Australian Prudential Regulation Authority Amendment Act 2003 (42 of 2003)

Schedule 1   Amendment of the Australian Prudential Regulation Authority Act 1998

16   Section 10

Repeal the section, substitute:

10 Advice to the Minister

(1) APRA must advise the Minister as soon as practicable if it considers that a body regulated by APRA is in financial difficulty.

(2) APRA must advise the Minister, if requested by the Minister, and may advise the Minister on its own initiative, respecting:

(a) matters that would improve the financial safety and efficiency, competition, contestability or competitive neutrality of the sectors in which the bodies regulated by APRA operate; or

(b) changes to, or in relation to, any prudential regulation framework law that APRA considers would overcome or assist in overcoming problems APRA has identified in the course of performing or exercising any of its functions and powers.

(3) In addition, APRA must advise the Minister, if requested by the Minister, and may advise the Minister on its own initiative, respecting any of the Minister's functions and powers.

10A Cooperation with other agencies

(1) The Parliament intends that APRA should, in performing and exercising its functions and powers, have regard to the desirability of APRA cooperating with other financial sector supervisory agencies, and with other agencies specified in regulations for the purposes of this subsection.

(2) This section does not override any restrictions that would otherwise apply to APRA or confer any powers on APRA that it would not otherwise have.

Note: For example, APRA's ability to provide information to another agency remains subject to section 56.