Banking (prudential standard) determination No. 1 of 2007 Revocation of Attachment B to the Prudential Notes and Prudential Standards issued by AFIC under Part 4 of an AFIC Code (Cth)

Banking (prudential standard) determination No. 1 of 2007

Revocation of Attachment B to the Prudential Notes and Prudential Standards issued by AFIC under Part 4 of an AFIC Code

Financial Sector Reform (Amendments and Transitional Provisions) Regulations 1999

I, John Francis Laker, Chair of APRA, under subregulation 16(1) of the Financial Sector Reform (Amendments and Transitional Provisions) Regulations1999, REVOKE Attachment B to the Prudential Notes and Prudential Standards issued by AFIC under Part 4 of an AFIC Code.

Dated 23 January 2007

[signed]

John Francis Laker

Chair

Interpretation

In this Instrument

AFIC has the meaning given in regulation 3 of the Financial Sector Reform (Amendments and Transitional Provisions) Regulations 1999.

AFIC Code has the meaning given in regulation 3 of the Financial Sector Reform (Amendments and Transitional Provisions) Regulations 1999.

APRA means the Australian Prudential Regulation Authority.

APRA transitional prudential standard has the meaning given in regulation 12 of the Financial Sector Reform (Amendments and Transitional Provisions) Regulations 1999.

Attachment B to the Prudential Notes and Prudential Standards issued by AFIC under Part 4 of an AFIC Code means the instrument referred to in Item 4 of Schedule 1 to the Financial Sector Reform (Amendments and Transitional Provisions) Regulations 1999.

Note 1    Attachment B to the Prudential Notes and Prudential Standards issued by AFIC under Part 4 of an AFIC Code is one of the APRA transitional prudential standards referred to in regulation 12 and listed in Schedule 1 to the Financial Sector Reform (Amendments and Transitional Provisions) Regulations 1999.  The APRA transitional prudential standards were issued by AFIC before 1 July 1999.  Regulation 13 has the effect that APRA transitional prudential standards continue to apply to certain authorised deposit-taking institutions (including credit unions and building societies) after 1 July 1999.  Regulation 17 has the effect that they are enforceable by APRA under the Banking Act 1959.

Note 2    Regulation 16 of the Financial Sector Reform (Amendments and Transitional Provisions) Regulations 1999 provides that APRA may vary, revoke or modify an APRA transitional prudential standard. In doing so, APRA must follow certain procedures in section 11AF of the Banking Act 1959 (as if the APRA transitional prudential standard in question were a prudential standard made under that Act).