Australian Prudential Regulation Authority (Standing Acting Arrangements) Amendment Appointment (No. 2) 2022
I, Jim Chalmers, Treasurer, make the following appointments.
Dated 6 December 2022
Dr Jim 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 (No. 2) 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Note: This table relates only to the provisions of this instrument as originally made.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Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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 Paragraphs 6(2)(b) and (c)
Repeal the paragraphs, substitute:
(b) Margaret Cole;
(c) Therese McCarthy Hockey;
(d) Suzanne Smith.
2 Paragraph 7(2)(a)
Repeal the paragraph, substitute:
(a) Therese McCarthy Hockey;
(b) Suzanne Smith.
Overview
The Australian Prudential Regulation Authority (Standing Acting Arrangements) Amendment Appointment (No. 2) 2022 was introduced to amend the Australian Prudential Regulation Authority (Standing Acting Arrangements) Appointment 2021. Enacted by the Treasurer, Jim Chalmers, this instrument was designed to address the need for updated standing acting arrangements within the Australian Prudential Regulation Authority. The appointment of new acting members, namely Margaret Cole, Therese McCarthy Hockey, and Suzanne Smith, aims to ensure the Authority continues to operate effectively and efficiently in the prudential regulation of financial institutions in Australia. This notifiable instrument is grounded in the Australian Prudential Regulation Authority Act 1998, reflecting the legislative intent to maintain robust oversight and governance within the financial sector.
Scope and Application
The Australian Prudential Regulation Authority (Standing Acting Arrangements) Amendment Appointment (No. 2) 2022 amends the Australian Prudential Regulation Authority (Standing Acting Arrangements) Appointment 2021. This instrument applies to the appointments of individuals to the role of Standing Acting Chair of the Australian Prudential Regulation Authority, a statutory office within the Australian Prudential Regulation Authority Act 1998. Specifically, the amendment repeals and substitutes certain paragraphs to reflect changes in personnel, with the new appointees being Margaret Cole, Therese McCarthy Hockey, and Suzanne Smith. The instrument's application is limited to the Commonwealth of Australia, affecting the federal level of government and its regulatory framework. There are no stated exclusions, exemptions, or thresholds in this specific instrument, and its application is not extended or restricted through subordinate instruments. The instrument comes into effect the day after it is registered, as specified in the commencement provisions.
Key Provisions
The Australian Prudential Regulation Authority (Standing Acting Arrangements) Amendment Appointment (No. 2) 2022 (F2022N00300) amends the Australian Prudential Regulation Authority (Standing Acting Arrangements) Appointment 2021. The instrument, which is registered as a notifiable instrument, amends the list of acting appointments to the Australian Prudential Regulation Authority (APRA). Specifically, it repeals the existing appointments listed in paragraphs 6(2)(b) and (c) of the 2021 appointment instrument and replaces them with Margaret Cole, Therese McCarthy Hockey, and Suzanne Smith (Schedule 1, item 1). Additionally, it repeals and substitutes the existing appointment in paragraph 7(2)(a) of the 2021 instrument with Therese McCarthy Hockey and Suzanne Smith (Schedule 1, item 2).
The primary obligations of this instrument are to ensure that the specified individuals are appointed as acting members of APRA, as per the amended provisions. These appointments are crucial in maintaining the operational continuity of APRA, ensuring regulatory oversight of Australia's financial services sector. The instrument specifically mandates that these appointments take effect on the day after the instrument is registered, as detailed in section 2(1).
Breach of the requirements stipulated by this instrument could potentially lead to significant regulatory and administrative consequences. Although the instrument itself does not explicitly outline penalties or offences, non-compliance with the statutory obligations under the Australian Prudential Regulation Authority Act 1998 could result in legal action. The Act provides for various penalties, including fines and potential criminal charges, depending on the severity of the non-compliance. The maximum penalties for breaches under the Act can be substantial, reflecting the critical nature of the regulatory oversight role of APRA.