FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 7 - PRUDENTIAL PROVISIONS  

Division 3 - Prudential Standards  

SECTION 121   Prudential Standards  

121(1)    
APRA may, in writing, determine standards (known as Prudential Standards ) in relation to prudential matters to be complied with by:

(a) all RSE licensees that are FHSA providers; or

(b) a specified class of RSE licensees that are FHSA providers; or

(c) one or more specified RSE licensees that are FHSA providers;

in order to protect the interests of holders of FHSAs provided by the FHSA providers concerned.

121(2)    
A Prudential Standard may impose different requirements to be complied with in different situations or in respect of different activities.

121(3)    
A Prudential Standard is of no effect to the extent that it conflicts with this Act, the regulations or the Financial Sector (Collection of Data) Act 2001 .

121(4)    
A Prudential Standard may provide for APRA to exercise powers and discretions under the Prudential Standard, including (but not limited to) discretions to approve, impose, adjust or exclude specific prudential requirements in relation to one or more specified RSE licensees that are FHSA providers.

121(5)    
APRA may, in writing, vary or revoke a Prudential Standard.

121(6)    
A Prudential Standard referred to in paragraph (1)(c), or an instrument varying or revoking such a Prudential Standard, has effect:

(a) from the day on which the Prudential Standard, variation or revocation is made; or

(b) if the Prudential Standard, variation or revocation specifies a later day - from that later day.

121(7)    
The following instruments made under this section are not legislative instruments:

(a) a Prudential Standard referred to in paragraph (1)(c);

(b) an instrument varying or revoking a Prudential Standard referred to in paragraph (1)(c).

121(8)    
Otherwise, an instrument made under this section is a legislative instrument.