Commonwealth Consolidated Acts

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APRA may determine that a direction is covered by secrecy provision

             (1)  This section applies if APRA has given an entity (the directed entity ) a direction under this Act.

             (2)  APRA may determine, in writing, that the direction is covered under this subsection if APRA considers that the determination is necessary to protect the depositors of any ADI or to promote financial system stability in Australia.

Note:          For repeal of a determination, see subsection 33(3) of the Acts Interpretation Act 1901 .

             (3)  APRA must give the directed entity a copy of the determination as soon as practicable after making it.

             (4)  An instrument under subsection (2) is not a legislative instrument.

             (5)  If APRA makes a determination under subsection (2), APRA must consider whether it is appropriate in the circumstances to also make a determination under either or both of subsections 11CK(2) and 11CK(5).

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