Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 (154 of 2007)
Schedule 1 Streamlining prudential regulation
Part 1 Amendments commencing on Royal Assent
Banking Act 1959
11 Subsections 11(1) and (2)
Repeal the subsections, substitute:
(1) APRA may, in writing, determine that any or all of the following provisions of this Act do not apply to a person while the determination is in force:
(a) a provision of Division 1, 1AA or 1A of Part II (other than section 11A, 11B or 11C);
(b) section 66;
(c) section 66A;
(d) section 67;
(e) section 69.
(2) The determination:
(a) may be expressed to apply to a particular person or to a class of persons; and
(b) may specify the period during which the determination is in force; and
(c) may be made subject to specified conditions.
(2A) If APRA makes a determination that applies to a particular person, APRA must also give the person written notice of the determination.