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
37 After Division 2B of Part II
Division 2C - Enforceable undertakings
18A Enforceable undertakings
(1) APRA may accept a written undertaking given by a person in connection with a matter in relation to which APRA has a power or function under this Act.
(2) The person may, with APRAs consent, vary or withdraw the undertaking.
(3) If APRA considers that a person who has given an undertaking has breached any of the terms of the undertaking, APRA may apply to the Federal Court of Australia for an order under subsection (4).
(4) If the Federal Court is satisfied that a person who has given an undertaking has breached any of the terms of the undertaking, the Court may make any or all of the following orders:
(a) an order directing the person to comply with the undertaking;
(b) an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person obtained (whether directly or indirectly) and that is reasonably attributable to the breach;
(c) any order that the Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach;
(d) any other order that the Court considers appropriate.