Banking exemption No 1 of 2007
EXPLANATORY STATEMENT
Prepared by the Australian Prudential Regulation Authority (APRA)
Banking Act 1959, subsection 11(4)
Under subsection 11(1) of the Banking Act 1959 (the Act), APRA has power, by order published in the Gazette, to determine that all or specified provisions of the Act (other than section 63) do not apply to a person during the period while the order continues in force. Under subsection 11(4) of the Act, APRA may, by order published in the Gazette, vary or revoke an order already made.
Banking exemption No 1 of 2007 (the amending instrument) varies Banking exemption No. 1 of 2006 (the principal instrument), which was made on 26 June 2006.
The amending instrument will come into force on the day that it is registered on the Federal Register of Legislative Instruments.
- Background
The principal instrument revoked a number of exemption orders and replaced them with a single exemption order applying to all religious charitable development funds.
APRA has received an application from the Catholic Development Fund Diocese of Port Pirie to be included in Schedule 2 of the principal instrument so as to obtain the benefit of the exemption. APRA considers that this body meets all of the conditions set out in Schedule 3 of the principal instrument and should therefore be listed in Schedule 2.
2. Purpose of the instrument
The purpose of the amending instrument is to vary the principal instrument to include the additional fund which has advised APRA that it wishes to obtain the benefit of the exemption.
3. Consultation
APRA has consulted with the individual fund affected by the variation. More widespread consultation was considered unnecessary as the amending instrument is of a minor and machinery nature and does not substantially alter existing arrangements.