105Regulator rules

105 Regulator rules

(1) APRA and ASIC may jointly, by legislative instrument, make rules (the Regulator rules) prescribing matters: (a) required or permitted by this Act to be prescribed by the Regulator rules; or (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act. (2) To avoid doubt, the Regulator rules may not do the following: (a) create an offence or civil penalty; (b) provide powers of: (i) arrest or detention; or (ii) entry, search or seizure; (c) impose a tax; (d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act; (e) directly amend the text of this Act. (3) Regulator rules that are inconsistent with the Minister rules have no effect to the extent of the inconsistency, but the Regulator rules are taken to be consistent with the Minister rules to the extent that the Regulator rules are capable of operating concurrently with the Minister rules. (4) In this section, a reference to this Act does not include a reference to the Regulator rules, the Minister rules or the Regulatory Powers Act.