Australian Prudential Regulation Authority (Standing Acting Arrangements) Appointment 2021

Administered by Department of the Treasury

Legislation au F2021N00242 In force Notifiable Instrument

Legislation content

 

Australian Prudential Regulation Authority (Standing Acting Arrangements) Appointment 2021

made under the Australian Prudential Regulation Authority Act 1998

Compilation No. 3

Compilation date:   28 November 2024

Includes amendments: Australian Prudential Regulation Authority (Standing Acting Arrangements) Amendment (Measures No. 1) Appointment 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepared by The Treasury

About this compilation

       

This compilation

This is a compilation of the Australian Prudential Regulation Authority (Standing Acting Arrangements) Appointment 2021 that shows the text of the law as amended and in force on 28 November 2024 (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.

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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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

Part 1—Preliminary

1  Name

3  Authority

5  Definitions

Part 2—Standing acting arrangements for APRA

6  Standing acting arrangements for Chair of the APRA

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

 

Part 1—Preliminary

 

1  Name

  This instrument is the Australian Prudential Regulation Authority (Standing Acting Arrangements) Appointment 2021.

3  Authority

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

5  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:

senior available appointee has the meaning given by subsection 6(2).

the Act means the Australian Prudential Regulation Authority Act 1998.

Part 2—Standing acting arrangements for APRA

 

6  Standing acting arrangements for Chair of the APRA

 (1) Under subsection 19(2) of the Act, during all periods when the Chair is absent from duty or from Australia, 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 Chair.

 (2) For the purposes of this instrument, the senior available appointee at a particular time is a person who, at that time, satisfies all of the following:

 (a) is an APRA member;

 (b) is not absent from duty or from Australia;

 (c) has not, during a vacancy in the office of Chair or absence of the Chair, continued to act as Chair for a period of more than 12 months;

 (c) has advised that they are available to act as Chair;

 (d) is highest in the following list:

 (i) Margaret Cole;

 (ii) Therese McCarthy Hockey;

 (iii) Suzanne Smith.

 (3) The senior available appointee at the start of a period when the Chair is absent from duty or from Australia, or is, for any reason, unable to perform the functions of his or her office, is to act as Chair during that period.

 (4) However, if a person who is acting as Chair during a period (under subsection (3) or a previous application of this subsection) ceases at a particular time to be the senior available appointee, the senior available appointee at that time is to act as 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 Chair under sections 22 and 23 of the Act.

 

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.

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

 

 

o = order(s)

ad = added or inserted

orig = original

am = amended

par = paragraph(s)/subparagraph(s)

amdt = amendment

/sub‑subparagraph(s)

c = clause(s)

pres = present

C[x] = Compilation No. x

prev = previous

Ch = Chapter(s)

(prev…) = previously

def = definition(s)

Pt = Part(s)

Dict = Dictionary

r = regulation(s)/rule(s)

disallowed = disallowed by Parliament

reloc = relocated

Div = Division(s)

renum = renumbered

exp = expires/expired or ceases/ceased to have

rep = repealed

effect

rs = repealed and substituted

F = Federal Register of Legislation

s = section(s)/subsection(s)

gaz = gazette

Sch = Schedule(s)

LA = Legislation Act 2003

Sdiv = Subdivision(s)

LIA = Legislative Instruments Act 2003

SLI = Select Legislative Instrument

(md not incorp) = misdescribed amendment

SR = Statutory Rules

cannot be given effect

Sub‑Ch = Sub‑Chapter(s)

mod = modified/modification

SubPt = Subpart(s)

No. = Number(s)

underlining = whole or part not

o = order(s)

commenced or to be commenced

Ord = Ordinance

 

Endnote 3—Legislation history

 

Name

Registration

Commencement

Application, saving and transitional provisions

Australian Prudential Regulation Authority (Standing Acting Arrangements) Appointment 2021

28 September 2021

(F2021N00242)

29 September 2021

—

Australian Prudential Regulation Authority (Standing Acting Arrangements) Amendment Appointment 2022

17 June 2022

(F2022N00141)

18 June 2022

—

Australian Prudential Regulation Authority (Standing Acting Arrangements) Amendment Appointment (No. 2) 2022

8 December 2022

(F2022N00300)

9 December 2022

—

Australian Prudential Regulation Authority (Standing Acting Arrangements) Amendment (Measures No. 1) Appointment 2024

27 November 2024

(F2024N01091)

28 November 2024

—

 

Endnote 4—Amendment history

 

Provision affected

How affected

section 2

rep s48D LA

section 4

rep s48C LA

section 6

section 7

am F2022N00300; am F2024N01091

ad F2022N00141; am F2022N00300; rep F2024N01091

Schedule 1

rep s48C LA

 

Overview

The Australian Prudential Regulation Authority (Standing Acting Arrangements) Appointment 2021 was enacted to provide for the appointment of acting Chair of the Australian Prudential Regulation Authority (APRA) when the current Chair is absent from duty, absent from Australia, or unable to perform their functions. This legislation is made under the Australian Prudential Regulation Authority Act 1998 and came into force on 29 September 2021. The primary objective is to ensure continuity and stability in the leadership of APRA by establishing clear standing acting arrangements. This legislation identifies the senior available appointees who can act as the Chair in the absence of the current Chair, with a specific hierarchy outlined to facilitate a seamless transition of leadership.

Scope and Application

The Australian Prudential Regulation Authority (Standing Acting Arrangements) Appointment 2021, made under the Australian Prudential Regulation Authority Act 1998, establishes standing arrangements for the appointment of an acting Chair of the APRA in the event that the Chair is absent from duty or from Australia, or is otherwise unable to perform the functions of the office. This instrument applies to the senior available APRA members who are eligible to act as the Chair of APRA during the absence or incapacity of the actual Chair. The eligibility criteria include being an APRA member, not being absent from duty or from Australia, not having acted as Chair for more than 12 months during a vacancy or absence, and being available to act as Chair. The designated acting Chair is appointed under the same terms and conditions as the Chair, as per subsection 33A(1) of the Acts Interpretation Act 1901. This appointment mechanism is intended to ensure continuity in the leadership of APRA, maintaining regulatory oversight and stability in the financial sector. This legislation has a national jurisdictional reach and applies specifically to the roles and functions of APRA members in the context of ensuring the authority's effective operation. The Act does not detail any exclusions, exemptions, or thresholds for the appointment of an acting Chair. The application of this instrument may be extended or restricted through subordinate instruments, but the primary text does not specify these details. The compiled law includes amendments up to the compilation date, with uncommenced amendments accessible on the legislative register. The compiled law operates as modified by other laws but does not show the text of the law as modified. For detailed amendment histories and legislative impacts, one should refer to the endnotes and the legislative register.

Key Provisions

The Australian Prudential Regulation Authority (Standing Acting Arrangements) Appointment 2021 (the Instrument) outlines the procedures for appointing an acting Chair of the Australian Prudential Regulation Authority (APRA) in the event that the current Chair is absent, unable to perform their duties, or otherwise incapacitated. Section 6 of the Instrument details the standing acting arrangements, stipulating that during any period when the Chair is absent or unable to perform their duties, the person determined under subsections (2), (3), and (4) will act as the Chair. The Instrument mandates that the acting Chair must be the senior available appointee, defined in section 2, who is an APRA member, not absent from duty or from Australia, and has not previously acted as Chair for more than 12 months during a vacancy or absence. The order of seniority is also specified, with Margaret Cole being the first in line, followed by Therese McCarthy Hockey, and then Suzanne Smith. The obligations under this Instrument primarily concern the identification and appointment of an acting Chair. APRA members who meet the criteria for being the senior available appointee must be ready to act as Chair when needed. This includes ensuring they are not absent from duty or from Australia and have not exceeded the 12-month limit for acting as Chair. The Instrument also requires the acting Chair to perform the functions of the Chair during the period of the Chair's absence or incapacity, under the same terms and conditions as the Chair (subsection 6(5)). Failure to comply with the provisions of the Instrument could result in legal consequences. However, the Instrument itself does not explicitly outline specific offences, penalties, or consequences for non-compliance. The penalties for breaches would be determined under the Australian Prudential Regulation Authority Act 1998, which governs the overall operations of APRA. Given the critical nature of the role of the APRA Chair, any failure to properly follow the standing acting arrangements could potentially lead to significant regulatory scrutiny, administrative penalties, or other legal actions as deemed appropriate under the broader legislative framework.

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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.