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

Schedule 1   Amendment of the Australian Prudential Regulation Authority Act 1998

19   Section 15

Repeal the section, substitute:

15 Delegation by APRA

(1) APRA may, by writing under its seal, delegate any functions or powers conferred on APRA by this Act or any other law of the Commonwealth to an APRA member or to an APRA staff member.

(2) APRA may, by writing under its seal, delegate any functions or powers conferred on APRA by this Act or any other law of the Commonwealth:

(a) if the Chair of ASIC agrees to the delegation - to the Chair of ASIC, to another ASIC member or to an ASIC staff member; or

(b) if the Governor of the Reserve Bank agrees to the delegation - to the Governor or Deputy Governor of the Reserve Bank or to an officer of the Reserve Bank Service.

(3) In performing or exercising functions or powers delegated under subsection (1) or (2), the delegate must comply with any directions given by APRA.

Note: For information about delegations, see sections 34AA to 34A of the Acts Interpretation Act 1901.