Commonwealth legislation

Determination that APRA staff members of a class are to be infringement officers

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This determination gives senior executives at Australia's financial regulator the power to issue on-the-spot fines for breaches of superannuation law.

What it does It appoints APRA staff with the title of General Manager or above as "infringement officers" under the Superannuation Industry (Supervision) Act 1993.

What are infringement officers? These officials can issue infringement notices (on-the-spot fines) for certain violations without going to court. This allows the regulator to enforce rules quickly for minor breaches rather than pursuing lengthy court proceedings.

Who it affects

APRA staff: Senior executives (General Managers and above) gain these enforcement powers
Superannuation funds: Regulated funds and their service providers may receive these penalty notices

Why it matters This delegation allows APRA to respond swiftly to compliance breaches in the superannuation industry by authorising senior decision-makers to impose financial penalties directly.

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Determination that APRA staff members of a class are to be infringement officers

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Commonwealth Coat of Arms

Determination that APRA staff members of a class are to be infringement officers

Superannuation Industry (Supervision) Act 1993

SINCE I am satisfied that APRA staff members holding the title of General Manager or above are a class of APRA staff members that has suitable training or experience to properly exercise the powers of an infringement officer, as set out in Part 22 of the Superannuation Industry (Supervision) Act 1993 (the Act),

I, John Francis Laker, the Chairman of APRA, under subsection 223C(l) of the Act, DETERMINE that APRA staff members holding the title of General Manager or above are to be infringement officers for the purposes of exercising powers under Part 22 of the Act.

Dated: 19 September 2013

[Signed]

John Francis Laker

Chair

Interpretation

In this Determination

APRA means the Australian Prudential Regulation Authority.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

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Determination that APRA staff members of a class are to be infringement officers

Superannuation Industry (Supervision) Act 1993

Dated: 19 September 2013

[Signed]

John Francis Laker

Chair

Interpretation

In this Determination

APRA means the Australian Prudential Regulation Authority.