(1) This section sets out the purposes of the APRA Special Account. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.Application, saving and transitional provisions for provisions and amendmentsIf the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.For more information about any editorial changes made in this compilation, see the endnotes.If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. (1) Subject to this section, this Act commences on the day on which it receives the Royal Assent. (1) In this Act, unless the contrary intention appears:action that is likely to have a detrimental effect on financial system stability in New Zealand includes an action that prevents or interferes with an outsourcing arrangement. (3) At least 3 of the APRA members must be appointed as full‑time members, and each of the other APRA members (if any) may be appointed as a full‑time or part‑time member.
55 and 119, 2001; No. Obligation to disclose interests before deciding a particular matter (1) An APRA member who has an interest that could conflict with the proper performance of the functions of his or her office, as they give the member a role in deciding a particular matter, must not perform the role in deciding the matter unless: (a) the member has disclosed that interest to each of the other APRA members; and (b) each of the other APRA members has consented to the member performing that role in deciding that matter despite the possible conflict of interest. (5) The Finance Minister may delegate, in writing, to an SES employee or acting SES employee in the Department that is administered by the Finance Minister, the Finance Minister’s power of approval for the purposes of subsection (1). Accordingly, this compilation does not show the text of the compiled law as modified. (3) The Chair must convene a meeting if requested in writing by 2 or more APRA members. (2) An APRA member is to be paid the allowances that are prescribed. The role of the Australian Prudential Regulation Authority (APRA) is developing and enforcing a robust prudential framework of legislation, prudential standards and prudential guidance that promotes prudent behaviour by authorised deposit-taking institutions (ADIs), insurance companies, superannuation funds and other financial institutions it supervises, with the key aim of protecting the interests of their … (2) However, proceedings at a meeting must not be inconsistent with this Division.Note 2: Requirements relating to disclosure of interests are contained in Division 1 of Part 4A of this Act. Conferral of functions by State or Territory laws or by agreementsConferral of functions by or under State or Territory laws (1) APRA may have functions or powers conferred on it by or under a law of a State or Territory if the conferral of the functions or powers is in accordance with: (a) provisions of an agreement entered into by the Commonwealth and the State or Territory, being provisions approved by the Minister for the purposes of this subsection; or (b) an approval given by the Minister for the purposes of this subsection.APRA has the functions and powers so conferred by that law.Agreements for performance of prudential regulation or advice services (2) APRA may, with the approval of the Minister, enter into an agreement with a State, Territory or other person under which APRA is, for a fee, to provide prudential regulation or advice services (whether in Australia or a foreign country). This approach also recognises that management and boards of supervised institutions are primarily responsible for financial soundness. (5) The Minister must cause a copy of a direction under subsection (1): (b) to be laid before each House of the Parliament within 15 sitting days of that House after the publication;but failure of the Minister to do so does not affect the direction’s validity. (2) In performing or exercising functions or powers delegated under subsection (1), the delegate must comply with any directions given by the Chair.Note: For information about delegations, see sections 34AA to 34A of the (1) The Chair must determine, in writing, the APRA Values. (1) An APRA member is to be paid the remuneration that is determined by the Remuneration Tribunal. (4) Without limiting subsection (1), interests that must be disclosed under that subsection include: (a) any agreement, understanding or expectation that the APRA member will: (i) resume a previous business relationship (whether or not that relationship existed immediately before the member’s appointment); or (ii) enter into a new business relationship; when the member ceases to be a member; and (b) any severance arrangement or ongoing financial arrangement that takes account of an agreement, understanding or expectation that must be disclosed under paragraph (a). means the Australian Prudential Regulation Authority Special Account established by section 52. No. Prudential regulation is concerned with maintaining the safety and soundness of financial institutions, so that the community c… This Act extends to every external Territory. (4) The performance of a function or the exercise of a power by APRA is not invalid merely because of a failure by APRA to comply with this section. (2) The Governor‑General may appoint another full‑time APRA member as Deputy Chair of APRA. (a) the amount specified in a declaration described in paragraph (1)(e) is credited to the APRA Special Account; and (b) the declaration is later amended so as to increase the amount;only the increase, and not the whole of the increased amount, is to be credited to the Account as a result of the amendment.Note: Crediting the whole of the increased amount to the Account would lead to double‑counting of the amount specified in the declaration before the amendment.
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