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

Schedule 1   Amendment of the Australian Prudential Regulation Authority Act 1998

17   Section 12

Repeal the section, substitute:

12 Directions by Minister respecting APRA policies and priorities

(1) The Minister may give APRA a written direction about policies it should pursue, or priorities it should follow, in performing or exercising any of its functions or powers.

(2) The Minister must not give a direction under subsection (1) unless he or she has:

(a) notified APRA in writing that he or she is considering giving the direction; and

(b) given the Chair an adequate opportunity to discuss with the Minister the need for the proposed direction.

(3) The Minister must not give a direction under subsection (1) about a particular case.

(4) APRA must comply with a direction under subsection (1).

(5) The Minister must cause a copy of a direction under subsection (1):

(a) to be published in the Gazette within 21 days after the direction is given; and

(b) to be laid before each House of the Parliament within 15 sitting days of that House after the publication;

but failure of the Minister to do so does not affect the direction's validity.

(6) This section does not limit any other powers to give directions that the Minister has under any other law.