FINANCIAL SECTOR REFORM (AMENDMENTS AND TRANSITIONAL PROVISIONS) REGULATIONS 1999 1999 NO. 144 - REG 34 Interpretation of continued prudential standards

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FINANCIAL SECTOR REFORM (AMENDMENTS AND TRANSITIONAL PROVISIONS) REGULATIONS 1999 1999 NO. 144 - REG 34

Interpretation of continued prudential standards

(1): This regulation applies if a prudential standard to which regulation 33 applies refers to any of the following:

(a): AFIC or an SSA;
(b): a power exercised by AFIC or an SSA;
(c): another standard issued by AFIC under Part 4 of an AFIC Code;
(d): the Friendly Societies Code, a provision of that Code, or a provision of an instrument that was made under a provision of that Code.

(2): A reference to AFIC or an SSA is to be read as if it were a reference to APRA.
(3): A reference to a power exercised by AFIC or an SSA is to be read as if it were a reference to a power exercised by APRA under the prudential standard, the Act, or another law of the Commonwealth that is equivalent to the power.
(4): A reference to any other matter mentioned in subregulation (1) is to be read in a way that:

(a): is consistent with, and promotes, the transitional arrangements made by the Act and these regulations; and
(b): is consistent with APRA's powers, functions and responsibilities; and
(c): does not alter the interpretation or operation of the prudential standard.

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