Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) APRA may, in writing, determine standards in relation to prudential matters to be complied with by:
(a) all ADIs; or
(b) all authorised NOHCs; or
(c) the subsidiaries of ADIs or authorised NOHCs; or
(d) a specified class of ADIs, authorised NOHCs or subsidiaries of ADIs or authorised NOHCs; or
(e) one or more specified ADIs, authorised NOHCs or subsidiaries of ADIs or authorised NOHCs.
(1A) A standard may impose different requirements to be complied with:
(a) in different situations; or
(b) in respect of different activities;
including requirements to be complied with by different classes of ADIs, authorised NOHCs or subsidiaries of ADIs or authorised NOHCs.
(1AA) Without limiting the prudential matters in relation to which APRA may determine a standard, a standard may require:
(a) each ADI or authorised NOHC; or
(b) each ADI or authorised NOHC included in a specified class of ADIs or authorised NOHCs; or
(ba) each subsidiary of an ADI or of an authorised NOHC; or
(bb) each subsidiary of an ADI or of an authorised NOHC, included in a specified class of subsidiaries; or
(c) a specified ADI or authorised NOHC; or
(d) each of 2 or more specified ADIs or authorised NOHCs; or
(e) a specified subsidiary of an ADI or of an authorised NOHC; or
(f) each of 2 or more specified subsidiaries of ADIs or of authorised NOHCs;
to ensure that its subsidiaries (or particular subsidiaries), or it and its subsidiaries (or particular subsidiaries), collectively satisfy particular requirements in relation to prudential matters.
(1AB) Without limiting the prudential matters in relation to which APRA may determine a standard, a standard may provide for matters relating to:
(a) the appointment of auditors; or
(b) the conduct of audits.
(2) A standard may provide for APRA to exercise powers and discretions under the standard, including (but not limited to) discretions to approve, impose, adjust or exclude specific prudential requirements in relation to one or more specified ADIs or authorised NOHCs, or one or more specified subsidiaries of ADIs or authorised NOHCs.
(3) APRA may, in writing, vary or revoke a standard.
(3A) A standard referred to in paragraph (1)(d), or an instrument varying or revoking such a standard, has effect:
(a) from the day on which the standard, variation or revocation is made; or
(b) if the standard, variation or revocation specifies a later day--from that later day.
(4A) If APRA determines or varies a standard referred to in paragraph (1)(e) it must, as soon as practicable:
(a) give a copy of the standard, or of the variation, to the ADI, authorised NOHC or subsidiary, or to each ADI, authorised NOHC or subsidiary, to which the standard applies; and
(b) give a copy of the standard, or of the variation, to the Treasurer.
(5A) If APRA revokes a standard referred to in paragraph (1)(e) it must, as soon as practicable:
(a) give notice of the revocation to the ADI, authorised NOHC or subsidiary, or to each ADI, authorised NOHC or subsidiary, to which the standard applied; and
(b) give a copy of the revocation to the Treasurer.
(7) A failure to comply with subsection (4A) or (5A) does not affect the validity of the action concerned.
(7A) The following instruments made under this section are not legislative instruments:
(a) a standard referred to in paragraph (1)(e);
(b) an instrument varying or revoking a standard referred to in paragraph (1)(e).
(7B) Otherwise, an instrument made under this section is a legislative instrument.
(7BA) A standard may provide for a matter by applying, adopting or incorporating, with or without modification, any matter contained in an instrument or other writing as in force or existing from time to time, despite:
(a) section 46AA of the Acts Interpretation Act 1901 ; and
(b) section 14 of the Legislation Act 2003 .
(7C) Part VI applies to the following decisions under this section:
(a) a decision to determine a standard referred to in paragraph (1)(e);
(b) a decision to vary such a standard.
(8) In this section:
"Territory" means a territory to which this Act extends.