Federal Register of Legislation - Australian Government

Primary content

A Bill for an Act to amend the Australian Prudential Regulation Authority Act 1998, and for related purposes
Administered by: Treasury
For authoritative information on the progress of bills and on amendments proposed to them, please see the House of Representatives Votes and Proceedings, and the Journals of the Senate as available on the Parliament House website.
Registered 14 May 2020
Introduced HR 13 May 2020
Table of contents.

2019‑2020

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Australian Prudential Regulation Authority Amendment (APRA Industry Funding) Bill 2020

 

No.      , 2020

 

(Treasury)

 

 

 

A Bill for an Act to amend the Australian Prudential Regulation Authority Act 1998, and for related purposes

  

  


Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 2

Schedule 1—Amendments                                                                                                3

Australian Prudential Regulation Authority Act 1998                                        3

 

 


A Bill for an Act to amend the Australian Prudential Regulation Authority Act 1998, and for related purposes

The Parliament of Australia enacts:

1  Short title

                   This Act is the Australian Prudential Regulation Authority Amendment (APRA Industry Funding) Act 2020.

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

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this Act

The day after this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally enacted.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.

Schedule 1Amendments

  

Australian Prudential Regulation Authority Act 1998

1  Subsection 50(1)

Repeal the subsection, substitute:

Determination of Commonwealth costs

             (1)  The Minister is to make, by legislative instrument, for each financial year, either of the following determinations:

                     (a)  a determination specifying the amount of the levy money payable to the Commonwealth, in respect of levy for that financial year, to cover the following costs to the Commonwealth:

                              (i)  costs incurred in connection with supporting the integrity and efficiency of markets in which leviable bodies operate;

                             (ii)  costs incurred in connection with promoting the interests of consumers in markets in which leviable bodies operate;

                            (iii)  the cost of administering the function of making determinations about the release on compassionate grounds of benefits that are in a superannuation entity or retirement savings account;

                            (iv)  the cost of governing and maintaining the superannuation transactions network;

                             (v)  costs relating directly or indirectly to the regulation of leviable bodies;

                     (b)  a determination, in respect of each class of levy for that financial year, specifying the amount of the levy money payable to the Commonwealth in respect of that class of levy for that financial year, to cover the following costs to the Commonwealth:

                              (i)  costs incurred in connection with supporting the integrity and efficiency of markets in which leviable bodies operate;

                             (ii)  costs incurred in connection with promoting the interests of consumers in markets in which leviable bodies operate;

                            (iii)  the cost of administering the function of making determinations about the release on compassionate grounds of benefits that are in a superannuation entity or retirement savings account;

                            (iv)  the cost of governing and maintaining the superannuation transactions network;

                             (v)  costs relating directly or indirectly to the regulation of leviable bodies.

Note:          Regulations made under the Superannuation Industry (Supervision) Act 1993 and the Retirement Savings Accounts Act 1997 provide for the making of determinations about the release of benefits on compassionate grounds.

2  Subsection 50(6)

Insert:

leviable body has the same meaning as in the Financial Institutions Supervisory Levies Collection Act 1998.

3  Application of amendments

The amendments made by this Schedule apply in relation to a determination under subsection 50(1) of the Australian Prudential Regulation Authority Act 1998 that is made on or after the commencement of this Act.