Australian Prudential Regulation Authority Act 1998

PART 2 - ESTABLISHMENT, FUNCTIONS AND POWERS OF APRA  

SECTION 8   PURPOSE FOR ESTABLISHING APRA  

8(1)    

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The main purposes for which APRA exists are as follows:

(a) regulating bodies in the financial sector in accordance with other laws of the Commonwealth that provide for prudential regulation or for retirement income standards;

(b) administering the financial claims schemes provided for in the Banking Act 1959 and the Insurance Act 1973 ;

(c) developing the administrative practices and procedures to be applied in performing that regulatory role and administration.

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History

S 8(1) amended by No 87 of 2015, s 3 and Sch 1 item 5, by substituting " The main purposes for which APRA exists are as follows: " for " APRA exists for the following purposes: " , effective 1 July 2015.

S 8(1) substituted by No 105 of 2008, s 3 and Sch 1 item 38, effective 18 October 2008.

8(2)    

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In performing and exercising its functions and powers, APRA is to balance the objectives of financial safety and efficiency, competition, contestability and competitive neutrality and, in balancing these objectives, is to promote financial system stability in Australia.

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History

S 8(2) amended by No 42 of 2003, s 3 and Sch 1 item 15, effective 1 July 2003; No 147 of 2006, s 3 and Sch 1 item 5, effective 6 December 2006.

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