Australian Prudential Regulation Authority (Standing Acting Arrangements) Amendment Appointment 2022
I, Dr James Edward Chalmers, Treasurer, make the following appointment.
Dated 9 June 2022
Dr James Edward Chalmers
Treasurer
Contents
1 Name
2 Commencement
3 Authority
4 Schedules
Schedule 1—Amendments
Australian Prudential Regulation Authority (Standing Acting Arrangements) Appointment 2021
1 Name
This instrument is the Australian Prudential Regulation Authority (Standing Acting Arrangements) Amendment Appointment 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Note: This table relates only to the provisions of this instrument as originally made.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 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1—Amendments
Australian Prudential Regulation Authority (Standing Acting Arrangements) Appointment 2021
1 After section 6
Insert:
7 Standing acting arrangements for Deputy Chair of the APRA
(1) Under subsection 19(3) of the Act, during all periods when a Deputy Chair is absent from duty or from Australia, acting as Chair, or is, for any reason, unable to perform the functions of his or her office, the person determined in accordance with subsections (2), (3) and (4) is appointed to act as Deputy Chair.
(2) For the purposes of this instrument, the next available appointee at a particular time is the person who, at that time, is an APRA member, is not absent from duty or from Australia, not acting as Chair under section 6, and is highest in the following list:
(a) Margaret Cole.
(3) The next available appointee at the start of a period when the Deputy Chair is absent from duty or from Australia, acting as Chair or is, for any reason, unable to perform the functions of his or her office, is to act as Deputy Chair during that period.
(4) However, if a person who is acting as Deputy Chair during a period (under subsection (3) or a previous application of this subsection) ceases at a particular time to be the next available appointee, the next available appointee at that time is to act as Deputy Chair during the remainder of that period.
(5) Under subsection 33A(1) of the Acts Interpretation Act 1901, each appointment under subsection (1) is determined to be on the same terms and conditions that apply to the Deputy Chair under sections 22 and 23 of the Act.
Overview
The Australian Prudential Regulation Authority (Standing Acting Arrangements) Amendment Appointment 2022 was enacted to provide for the appointment of an acting Deputy Chair for the Australian Prudential Regulation Authority (APRA) when the Deputy Chair is absent or unable to perform their duties. This instrument was made under the Australian Prudential Regulation Authority Act 1998 and commenced on the day after its registration. The policy objective of this amendment is to ensure the continuous operation of APRA by establishing a clear succession plan for the Deputy Chair position. The instrument amends the Australian Prudential Regulation Authority (Standing Acting Arrangements) Appointment 2021 by inserting standing acting arrangements for the Deputy Chair, specifying a list of potential appointees and their order of precedence. This ensures that there is always an available and qualified individual to act as Deputy Chair during periods of absence or incapacity.
Scope and Application
The Australian Prudential Regulation Authority (Standing Acting Arrangements) Amendment Appointment 2022 amends the standing acting arrangements for the Deputy Chair of the APRA. This instrument is made under the Australian Prudential Regulation Authority Act 1998 and specifies the appointment of an acting Deputy Chair when the Deputy Chair is unable to perform their functions. The appointment is based on a list of available appointees, with Margaret Cole being one of the possible appointees. The instrument applies to the Deputy Chair of the APRA and any periods when they are absent from duty or from Australia, acting as Chair, or unable to perform their functions for any reason. The appointment is determined on the same terms and conditions that apply to the Deputy Chair under sections 22 and 23 of the Act. The instrument does not specify any exclusions, exemptions, or thresholds, nor does it extend or restrict its application through subordinate instruments. Its scope and application are limited to the Deputy Chair of the APRA and the specified standing acting arrangements.
This instrument has a national reach, as it pertains to the APRA, a Commonwealth authority responsible for prudential supervision of financial institutions in Australia. The instrument is applicable across Australia and affects the Deputy Chair of the APRA, regardless of the state or territory in which they are based. The instrument does not specify any geographic limitations or jurisdictional reach beyond the scope of the APRA and its Deputy Chair. The instrument is effective from the day after it is registered, as specified in the commencement table, and applies to all periods when the Deputy Chair is unable to perform their functions. The instrument is subject to amendment or repeal through the Schedules, which specify the amendments to the Australian Prudential Regulation Authority (Standing Acting Arrangements) Appointment 2021.
Key Provisions
The Australian Prudential Regulation Authority (Standing Acting Arrangements) Amendment Appointment 2022 amends the Australian Prudential Regulation Authority (Standing Acting Arrangements) Appointment 2021 to introduce standing acting arrangements for the Deputy Chair of the APRA (section 1). Specifically, it introduces a new section 7, which provides for the appointment of an acting Deputy Chair when the actual Deputy Chair is unable to perform their duties (subsection 19(3) of the Australian Prudential Regulation Authority Act 1998). The appointee is determined according to subsections (2), (3), and (4) of section 7.
The Act imposes specific obligations on the APRA, including the appointment of an acting Deputy Chair when the actual Deputy Chair is absent from duty, acting as Chair, or unable to perform their functions (section 7(1)). The APRA must also determine the next available appointee according to the criteria set out in section 7(2) to (4). The appointee is to act on the same terms and conditions as the Deputy Chair (subsection 33A(1) of the Acts Interpretation Act 1901).
The Act does not explicitly state any offences, penalties, or civil/criminal consequences for breach of its provisions. However, non-compliance with the Act's requirements could potentially lead to legal consequences, such as the invalidity of actions taken by the acting Deputy Chair or the APRA. The severity of such consequences would depend on the specific circumstances and the interpretation of the law by the courts.