Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (44 of 1999)

Schedule 1   Amendment of the Australian Prudential Regulation Authority Act 1998

2   Section 9

Repeal the section, substitute:

9 APRA's functions

APRA has the following functions:

(a) the functions conferred on it by or under this Act or any other law of the Commonwealth;

(b) the functions conferred on it by or under any law of a State or Territory in accordance with subsection 9A(1);

(c) the function of providing prudential regulation or advice services under agreements entered into in accordance with subsection 9A(2).

9A Conferral of functions by State or Territory laws or by agreements

Conferral of functions by or under State or Territory laws

(1) APRA may have functions or powers conferred on it by or under a law of a State or Territory if the conferral of the functions or powers is in accordance with:

(a) provisions of an agreement entered into by the Commonwealth and the State or Territory, being provisions approved by the Minister for the purposes of this subsection; or

(b) an approval given by the Minister for the purposes of this subsection.

APRA has the functions and powers so conferred by that law.

Agreements for performance of prudential regulation or advice services

(2) APRA may, with the approval of the Minister, enter into an agreement with a State, Territory or other person under which APRA is, for a fee, to provide prudential regulation or advice services (whether in Australia or a foreign country). The agreement is only effective for the purposes of this Act to the extent to which APRA's provision of the services is for a purpose or purposes within the Commonwealth's legislative power.

Subsection (2) agreement may deal with liabilities between the parties

(3) An agreement entered into in accordance with subsection (2) may make provision in relation to the circumstances in which, and the extent to which, one party to the agreement is liable to the other party to the agreement in respect of matters arising under or out of the agreement.

Delegation of Minister's power to approve subsection (2) agreement

(4) The Minister may, in writing, delegate the power under subsection (2) to approve the entering into of agreements to a person holding or performing the duties of a Senior Executive Service office in the Department.