Financial Accountability Regime (Consequential Amendments) Act 2023 (68 of 2023)

Schedule 2   Application, saving and transitional provisions

Part 4   APRA and ASIC

Division 1   Transition from the BEAR

29   Doing things under repealed provisions

(1) The amendments of the Australian Prudential Regulation Authority Act 1998 and the Banking Act 1959 made by Part 2 of Schedule 1 do not apply for the purpose of APRA exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended):

(a) in relation to variable remuneration to which the old Banking Act applies under item 10 of this Schedule; or

(b) in relation to any other matter in relation to which an item of this Schedule requires or permits APRA to do something under the old Banking Act.

Secrecy

(2) In addition to subitem (1), despite the amendments of section 56 of the Australian Prudential Regulation Authority Act 1998 made by Part 2 of Schedule 1, that Act as in force immediately before the banking start time, continues to apply in relation to:

(a) information disclosed or obtained before or after the commencement of that Part and relating to the affairs of a person in relation to whom information is, or was, required to be given under Part IIAA of the Banking Act 1959 (including that Part as it continues to apply under an item of this Schedule); and

(b) a document given or produced before or after the commencement of that Part and containing information relating to the affairs of a person in relation to whom information is, or was, required to be given under Part IIAA of the Banking Act 1959 (including that Part as it continues to apply under an item of this Schedule).