Treasury Laws Amendment (Financial Sector Regulation) Act 2018 (142 of 2018)

Schedule 1   Restrictions on shareholdings

Part 1   Amendments

Financial Sector (Shareholdings) Act 1998

45   After section 45

Insert:

45A Rules

(1) APRA may, by legislative instrument, make rules prescribing matters:

(a) required or permitted by this Act to be prescribed by the rules; or

(b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.

Ministerial consent to rules required

(2) APRA must not make a rule under subsection (1) unless the Treasurer has consented, in writing, to the making of the rule.

(3) A consent under subsection (2) is not a legislative instrument.

Incorporation of other instruments

(4) Despite subsection 14(2) of the Legislation Act 2003, the rules may make provision in relation to a matter by applying, adopting or incorporating, with or without modification, any matter contained in an instrument or other writing as in force or existing from time to time.

Scope of the rule-making power

(5) To avoid doubt, the rules may not do the following:

(a) create an offence or civil penalty;

(b) provide powers of:

(i) arrest or detention; or

(ii) entry, search or seizure;

(c) impose a tax;

(d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;

(e) directly amend the text of this Act.

(6) Rules that are inconsistent with the regulations have no effect to the extent of the inconsistency, but rules are taken to be consistent with the regulations to the extent that the rules are capable of operating concurrently with the regulations.