Commonwealth Numbered Regulations - Explanatory Statements

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AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY AMENDMENT REGULATIONS 1999 (NO. 2) 1999 NO. 246

Statutory Rules 1999 No. 246

Issued by the Authority of the Minister for Financial Services and Regulation

Australian Prudential Regulation Authority Act 1998

Australian Prudential Regulation Authority Amendment Regulations 1999 (No. 2)

Section 60 of the Australian Prudential Regulation Authority Act 1998 (the Act) provides that the Governor-General may make regulations for the purposes of the Act.

In its role as one of a number of regulators of the financial system, the Australian Prudential Regulation Authority (APRA) may have cause to disclose protected documents or protected information in the course of performing its functions or exercising its powers, and in assisting other bodies to efficiently and effectively perform their functions.

Protected information and protected documents are defined in section 56(1) of the Act.

Section 56(5)(a) of the Act makes provision for APRA to provide protected information and protected documents to a fellow financial sector supervisory agency or any other agency specified in the regulations to perform its functions or exercise its powers.

These regulations enable APRA to disclose protected material to the Department of the Treasury (Treasury). Amongst other things, the Treasury, consulting with APRA, has the primary responsibility for advising the Government on financial system laws, including those relating to APRA.

Under a Memorandum of Understanding between APRA and the Treasury, APRA is to consult with the Treasury in the substantive development of its policies. Although in many cases the Treasury will not wish to comment, in areas of particular significance or sensitivity, prior consultation will be undertaken. This may include any proposal to alter the coverage of the classes of entities regulated by APRA, major changes to the approach to prudential regulation and any regulations substantively affecting entry to financial service markets or the class of activities permitted for regulated financial entities.

Details of the regulations appear at Attachment A.

The regulations commence on gazettal.

ATTACHMENT A

Australian Prudential Regulation Authority Amendment Regulations 1999 (No. 2)

Regulation 1 - Name of Regulations

Regulation 1 provides that these regulations are the Australian Prudential Regulation Authority Amendment Regulations 1999 (No. 2)

Regulation 2 - Commencement

Regulation 2 provides that these regulations commence on gazettal.

Regulation 3 - Amendment of Australian Prudential Regulation Authority Regulations 1998

Regulation 3 provides that the Australian Prudential Regulation Authority Regulations 1998 are amended as set out in Schedule 1.

Schedule 1

Item [2] - Amendments

Item 2 inserts Regulation 5(h), which includes the Department of the Treasury, for the purposes of section 56(5)(a) of the Act. This will enable APRA to share protected information and protected documents with the Department of the Treasury.