Commonwealth Consolidated Acts

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  (1)   The Governor - General may make regulations, not inconsistent with this Act, prescribing all matters which by this Act are required or permitted to be prescribed, or which are necessary or convenient to be prescribed for carrying out or giving effect to this Act and, in particular, prescribing penalties for offences against the regulations which, except as otherwise provided by this Act, shall not exceed:

  (a)   if the offender is a natural person--a fine of 50 penalty units; or

  (b)   if the offender is a body corporate--a fine of 250 penalty units.

  (2)   Without limiting the generality of subsection   (1), the regulations may confer on APRA functions relating to the supervision of ADIs and NOHCs in relation to prudential matters.

  (3)   The Governor - General shall not make regulations for or in relation to requiring ADIs or NOHCs to observe requirements in relation to prudential matters except in accordance with the recommendation of the Treasurer.

  (4)   Before making a recommendation for the purposes of subsection   (3), the Treasurer shall consult APRA.

This Division provides for the issue of covered bonds by ADIs.

An ADI issuing covered bonds must provide assets to secure the covered bonds and related liabilities. These assets are held by a covered bond special purpose vehicle. Some of the assets held by the covered bond special purpose vehicle form the cover pool for the covered bonds.

The ADI must not issue covered bonds if the combined value of assets in cover pools securing covered bonds issued by the ADI would exceed 8%, or such other percentage as is prescribed by the regulations, of the value of the ADI's assets in Australia.

The Schedules

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