Australian Prudential Regulation Authority Act 1998

PART 1 - PRELIMINARY  

SECTION 3   DEFINITIONS  

3(1)    

In this Act, unless the contrary intention appears:

Account
(Repealed by No 105 of 2008)

action that is likely to have a detrimental effect on financial system stability in New Zealand
includes an action that prevents or interferes with an outsourcing arrangement.

APRA
means the Australian Prudential Regulation Authority.

APRA member
means a member of APRA, including the Chair and each Deputy Chair.

APRA Special Account
means the Australian Prudential Regulation Authority Special Account established by section 52 .

APRA staff member
means any of the following:

(a) a person appointed by APRA under section 45; or

(b) a person assisting APRA under section 46; or

(c) a person engaged by APRA under section 47.

ASIC
means the Australian Securities and Investments Commission.

ASIC member
means a member of ASIC.

ASIC representative member
(Repealed by No 42 of 2003)

ASIC staff member
has the same meaning as the expression staff member has in subsection 5(1) of the Australian Securities and Investments Commission Act 2001 .

Board
(Repealed by No 42 of 2003)

Board member
(Repealed by No 42 of 2003)

body regulated by APRA
has the meaning given by subsection (2).

CEO
(Repealed by No 42 of 2003)

Chair
means the APRA member appointed as Chair of APRA.

Collapsed Insurer Special Account
: see subsection 54F(1) .

CSC
(short for Commonwealth Superannuation Corporation) has the same meaning as in the Governance of Australian Government Superannuation Schemes Act 2011 .

Deputy Chair
means an APRA member appointed as a Deputy Chair of APRA.

Financial Claims Scheme Special Account
means the Financial Claims Scheme Special Account established by section 54A .

financial sector supervisory agency
means a person or body having the function, in Australia or in a foreign country, of supervising or regulating financial institutions.

New Zealand financial institution
means a financial institution, as defined in section 2 of the Reserve Bank of New Zealand Act 1989 of New Zealand, that carries on a business in New Zealand.

officer of the Reserve Bank Service
means a person appointed under Part VII of the Reserve Bank Act 1959 .

ordinary member
(Repealed by No 42 of 2003)

outsourcing arrangement
means an arrangement for the business of a New Zealand financial institution, or functions relating to such business, to be carried on by an entity other than the institution.

prescribed New Zealand authority
means the following:

(a) the Reserve Bank of New Zealand;

(b) an authority of the government of New Zealand that:

(i) has statutory responsibilities relating to prudential regulation or financial system stability; and

(ii) is prescribed by the regulations for the purposes of this definition.

prudential regulation framework law
means any of the following:

(a) this Act;

(b) the Banking Act 1959 ;

(c) the Financial Institutions Supervisory Levies Collection Act 1998 ;

(d) the Financial Sector (Collection of Data) Act 2001 ;

(e) the Financial Sector (Shareholdings) Act 1998 ;

(f) the Financial Sector (Transfer and Restructure) Act 1999 ;

(fa) (Repealed by No 70 of 2015)

(g) the Insurance Act 1973 ;

(h) the Insurance Acquisitions and Takeovers Act 1991 ;

(i) the Life Insurance Act 1995 ;

(j) the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 ;

(ja) the Private Health Insurance (Prudential Supervision) Act 2015 or the risk equalisation levy legislation (within the meaning of that Act);

(k) the Retirement Savings Accounts Act 1997 ;

(l) the Superannuation Industry (Supervision) Act 1993 ;

(m) the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 ;

(n) any Act imposing a levy to which the Financial Institutions Supervisory Levies Collection Act 1998 applies, or to which the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 applies;

(o) another Act that is prescribed for the purposes of the section in which the expression appears.

prudential regulation or advice services
means services of either or both of the following kinds:

(a) services consisting of APRA performing a role in the prudential regulation or supervision of entities;

(b) services consisting of APRA providing advice relating to the prudential regulation or supervision of entities.

representative member
(Repealed by No 42 of 2003)

Reserve Bank
means the Reserve Bank of Australia.

Reserve Bank representative member
(Repealed by No 42 of 2003)

3(2)    
Each of the following is a body regulated by APRA :

(a) an ADI, within the meaning of the Banking Act 1959 ;

(b) an authorised NOHC, within the meaning of the Banking Act 1959 ;

(c) a general insurer, authorised NOHC or subsidiary of a general insurer or authorised NOHC, within the meaning of the Insurance Act 1973 ;

(d) Lloyd ' s, or a Lloyd ' s underwriter, as defined in section 3 of the Insurance Act 1973 ;

(e) a life company that is registered under section 21 of the Life Insurance Act 1995 or a registered NOHC within the meaning of that Act;

(ea) a private health insurer, within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 ;

(f) the trustee of a superannuation entity, within the meaning of the Superannuation Industry (Supervision) Act 1993 ;

(g) an RSA provider, within the meaning of the Retirement Savings Accounts Act 1997 .

(h) (Repealed by No 70 of 2015)

Note:

ADI is short for authorised deposit-taking institution, NOHC is short for non-operating holding company and RSA is short for retirement savings account.

3(3)    
The regulations may amend subsection (2) as in force from time to time for the purpose of:

(a) making additions to, or omissions from, the kinds of bodies or entities covered by that subsection; and

(b) changing the descriptions of the kinds of bodies or entities covered by that subsection.