Part 4Changing “Commissioner” to “APRA” (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998)

Part 4—Changing “Commissioner” to “APRA” (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) > authorised officer means a person appointed by ASIC under section 47 to be an authorised officer for the purposes of the provision in which the expression occurs. (3) Despite subsection (2), a person whose registration is suspended may carry on such of the person’s business as a foreign insurance agent as ASIC specifies in writing for such time and subject to such conditions (if any) as ASIC specifies in writing. (5) If ASIC cancels a person’s registration, ASIC may specify, in writing, a period during which the person is to be disqualified from registration and, if a period is so specified in relation to a person, the person is disqualified from registration during that period. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “the Commissioner’s” (wherever occurring) and substituting “ASIC’s”. (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. Note: The headings to sections 11B, 11C, 11D, 11E and 55A are altered by omitting “Commissioner” and substituting “ASIC”. (2) Parts 1 to 2, 7 and 11 confer powers and duties on APRA for the purposes of APRA’s administration of its provisions and powers and duties on ASIC for the purposes of its administration of its provisions. > Note: Generally neither APRA nor ASIC is referred to in these provisions. Regulator is used instead. See the definition of Regulator in the Dictionary in the Schedule. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note: The headings to sections 25, 33, 49, 88, 98, 169, 170, 181, 183, 184 and 238 are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. Note: The heading to sections 51, 68, 73, 185 and 244 are altered by omitting “Commissioner’s” and substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s rules” (wherever occurring) and substituting “Prudential Rules”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in the heading to subsection 344(7) or in subsection 344(7). (ca) in the case of a company that is limited only by shares and the value of whose eligible assets (other than assets that are assets of a statutory fund) exceeds the total amount of its liabilities by at least the subsection 23(4) amount but not by at least the subsection 23(4A) amount—that the total value of its eligible assets and its other assets does not exceed the total amount of its liabilities by at least the subsection 23(4A) amount; Add: > subsection 23(4) amount means $5,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4), that amount. > subsection 23(4A) amount means $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4A), that amount. (b) the value of its eligible assets (other than assets that are assets of a statutory fund) does not exceed the total amount of its liabilities by at least $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of this subsection, that amount; the company must at all times have other assets whose value, when added to the value of its eligible assets, exceeds the total amount of its liabilities by at least the minimum amount mentioned in paragraph (b). (1) A life company may mortgage or charge an asset of a statutory fund, otherwise than for a purpose of the kind referred to in paragraph 38(3)(a) or (c), if: (a) to a life company registered before the commencement of this Part, whose current financial year ends before 31 December 1998, on and after the last day of the company’s next financial year; and (b) to a life company registered before the commencement of this Part, whose current financial year ends on or after 31 December 1998, on and after the last day of that financial year; and > monetary and banking policy means monetary and banking policy for the purposes of the Bank’s functions or powers under this Act or any other Act, but does not include payments system policy. > payments system policy means policy for the purposes of the Bank’s functions or powers under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998. (2) Unless the contrary intention appears, a reference in this Act to an Act includes a reference to regulations made under that Act. Add: (2) For the purposes of the Commonwealth Authorities and Companies Act 1997, the members of the Reserve Bank Board (rather than the members of the Payments System Board) are the directors of the Bank. (3) However, sections 21 to 27 of the Commonwealth Authorities and Companies Act 1997, and Schedule 2 to that Act, apply to the members of the Payments System Board as though they were directors of the Bank. Note: The heading to section 7A is replaced by the heading “Special provisions relating to how the Commonwealth Authorities and Companies Act 1997 applies to the Bank”. (2) The Reserve Bank Board is responsible for the Bank’s monetary and banking policy, and the Bank’s policy on all other matters, except for its payments system policy (see section 10). (5) For how the Commonwealth Authorities and Companies Act 1997 applies in relation to the 2 Boards, see subsections 7A(2) and (3). > Omit “, the Banking Act 1959 and the regulations under that Act”, substitute “and any other Act, other than the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998,”. (2) The Payments System Board has power to take whatever action is necessary to ensure that the Bank gives effect to the policy it determines. (b) the powers of the Bank under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998 are exercised in a way that, in the Board’s opinion, will best contribute to: (iii) promoting competition in the market for payment services, consistent with the overall stability of the financial system. (1) If a policy determined by the Reserve Bank Board and a policy determined by the Payments System Board are inconsistent: (a) whether there is an inconsistency of policy to which subsection (1) applies, or the extent of such an inconsistency; or (3) If there is a disagreement between the Reserve Bank Board and the Payments System Board as to which of the Boards is responsible for determining the Bank’s policy on a matter, the disagreement is to be resolved as determined by the Governor. Omit “the Board whether that policy”, substitute “one of the Boards (the relevant Board) about whether a policy determined by the relevant Board”. Add: (2) However, the member does not have to do so if he or she is also a member of the Payments System Board and has made an oath or affirmation, and a declaration of secrecy, under section 25E. The Reserve Bank Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Reserve Bank Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) The member who is the representative of the Bank referred to in paragraph 25A(b) is to be appointed by the Governor. The person appointed must be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (2) The member who is the representative of APRA referred to in paragraph 25A(c) is to be appointed by APRA’s Chief Executive Officer. The person appointed must be an APRA Board member or an APRA staff member. (3) Each other member referred to in paragraph 25A(d) is to be appointed by the Governor‑General for a period specified in the instrument of appointment. The period specified must not exceed 5 years. > Note 1: Members appointed under subsection (1) or (2) are not appointed for a specified period, however, their appointments can be terminated at any time (see section 25K). > Note 2: The Governor is an ex officio member of the Payments System Board (and so is not separately appointed to the Board). (b) the Governor is absent from Australia or is, for any reason, unable to perform the duties of Chair of the Payments System Board. (3) The Deputy Chair has, when acting as the Chair, all the powers, duties, rights and entitlements of the Chair of the Payments System Board. However, the member does not have to do so if he or she is also a member of the Reserve Bank Board and has made an oath or affirmation, and a declaration of secrecy, under section 16. (1) The Payments System Board is to meet at times and places as determined by the Payments System Board or as directed by the Chair. (2) The Chair is to preside at all meetings of the Payments System Board at which he or she is present. In the Chair’s absence, the Deputy Chair is to preside. (4) Questions arising at a meeting of the Payments System Board are to be decided by a majority of the votes of the members present and voting. The Payments System Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Payments System Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) A member of the Payments System Board is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed. The Payments System Board may grant leave of absence to another member of the Payments System Board on the terms and conditions that it determines. A member of the Payments System Board (other than the Governor) may resign his or her appointment by giving a written resignation to: (b) the member’s appointment is terminated automatically if he or she ceases to be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (b) the member’s appointment is terminated automatically if he or she ceases to be an APRA Board member or an APRA staff member. (3) The Governor‑General may terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) for misbehaviour or physical or mental incapacity. (4) The Governor‑General must terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) if: Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. (2) The Bank’s seal is to be kept in such custody as the Reserve Bank Board directs, and is not to be used except as authorised by the Reserve Bank Board. (b) APRA also has the general administration of sections 37 to 39 and section 49 to the extent that it is not conferred on ASIC by paragraph (d); and (iii) the disclosure of information about RSA’s (including disclosure of information to ASIC but not including disclosure of information to APRA); or (2) The following provisions (amongst other things) confer powers and duties on APRA for the purposes of APRA’s administration of the provisions it administers and on ASIC for the purposes of ASIC’s administration of the provisions it administers: > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 129A for the purposes of the provision in which the expression occurs. > member of the staff of APRA has the same meaning as that given to the expression APRA staff member in section 3 of the Australian Prudential Regulation Authority Act 1998. > member of the staff of ASIC has the same meaning as that given to the expression staff member in subsection 5(1) of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. (1) If it appears to the Regulator that a contravention of this Act or the regulations may have occurred, or be occurring, in relation to an RSA provider, the Regulator may, by written notice, tell the RSA provider that the Regulator proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1A) If it appears to ASIC that an RSA provider has refused or failed to give effect to a determination of the Superannuation Complaints Tribunal under sections 37D to 37G of the Superannuation (Resolution of Complaints) Act 1993, ASIC may, by written notice, tell the RSA provider that ASIC proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1) An inspector appointed by a particular Regulator may, in writing, delegate to a staff member of that Regulator any of the inspector’s powers under this Part. Add: Add: (1) The Regulator may authorise in writing a member of the staff of the Regulator, or a member of the staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in section 192. Note 1: The headings to sections 17, 92, 93, 98, 128, 168 and 182 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 104(8) and 189(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 174, 175, 177 and 178 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 189(6) and (7) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (b) APRA also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent that that administration is not conferred on ASIC by paragraph (d); and (d) ASIC also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent to which they relate to: (iii) disclosure of information about funds (including disclosure of information to ASIC but not including disclosure of information to APRA); or > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 298A for the purposes of the provision in which the expression occurs. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. ### Division 3—APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity Omit “by signed writing, appoint a member of the staff of the Commissioner”, substitute “in writing, appoint a member of the staff of the Regulator, or a member of the staff of the other Regulator,”. (1) The Regulator may authorise in writing a member of staff of the Regulator, or a member of staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note 1: The headings to sections 27C, 40, 41, 63, 70A, 106, 131A, 134, 141, 142, 201, 259, 347A, 348, 360 and 365 are altered by omitting “Commissioner” and substituting “APRA”. Note 2: The headings to subsections 18(11), 117(6), 129(4) and (6) and 130(3) and (5) are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in subsection 344(7) or section 347. Note 1: The headings to sections 11, 254, 255, 264, 267, 298 and 320 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 264(1), 273(8) and 344(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 328, 329, 330, 332, 333 and 334 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 344(6) and (8) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (3) Except in a case covered by paragraph (2)(aa), APRA must not make a decision under subsection (1) without the written consent of the Minister.