 July 1998 despite declaration date of 30 September 1998)","Broad classes of instruments captured by generic description with specific exclusions"],"plain_english_summary":"This short, technical declaration fixes a drafting gap from APRA’s creation in 1998 by treating any historical reference to the “Reserve Bank” or “Commissioner” in existing regulatory instruments as referring to APRA. It preserves the validity of thousands of bank, insurance and superannuation approvals and exemptions, avoiding legal uncertainty for affected institutions."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"The declaration does not alter substantive powers, duties or liabilities in the underlying Acts; it substitutes references to original agencies with APRA to preserve continuity after transfer of functions (declaration made under subitem 30(1), Part 3, Schedule 19). The change is textual/administrative: affected parties (banks, insurers, RSA providers, trustees, auditors, superannuation funds) continue to face the same statutory requirements but must treat APRA as the decision‑maker; costs are mainly administrative (updating documents, addressing interpretive edge cases where only part of Reserve Bank functions moved to APRA)."},"complexity_factors":["Broad cross‑statutory application: the Schedule lists many Acts and dozens of discrete provisions (Banking Act, Insurance Act, Life Insurance Act, RSA Act, Superannuation Industry (Supervision) Act etc.), increasing scope and mapping needs.","Delegated declaratory power: made under subitem 30(1) of Part 3, Schedule 19—legal effect depends on correct exercise of that delegated power and on subitem 30(2) (declaration effect).","Temporal/retrospective aspect: declaration gives effect from 1 July 1998, so instruments in force immediately before APRA commencement are treated as if referring to APRA, creating transitional interpretation issues.","Partial substitution rule: clause (b) limits replacement of 'Reserve Bank' only where the reference was to a former part of the Reserve Bank now within APRA—requires factual/legal mapping of prior functions to APRA.","Operational consequences for instruments and titles: some instruments’ operative names/titles change in effect (e.g. Commissioner’s Rules → \"Prudential Rules\" per Life Insurance Act note), requiring administrative updates.","Concentrated administrative discretion: a single delegate (signed by G J Thompson) effects wide‑ranging legal continuity, centralising decision and responsibility."],"plain_english_summary":"This declaration says that instruments in the listed classes that used to name the Reserve Bank or the (Insurance and Superannuation) Commissioner will, from 1 July 1998, operate as if those names instead referred to the Australian Prudential Regulation Authority (APRA). It preserves the legal effect of approvals, notices and rules across Banking, Insurance, Life Insurance, Retirement Savings and Superannuation Acts after functions moved to APRA (made under subitem 30(1) Part 3, Schedule 19)."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-reform-amendments-and-transitional-provisions-act-1998-declaration-that-instruments","history":"/api/acts/financial-sector-reform-amendments-and-transitional-provisions-act-1998-declaration-that-instruments/history","analysis":"/api/acts/financial-sector-reform-amendments-and-transitional-provisions-act-1998-declaration-that-instruments/analysis","conflicts":"/api/acts/financial-sector-reform-amendments-and-transitional-provisions-act-1998-declaration-that-instruments/conflicts","importantCases":"/api/acts/financial-sector-reform-amendments-and-transitional-provisions-act-1998-declaration-that-instruments/important-cases","documents":"/api/acts/financial-sector-reform-amendments-and-transitional-provisions-act-1998-declaration-that-instruments/documents"}}