Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010 (82 of 2010)

Schedule 4   Amendment of other Acts

Part 1   Amendments

Financial Sector (Collection of Data) Act 2001

18   Subsection 16(1)

Repeal the subsection, substitute:

(1) APRA may, by written notice, exempt a financial sector entity from the requirement to comply with:

(a) all the requirements contained in any one or more applicable reporting standards; or

(b) a specified requirement or requirements contained in an applicable reporting standard or applicable reporting standards.

(1A) A notice under subsection (1) is not a legislative instrument.

(1B) APRA may, by legislative instrument, exempt a class or kind of financial sector entities from the requirement to comply with:

(a) all the requirements contained in any one or more applicable reporting standards; or

(b) a specified requirement or requirements contained in an applicable reporting standard or applicable reporting standards.