Banking (prudential standard) determination No. 13 of 20076
EXPLANATORY STATEMENT
Prepared by the Australian Prudential Regulation Authority (APRA)
Financial Sector Reform (Amendments and Transitional Provisions) Regulations 1999 (the Regulations), subregulation 16(1)
Under subregulation 16(1) of the Regulations, APRA may revoke an APRA transitional prudential standard.
Attachment B to the Prudential Notes and Prudential Standards issued by AFIC under Part 4 of an AFIC Code (Attachment B) is an “APRA transitional prudential standard” as defined in regulation 11 of the Regulations.
Banking (prudential standard) determination No. 13 of 20076 (the instrument) revokes Attachment B.
- Background
Attachment B imposed reporting requirements on building societies and credit unions which were, in either case, societies as defined in section 3 of the Financial Institutions Code of any of the States, the Australian Capital Territory and the Northern Territory.
Under regulation 13 of the Regulations, Attachment B (and the other APRA transitional prudential standards) continued to have effect, after 1 July 1999, in relation to such building societies and credit unions as, on 1 July 1999, became authorised deposit-taking institutions (ADIs). In certain respects the APRA transitional prudential standards were equated with ADI prudential standards made under section 11AF of the Banking Act 1959 (see, in particular, regulation 17 of the Regulations).
The reporting requirements imposed by Attachment B have been superseded by reporting requirements imposed on ADIs under the Financial Sector (Collection of Data) Act 2001.
2. Purpose of the instrument
The purpose of the instrument is to revoke Attachment B.
3. Consultation
No consultation was undertaken because revoking Attachment B will not alter the practical reporting requirements which exist for building societies and credit unions.