Examples of APRA Act in a sentence
Schedule 1 to the Treasury Laws Amendment Bill amends the APRA Act, the Collection of Data Act, the ITAA 1997 and the TAA 1953 to specify certain administrative features relating to the major bank levy, including the requirement that the levy is payable to the Commissioner quarterly.
APRA employee means a person appointed under section 45 of the APRA Act.
APRA Act means the Australian Prudential Regulation Authority Act 1998 of the Commonwealth.
In performing and exercising its functions, APRA is required to balance the objectives of financial safety, efficiency, competition, contestability and competitive neutrality; and, in balancing these objectives, is to promote financial system stability in Australia.Enabling legislationAPRA’s enabling legislation is the Australian Prudential Regulation Authority Act 1998 (APRA Act).
The amendments to the APRA Act and the Collection of Data Act apply from the commencement of the Major Bank Levy Act.
Similarly, the APRA Act is being amended so that it is not an offence for APRA to give information to the Commissioner in relation to the major bank levy.
The information used to generate the material on the NCPD website is confidential information and protected under the APRA Act.
Under the APRA Act, APRA’s main purpose is to regulate institutions in the financial sector in accordance with other laws of the Commonwealth3 that provide for prudential regulation; or for retirement income; and to administer the Financial Claims Scheme provided for in the Banking Act 1959 and the Insurance Act 1973.
This is notwithstanding the comfort for New Zealand provided in section 8A of the APRA Act and section 14DA of the Banking Act.
This means that it is an offence for any person who is, or has been an officer of APRA to produce such a document to any person or a court, unless the disclosure is in accordance with an exemption in the APRA Act.