Commonwealth Numbered Regulations - Explanatory Statements

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AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY AMENDMENT REGULATIONS 2002 (NO. 1) 2002 NO. 64

Statutory Rules 2002 No. 64

Australian Prudential Regulation Authority Amendment Regulations 2002 (No. 1)

Section 60 of the Australian Prudential Regulation Authority Act 1998 (the Act) provides that the Governor-General may make regulations prescribing matters required or permitted by this Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to this Act.

Section 56 of the Australian Prudential Regulation Authority Act 1998 imposes a general obligation on APRA and its officers to not disclose "protected" information. However, s.56(5) of the Act provides that information may be disclosed to those agencies specified in Regulation 5 of the APRA Regulations for the purpose of s.56(5) of the Act.

APRA at present is not able to provide information to some law enforcement agencies with which APRA need to share information and strengthen cooperation in order to facilitate APRA's supervision of the financial sector.

The purpose of the proposed Regulations is to amend the APRA Regulations to enhance the regulatory role of APRA and the functional performance of certain agencies by allowing APRA to provide information to the following agencies:

•       the Australian Transaction Reports and Analysis Centre;

•       the National Crime Authority; and

•       the Superannuation Complaints Tribunal.

The proposed Regulations would assist the agencies listed above to better perform their functions and enforce their powers.

The proposed Regulations would allow APRA to share information, improve its performance and enlist inter-agency support in monitoring compliance and exercise of enforcement powers.

The proposed Regulations would not increase the burden on these agencies and would only result in information being passed between APRA and other agencies.

The proposed Regulations are consistent with the provisions of Privacy Act 1988.

The Regulations would commence on gazettal.