APRA responds to consultation on minor proposals for instruments relating to section 66 of the Banking Act
The Australian Prudential Regulation Authority (APRA) has released a response to the consultation on a set of minor proposals for instruments relating to section 66 of the Banking Act 1959.
APRA’s proposals pertained to section 66 exemption and determination instruments that are due to sunset later this year or that require updating to reflect current practice.
The consultation response letter, finalised instrument and non-confidential submissions are available at: Banking Act exemptions and section 66 guidelines.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.