Australian Prudential Regulation Authority Regulations 2018

Administered by Department of the Treasury

Legislation au F2018L01680 Regulations In force Legislative Instrument

Legislation content

Australian Prudential Regulation Authority Regulations 2018

made under the

Australian Prudential Regulation Authority Act 1998

Compilation No. 1

Compilation date: 16 December 2023

Includes amendments: F2023L01677

Registered: 21 December 2023

About this compilation

This compilation

This is a compilation of the Australian Prudential Regulation Authority Regulations 2018 that shows the text of the law as amended and in force on 16 December 2023 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

 

 

 

Contents

1 Name

3 Authority

5 Definitions

6 Cooperation with other agencies

7 Liability to fringe benefits taxation

8 Prescription of prudential regulation framework laws

9 Secrecy—disclosure of protected information or production of protected document to specified agencies

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

1  Name

  This instrument is the Australian Prudential Regulation Authority Regulations 2018.

3  Authority

  This instrument is made under the Australian Prudential Regulation Authority Act 1998.

5  Definitions

  In this instrument:

Act means the Australian Prudential Regulation Authority Act 1998.

6  Cooperation with other agencies

  For the purposes of subsection 10A(1) of the Act, the following agencies are specified:

 (a) the Australian Bureau of Statistics;

 (b) the Australian Crime Commission;

 (c) the Australian Federal Police;

 (d) the Australian Securities and Investments Commission;

 (e) the Australian Transaction Reports and Analysis Centre (AUSTRAC);

 (f) the Commissioner of Taxation;

 (g) the Department administered by the Minister administering the Private Health Insurance Act 2007;

 (h) the Department of Treasury;

 (i) the Financial Reporting Council mentioned in section 225 of the Australian Securities and Investments Commission Act 2001;

 (j) the Police Force of a State or Territory;

 (k) the Reserve Bank of Australia.

7  Liability to fringe benefits taxation

  For the purposes of subsection 55(2) of the Act, subsection 55(1) of the Act does not apply in relation to the Fringe Benefits Tax Assessment Act 1986.

8  Prescription of prudential regulation framework laws

  For the purposes of paragraph (o) of the definition of prudential regulation framework law in subsection 3(1) of the Act, the Royal Commissions Act 1902 is prescribed for the purposes of section 56 of the Act.

9  Secrecy—disclosure of protected information or production of protected document to specified agencies

  For the purposes of paragraph 56(5)(a) of the Act, the following agencies are specified:

 (a) the Australian Bureau of Statistics;

 (b) the Australian Competition and Consumer Commission;

 (c)  the Australian Crime Commission;

 (d) the Australian Federal Police;

 (e) the Australian Financial Complaints Authority;

 (f) the Australian Securities and Investments Commission;

 (g) the Australian Transaction Reports and Analysis Centre (AUSTRAC);

 (h) the Bank for International Settlements;

 (i) the Basel Committee on Banking Supervision;

 (j) the Commissioner of Taxation;

 (k) the Department administered by the Minister administering the Agricultural and Veterinary Chemicals Act 1994;

 (l) the Department administered by the Minister administering the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006;

 (m) the Department administered by the Minister administering the Private Health Insurance Act 2007;

 (n) the Department of the Treasury;

 (o) the Financial Reporting Council mentioned in section 225 of the Australian Securities and Investments Commission Act 2001;

 (p) the Financial Stability Board;

 (q) the International Monetary Fund;

 (r) the Police Force of a State or Territory;

 (s) the Private Health Insurance Ombudsman;

 (t) the Reserve Bank of Australia;

 (v) the Treasury of New Zealand;

 (w) the World Bank Group.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

 

Endnote 2—Abbreviation key

ad = added or inserted

o = order(s)

am = amended

Ord = Ordinance

amdt = amendment

orig = original

c = clause(s)

par = paragraph(s)/subparagraph(s)

C[x] = Compilation No. x

/sub‑subparagraph(s)

Ch = Chapter(s)

pres = present

def = definition(s)

prev = previous

Dict = Dictionary

(prev…) = previously

disallowed = disallowed by Parliament

Pt = Part(s)

Div = Division(s)

r = regulation(s)/rule(s)

ed = editorial change

reloc = relocated

exp = expires/expired or ceases/ceased to have

renum = renumbered

effect

rep = repealed

F = Federal Register of Legislation

rs = repealed and substituted

gaz = gazette

s = section(s)/subsection(s)

LA = Legislation Act 2003

Sch = Schedule(s)

LIA = Legislative Instruments Act 2003

Sdiv = Subdivision(s)

(md) = misdescribed amendment can be given

SLI = Select Legislative Instrument

effect

SR = Statutory Rules

(md not incorp) = misdescribed amendment

Sub‑Ch = Sub‑Chapter(s)

cannot be given effect

SubPt = Subpart(s)

mod = modified/modification

underlining = whole or part not

No. = Number(s)

commenced or to be commenced

 

Endnote 3—Legislation history

 

Name

Registration

Commencement

Application, saving and transitional provisions

Australian Prudential Regulation Authority Regulations 2018

7 Dec 2018 (F2018L01680)

8 Dec 2023 (s 2(1) item 1)

 

Treasury Laws Amendment (Precontractual Disclosure and Other Measures) Regulations 2023

15 Dec 2023 (F2023L01677)

Sch 2 (item 1): 16 Dec 2023 (s 2(1) item 4)

—

 

Endnote 4—Amendment history

 

Provision affected

How affected

s 2.....................

rep LA s 48D

s 4.....................

rep LA s 48C

s 9.....................

am F2023L01677

Schedule 1................

rep LA s 48C

 

 

Overview

The Australian Prudential Regulation Authority Regulations 2018, enacted under the Australian Prudential Regulation Authority Act 1998, aim to address gaps in the prudential regulation framework by prescribing specific regulations that enhance the efficiency and effectiveness of the Australian Prudential Regulation Authority (APRA) in its oversight of financial institutions. This legislation was introduced by the Parliament of Australia to ensure that APRA can effectively regulate and supervise authorised deposit-taking institutions, insurance companies, and certain other financial entities to maintain financial stability and protect consumers. The policy objective is to provide a clear and structured framework that supports APRA's mandate while facilitating cooperation with other relevant agencies to achieve comprehensive financial sector regulation. These regulations specify agencies with which APRA can cooperate, delineate the liability to fringe benefits taxation, prescribe certain prudential regulation framework laws, and outline the conditions under which protected information can be disclosed to specified agencies. The regulations are designed to ensure that APRA can operate within a well-defined regulatory environment, promoting transparency, accountability, and effective governance in the financial sector. This compilation reflects the current state of the law, incorporating amendments up to the specified date, and provides a comprehensive view of the legal framework governing APRA's activities.

Scope and Application

The Australian Prudential Regulation Authority Regulations 2018, made under the Australian Prudential Regulation Authority Act 1998, outline the regulatory framework for the Australian Prudential Regulation Authority (APRA) in overseeing financial institutions, including banks, insurers, and superannuation funds. These regulations apply to financial institutions, their officers, and related entities operating within Australia. They encompass a broad range of prudential regulatory activities, including the prescription of prudential standards, requirements for financial reporting, and mechanisms for cooperation with other regulatory and law enforcement agencies. The regulations also address the disclosure of protected information to specified agencies to ensure compliance with broader regulatory frameworks and international standards. The geographic scope of these regulations is limited to Australia, with particular focus on entities and activities within the Australian financial sector. The regulations exclude certain entities and activities as specified under the Act, and they may be further modified by subordinate instruments to address specific regulatory needs or changes in the financial landscape. Uncommenced amendments and modifications are accessible on the federal Register of Legislation and are noted in the endnotes of the compiled law.

Key Provisions

The Australian Prudential Regulation Authority Regulations 2018 (the Regulations) outline the framework under which the Australian Prudential Regulation Authority (APRA) operates. These Regulations were made under the Australian Prudential Regulation Authority Act 1998 (the Act) and are designed to provide a comprehensive set of rules governing the prudential regulation of financial institutions. Section 3 of the Regulations names the document, while Section 5 provides definitions for key terms used throughout the document. Cooperation with other agencies, as specified in Section 6, is a critical aspect, indicating that APRA must work in tandem with various regulatory bodies such as the Australian Bureau of Statistics, Australian Federal Police, and the Australian Securities and Investments Commission, among others, to ensure effective regulation. Entities governed by these Regulations are required to adhere to a set of obligations and requirements. For instance, Section 7 exempts APRA from certain fringe benefits tax implications, aligning with the broader objectives of financial regulation. Additionally, Section 8 prescribes specific prudential regulation framework laws, such as the Royal Commissions Act 1902, which must be considered in the context of APRA's regulatory actions. Section 9 provides a list of agencies to which protected information can be disclosed, ensuring that sensitive information is shared only with authorised bodies to maintain regulatory integrity and confidentiality. The Regulations also outline the consequences of non-compliance. While the specific offences and penalties are not detailed within the Regulations themselves, the Act under which these Regulations are made provides a framework for potential civil and criminal penalties. For instance, Section 122 of the Act mentions that individuals who contravene the Act may be subject to civil penalties, and in some cases, criminal penalties, depending on the severity of the breach. The maximum penalties can include substantial fines and, in severe cases, imprisonment, reflecting the seriousness with which breaches of prudential regulations are viewed. These provisions underscore the importance of compliance and the potential ramifications of failing to adhere to the stipulated regulatory requirements.

Legal classification tags

Area of Law
Financial Regulation
Instrument
Regulation
Concepts
Definitions & Interpretation
Liability to fringe benefits taxation
Cooperation with other agencies

Interactions

Authorises

All Versions

Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.