Australian Prudential Regulation Authority Act 1998
INSTRUMENT FIXING CHARGES TO BE PAID
TO APRA
I, Jim Flaye, Chief Financial Officer (“CFO”) and a delegate of the Board of the Australian Prudential Regulation Authority (“APRA”), under paragraphs 51(1)(a) and (b) of the Australian Prudential Regulation Authority 1998 Act (the “Act”) and subsection 33(3) of the Acts Interpretation Act 1901:
- REVOKE the Instrument Fixing Charges to be Paid to APRA made by
the Board of APRA on 21 June 2000; and
- FIXES the charges set out in column 3 of the Schedule, to be paid to
APRA by a person in respect of the services and facilities named in
column 1 and described in column 2 of the Schedule.
Dated 28 September 2001
2
SCHEDULE OF CHARGES FOR SERVICES AND FACILITIES
Item | Column 1 | Column 2 | Column 3 |
Number | Service | Description | Charges |
1. | Provision of duplicate copies of various documents where original has been lost | Re-issue of ISC letter acknowledging receipt of an election for a SIS fund to become regulated | $32.52 per letter. |
2. | | Re-issue of SIS compliance notices | $32.52 per notice |
3. | Provision of copies of Returns | Lodged SIS annual returns | $32.52 per return |
4. | Provision of copies of Prudential Rules or Standards | Made under Banking Act 1959 and Life Insurance Act 1995 | $1.07 per page of document, up to $191.70 maximum. |
Overview
The Australian Prudential Regulation Authority Act 1998 was enacted to provide a framework for the regulation of the prudential supervision of financial institutions, including banks, insurance companies, and other entities, ensuring their soundness and stability. This Act was introduced to address the need for a robust regulatory system to protect consumers and maintain the integrity of the financial system. The Australian Parliament enacted this legislation to establish the Australian Prudential Regulation Authority (APRA) as the primary supervisor of these financial institutions. The policy objective behind the Act is to promote the safety and soundness of the financial system, enhance consumer protection, and maintain confidence in the financial sector.
The legislative instrument, which fixes charges for services and facilities provided by APRA, aims to ensure that the authority's operations are adequately funded. The instrument, made by the Board of APRA under the Act and the Acts Interpretation Act 1901, specifies the fees that must be paid by individuals and entities for services such as the re-issuance of lost documents, compliance notices, and copies of returns and prudential rules. This instrument plays a crucial role in maintaining the operational efficiency and financial sustainability of APRA, thereby supporting its regulatory functions effectively.
Scope and Application
The Australian Prudential Regulation Authority Act 1998 establishes the framework for the Australian Prudential Regulation Authority (APRA), which is responsible for prudential supervision of financial institutions, including banks, credit unions, building societies, friendly societies, general insurance companies, reinsurance companies, and superannuation funds. This legislation applies to financial institutions and their related entities, such as trustees of superannuation funds, that are subject to APRA’s regulatory oversight. The Act's jurisdiction extends across the Commonwealth of Australia, including its territories, ensuring a uniform regulatory approach to prudential supervision. The Act authorises APRA to levy charges for certain services and facilities provided, such as re-issuing lost documents or copies of regulatory returns and notices, as specified in the legislative instrument. Exclusions, exemptions, or thresholds are not explicitly stated in the text but are detailed in the accompanying schedule, which outlines specific charges for services rendered. The application of the Act may be further defined or extended through subordinate instruments issued by APRA under the authority granted by the Act.
Key Provisions
The Australian Prudential Regulation Authority Act 1998, as amended by the legislative instrument F2006B01148, primarily addresses the setting of charges for certain services and facilities provided by the Australian Prudential Regulation Authority (APRA). This Act mandates that specific charges are to be paid by individuals or entities in respect of services such as the provision of duplicate copies of lost documents, re-issuance of compliance notices, and the supply of copies of various returns and regulatory documents. These charges are detailed in the Schedule attached to the instrument, with section numbers referenced where applicable (Section 51(1)(a), (b) and 33(3)). The charges vary based on the type of service requested, ranging from fixed amounts for certain documents to variable charges based on the number of pages for others.
The Act imposes certain obligations on the parties or entities it governs, primarily related to the payment of specified charges for services rendered by APRA. For instance, entities that request duplicate copies of lost documents or re-issuance of compliance notices must adhere to the charges outlined in the instrument. Similarly, those requesting copies of returns lodged under the Banking Act 1959 and the Life Insurance Act 1995 must pay the stipulated fees. These charges are fixed and must be paid in full upon request for the services, as detailed in the instrument's Schedule.
Furthermore, the Act stipulates various civil and criminal consequences for non-compliance with the charges set forth. Breach of the provisions related to the payment of charges could lead to penalties. While the specific penalties are not detailed in the provided text, it is understood that non-payment or underpayment of the specified charges could result in legal action being taken against the defaulting party. This may include financial penalties and potentially other legal ramifications, depending on the severity and frequency of the breaches. The maximum penalties, however, are not specified in the provided legislative instrument but would be detailed in the relevant sections of the Act or associated regulations.