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Consultation Paper released on APRA’s Crisis Management Powers


On 12 September, the Minister for Financial Services and Superannuation, Bill Shorten, released the paper "Strengthening APRA’s Crisis Management Powers" for public consultation.
 

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Hunt & Hunt

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The paper forms part of the ongoing review process of Australia’s financial regulation, and seeks submissions on a range of options for enhancing and streamlining financial services legislation. The proposed options are intended to align Australia’s regulatory framework with international standards for crisis management arrangements.

The release states that the proposals aim to:

  • strengthen the Australian Prudential Regulation Authority’s (“APRA”) crisis management powers in relation to authorised deposit-taking institutions, superannuation entities, and general and life insurers, including:
    • enhancing APRA’s powers in relation to foreign entities;
    • the ability to appoint statutory or judicial managers to a failing institution;
    • clarifying and expanding APRA’s powers in relation to winding up and external administration of regulated entities;
    • enhancements to the Financial Claims Scheme; and
    • providing APRA with directions power in superannuation to take pre-emptive action to address prudential concerns including the removal of an individual trustee, director or officer;
  • simplify and streamline APRA’s regulatory powers across the various Acts it administers; and
  • ensure consistency through technical amendments of legislation administered by APRA.

The consultation paper can be accessed from the Treasury website at http://www.treasury.gov.au/ConsultationsandReviews/Submissions/2012/APRA.

The closing date for submissions is 14 December 2012.

If you require any assistance in the preparation of submissions, please do not hesitate to contact us.

Penny Cable, Sydney +61 2 9391 3160 pcable@hunthunt.com.au
Neville Debney, Melbourne +61 3 8602 9253 ndebney@hunthunt.com.au
Mary Nemeth, Melbourne +61 3 8602 9258 mnemeth@hunthunt.com.au
Rick Harley, Adelaide +61 8 8414 3373 rharley@hunthunt.com.au
Darren Miller, Perth +61 8 9488 1318 darren.miller@culshawmiller.com.au
Antony Logan, Hobart +61 3 6210 6200 alogan@hunttas.com.au

 

 

 

 

 

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