Australian Prudential Regulation Authority (Conferral of Functions) Delegations 2022
I, Dr James Edward Chalmers, Treasurer, make the following delegations.
Dated 9 June 2022
Dr James Edward Chalmers
Treasurer
Contents
Part 1—Preliminary
1 Name
2 Commencement
3 Authority
4 Definitions
Part 2—Delegations
5 Delegation of ministerial power to approve APRA entering into agreements for performance of prudential regulation or advice services
Part 3—Repeals
6 Revocation of previous delegations
Part 1—Preliminary
1 Name
This instrument is the Australian Prudential Regulation Authority (Conferral of Functions) Delegations 2022.
2 Commencement
(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information |
Column 1 | Column 2 | Column 3 |
Provisions | Commencement | Date/Details |
1. The whole of this instrument | The day after this instrument is registered. | |
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3 Authority
This instrument is made under the Australian Prudential Regulation Authority Act 1998.
4 Definitions
Note: Paragraph 13(1)(b) of the Legislation Act 2003 has the effect that expressions have the same meaning in this instrument as in the Australian Prudential Regulation Authority Act 1998 as in force from time to time.
In this instrument:
SES Band 2 means an SES employee who has been allocated an SES Band 2 classification.
the Act means the Australian Prudential Regulation Authority Act 1998.
Treasury means the Department of the Treasury.
Part 2—Delegations
5 Delegation of ministerial power to approve APRA entering into agreements for performance of prudential regulation or advice services
Under subsection 9A(4) of the Act, each person holding, occupying or performing the duties of each of the following offices or positions in the Treasury is delegated the minister’s power under subsection 9A(2) of the Act to approve the entering into of an agreement with a State, Territory or other person under which APRA is, for a fee, to provide prudential regulation or advice services:
(a) a Deputy Secretary;
(b) an SES Band 2.
Part 3—Repeals
6 Revocation of previous delegations
Under subsection 9A(4) of the Act, all previous delegations of the minister’s power under subsection 9A(2) of the Act, are revoked.
Overview
The Australian Prudential Regulation Authority (Conferral of Functions) Delegations 2022I, enacted in 2022, addresses the need to streamline delegations of ministerial powers within the Australian Prudential Regulation Authority (APRA). This instrument was made under the Australian Prudential Regulation Authority Act 1998 and serves to delegate the authority to approve agreements for APRA to provide prudential regulation or advice services for a fee to specific individuals within the Department of the Treasury. By specifying these delegations, the instrument aims to enhance the efficiency of APRA's operations while maintaining rigorous oversight over its activities. The enacting body, Dr James Edward Chalmers, the Treasurer, has established these delegations to ensure that the APRA can effectively perform its functions while allowing the Treasury to focus on broader economic policy objectives.
Scope and Application
The Australian Prudential Regulation Authority (Conferral of Functions) Delegations 2022I outlines the delegation of ministerial powers related to the Australian Prudential Regulation Authority (APRA) entering into agreements for the performance of prudential regulation or advice services. The instrument, which comes into effect the day after its registration, is made under the Australian Prudential Regulation Authority Act 1998. The delegations are specific to certain officials within the Department of the Treasury, namely a Deputy Secretary and an SES Band 2 employee, who are now empowered to approve such agreements with States, Territories, or other entities for a fee. The instrument also includes a repeal of all previous delegations of these specific ministerial powers, thereby clarifying the current scope of delegation. The definitions within this instrument align with those in the Australian Prudential Regulation Authority Act 1998, ensuring consistency in interpretation and application.
Key Provisions
The Australian Prudential Regulation Authority (Conferral of Functions) Delegations 2022, effective from the day after registration, delegates specific ministerial powers to certain Treasury officials. The key sections relevant to the delegation of these powers include section 5, which specifies the delegation of the power to approve agreements for prudential regulation or advice services by the Australian Prudential Regulation Authority (APRA), and section 6, which revokes all previous delegations under this authority.
The obligations imposed by this instrument primarily pertain to the delegation of the minister's power to approve agreements under which APRA provides prudential regulation or advice services for a fee. Section 5 designates that the power to approve such agreements is delegated to specific individuals in the Treasury: a Deputy Secretary and an SES Band 2 employee. These individuals are now authorised to enter into agreements on behalf of the minister, ensuring that APRA can continue to deliver these services effectively.
Failure to comply with the provisions of this instrument could result in legal consequences, although specific offences and penalties are not detailed within this text. Given the regulatory nature of APRA, any breaches could potentially lead to administrative, civil, or criminal penalties as outlined in the Australian Prudential Regulation Authority Act 1998 or other relevant legislation. The maximum penalties for such breaches would depend on the specific nature of the offence and the applicable laws at the time of the breach.