Commonwealth Numbered Regulations - Explanatory Statements

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AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY REGULATIONS 1998 1998 NO. 200

Statutory Rules 1998 No. 200

Minute No. 200 of 1998 - Treasurer

Subject - Australian Prudential Regulation Authority Act 1998

Australian Prudential Regulation Authority Regulations 1998

Section 60 of the Australian Prudential Regulation Authority Act 1998 (the Act) empowers the GovernorGeneral to make regulations, not inconsistent with the Act, prescribing matters required or permitted to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Act.

Section 55 of the Act provides that the Australian Prudential Regulation Authority (APRA) is not subject to taxation under the laws of the Commonwealth or of a State or Territory, subject to regulations which may apply specified law.

It is expected that the Act will commence on 1 July 1998. Meanwhile, section 4 of the Acts Interpretation Act 1901 empowers the making of regulations under the Act between its enactment and commencement provided that the regulations do not come into operation before the Act. The proposed Regulation is expressed to come into operation on the same day as the Act commences (proposed Regulation 2).

The proposed regulation will subject APRA to Commonwealth Fringe Benefits Taxation arrangements. This will ensure that APRA is subject to the same taxation requirements as other comparable Government agencies (proposed Regulation 4).

The Office of Regulation Review has advised that no Regulation Impact Statement is required in relation to the proposed regulation.

This Minute recommends that the Regulations be made in the proposed form.

Authority: Section 60 of the Australian Prudential Regulation Authority Act 1998 and section 4 of the Acts Interpretation Act 1901