Treasury Laws Amendment (APRA Governance) Act 2018

No. 81, 2018

An Act to provide for an additional Deputy Chair of APRA, and for related purposes

Contents

1 Short title 1

2 Commencement 2

3 Schedules 2

Schedule 1—Additional Deputy Chair of APRA 3

Australian Prudential Regulation Authority Act 1998 3

Treasury Laws Amendment (APRA Governance) Act 2018

No. 81, 2018

An Act to provide for an additional Deputy Chair of APRA, and for related purposes

[Assented to 24 August 2018]

The Parliament of Australia enacts:
1 Short title

This Act is the Treasury Laws Amendment (APRA Governance) Act 2018.
2 Commencement 1

Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information Commencement information Commencement information
Column 1 Column 2 Column 3
Provisions Commencement Date/Details
1. The whole of this Act The day after the end of the period of 14 days beginning on the day this Act receives the Royal Assent. 7 September 2018

Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

 2

Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
3 Schedules

Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Additional Deputy Chair of APRA

Australian Prudential Regulation Authority Act 1998

 1 Subsection 3(1) (definition of APRA Member)

Omit “and Deputy Chair”, substitute “and each Deputy Chair”.

 2 Subsection 3(1) (definition of Deputy Chair)

Repeal the definition, substitute:

Deputy Chair means an APRA member appointed as a Deputy Chair of APRA.

 3 Section 18

Repeal the section, substitute:

 18 Appointment of Chair and Deputy Chairs 1

The Governor-General is to appoint as Chair of APRA a person who is, or is to be, a full-time APRA member.

 2

The Governor-General may appoint as a Deputy Chair of APRA a person who is, or is to be, a full-time APRA member.

Note: For the manner in which the Chair and a Deputy Chair may be referred to, see Acts Interpretation Act 1901.section 18B of the

3

Not more than 2 persons may hold office as Deputy Chair at any one time.

 4 Subparagraph 19(1)(c)(i)

Omit “as Deputy Chair”, substitute “as a Deputy Chair”.

 5 Subsection 19(3)

Repeal the subsection, substitute:

Note: For rules that apply to acting appointments, see Acts Interpretation Act 1901.section 33A of the

3

The Minister may appoint an APRA member to act as a Deputy Chair:

 a

during a period when there are fewer than 2 persons holding office as Deputy Chair; or

 b

during any period, or during all periods, when a Deputy Chair is absent from duty or from Australia, or is, for any reason, unable to perform the functions of his or her office; or

 c

during any period, or during all periods, when a Deputy Chair is acting as Chair.

 6 Section 21

Repeal the section, substitute:

 21 Term of office as Chair or a Deputy Chair

A person appointed as Chair, or as a Deputy Chair, holds that office until:

whichever happens first.

Note: This section has effect subject to section 24 (under which a person may resign his or her appointment as Chair or a Deputy Chair).

 a

in any case—the end of his or her current term as an APRA member; or

 b

in any case—he or she otherwise stops being an APRA member; or

 c

in the case of a person appointed as a Deputy Chair—he or she is appointed as Chair;

 7 Section 24

Omit “as Deputy Chair”, substitute “as a Deputy Chair”.

 8 Subsections 29(2) and (3)

Repeal the subsections, substitute:

 2

In the absence of the Chair from a meeting:

 a

if there are 2 Deputy Chairs available to preside at the meeting—the Chair may nominate one of them to preside at the meeting; or

 b

if there is only one Deputy Chair available to preside at the meeting—that Deputy Chair is to preside at the meeting.

 3

If neither the Chair nor any Deputy Chair is present at a meeting, the APRA members present must elect one of their number to preside.

 9 Saving of appointments 1

(1) This Act does not affect an appointment of the Chair, a Deputy Chair or an APRA member under the Australian Prudential Regulation Authority Act 1998.

 2

Subitem (1) does not prevent the termination of an appointment.

[Minister’s second reading speech made in—

House of Representatives on 24 May 2018

Senate on 25 June 2018]

(150/18)