House of Representatives
Financial Sector Legislation Amendment Bill (No. 1) 2000
Explanatory Memorandum
(Circulated by authority of the Minister for Financial Services & Regulation,the Honourable Joe Hockey, MP)Under section 63 of the Banking Act, the Treasurer has the power to delegate his or her functions to the Australian Prudential Regulation Authority (APRA), an APRA Board member or an APRA staff member; an officer of the Department and, in relation to demutualisations, to the Australian Securities and Investments Commission (ASIC).
Under the FSSA, a financial sector company is defined as (a) an ADI or; (b) an authorised insurance company; or a holding company covered by (a) or (b).