Financial Regulator Assessment Authority (Consultation and Cooperation with APRA and ASIC) Delegations 2021
The Financial Regulator Assessment Authority, under section 49 of the Financial Regulator Assessment Authority Act 2021, makes the following delegations.
Dated 3 October 2021
Nicholas Moore
Chair of the Financial Regulator Assessment Authority
For and on behalf of the Financial Regulator Assessment Authority
Contents
Part 1—Preliminary
1 Name
2 Commencement
3 Authority
4 Definitions
Part 2—Delegations
5 Delegations relating to reports
6 Delegations relating to cooperation with the Authority
Part 1—Preliminary
1 Name
This instrument is the Financial Regulator Assessment Authority (Consultation and Cooperation with APRA and ASIC) Delegations 2021.
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Note: This table relates only to the provisions of this instrument as originally made.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 Financial Regulator Assessment Authority Act 2021.
4 Definitions
Note: Expressions have the same meaning in this instrument as in the Financial Regulator Assessment Authority Act 2021 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.
(1) In this instrument:
EL2 employee means an APS employee who has been allocated an Executive Level 2 classification.
the Act means the Financial Regulator Assessment Authority Act 2021.
the Treasury means the Department of the Treasury.
Part 2—Delegations
5 Delegations relating to reports
Members of the Authority
(1) Under subsection 49(1) the Act, each member of the Authority, is delegated the Authority’s functions and powers under subsections 16(1), 16(3) and 39(2) of the Act.
Note 1: Subsections 16(1) and (3) of the Act relate to reports to be given to APRA or ASIC.
Note 2: Subsection 39(2) of the Act relates to protected information which is not to be included in reports.
Staff members
(2) Under subsection 49(1) the Act, each person holding, occupying or performing the duties of each of the following offices or positions in the Treasury, whose services are being made available to assist the Authority in connection with the performance or exercise of the Authority’s functions or powers, is delegated the Authority’s functions and powers under subsections 16(1), 16(3) and 39(2) of the Act:
(a) a Deputy Secretary;
(b) an SES employee;
(c) an APS employee who has been allocated either an APS Level or an Executive Level classification.
6 Delegations relating to cooperation with the Authority
Members of the Authority
(1) Under subsection 49(2) the Act, each member of the Authority, is delegated the Authority’s functions and powers under subsection 20(2) of the Act.
Note: Subsection 20(2) of the Act relates to cooperation with the Authority.
Staff members
(2) Under subsection 49(2) the Act, each person holding, occupying or performing the duties of each of the following offices or positions in the Treasury, whose services are being made available to assist the Authority in connection with the performance or exercise of the Authority’s functions or powers, is delegated the Authority’s functions and powers under subsection 20(2) of the Act:
(a) a Deputy Secretary;
(b) an SES employee;
(c) an EL2 employee.
Overview
The Financial Regulator Assessment Authority (Consultation and Cooperation with APRA and ASIC) Delegations 2021 is a legislative instrument that was enacted to facilitate the delegation of certain functions and powers by the Financial Regulator Assessment Authority (the Authority) to its members and staff, as well as to staff members from the Department of the Treasury. This instrument was made under section 49 of the Financial Regulator Assessment Authority Act 2021 and commenced on the day after its registration. The primary objective of this legislation is to ensure that the Authority can efficiently delegate its functions and powers to its members and staff, and to Treasury staff, thereby enabling smoother and more effective cooperation with the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC). The instrument outlines specific delegations relating to reports to APRA and ASIC, as well as those relating to the Authority’s cooperation with other entities.
Scope and Application
The Financial Regulator Assessment Authority (Consultation and Cooperation with APRA and ASIC) Delegations 2021 pertains to the delegation of specific functions and powers within the Financial Regulator Assessment Authority. This instrument applies to members of the Authority and to certain staff members from the Department of the Treasury, who are providing their services to assist the Authority in the execution of its functions. The delegations cover the Authority’s functions and powers in relation to reports to be given to the Australian Prudential Regulation Authority (APRA) or the Australian Securities and Investments Commission (ASIC), as well as cooperation with the Authority. The instrument is made under the Financial Regulator Assessment Authority Act 2021, and its provisions come into effect the day after the instrument is registered. It is important to note that the expressions used in this instrument have the same meanings as those defined in the Financial Regulator Assessment Authority Act 2021. The instrument extends its application to specified roles within the Treasury, including Deputy Secretaries, Senior Executive Service (SES) employees, and Australian Public Service (APS) employees with specific classifications, thereby ensuring that appropriate personnel are equipped to handle the designated tasks effectively.
Key Provisions
The Financial Regulator Assessment Authority (Consultation and Cooperation with APRA and ASIC) Delegations 2021 outlines the delegations made under section 49 of the Financial Regulator Assessment Authority Act 2021. These delegations specify the functions and powers of certain individuals within the Authority and the Treasury, facilitating effective reporting to and cooperation with the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC). According to section 5(1), each member of the Authority is delegated the Authority’s functions and powers under subsections 16(1), 16(3) and 39(2) of the Act, which involve reporting to APRA or ASIC and the handling of protected information. Additionally, section 5(2) designates specific Treasury staff members, including Deputy Secretaries, SES employees, and APS or EL2 employees, with the same delegations as Authority members to assist in the performance of the Authority's functions.
The obligations imposed by this instrument require that members of the Authority and designated Treasury staff members diligently perform their delegated functions and powers. They must ensure that reports to APRA or ASIC are prepared and submitted as required under the Act and that protected information is appropriately excluded from these reports. Furthermore, they must actively cooperate with the Authority as stipulated in section 6 of the instrument. This involves fulfilling their roles in supporting the Authority’s activities and ensuring seamless interaction with APRA and ASIC.
The instrument does not explicitly outline offences or penalties for breaches of its provisions. However, any failure to comply with the requirements of the Financial Regulator Assessment Authority Act 2021, including the delegated functions and powers, could potentially result in legal consequences. Under Australian law, breaches of statutory duties or improper exercise of powers can lead to civil or criminal penalties, depending on the nature and severity of the breach. For instance, individuals found guilty of misconduct or negligence in the performance of their duties could face fines or even imprisonment, while organisations might be subject to substantial financial penalties. The exact penalties would be determined in the context of the broader legislative framework governing the Authority’s activities.