Consultation Paper - Review of Prudential Decisions |
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Date: |
Thursday, 31 May 2007 | ||||||
Content ID: |
1266 | ||||||
Abstract: |
On 16 April 2007, the Treasurer announced that the Government will introduce a court-based process for disqualifying individuals from operating financial sector entities. It was also announced that the Government would consult further on options concerning the availability of merits review and the removal of ministerial consent for certain decisions made by the Australian Prudential Regulation Authority (APRA). The Treasurer’s announcement was in response to industry comments on the Government’s December 2006 proposals paper Streamlining Prudential Regulation: Response to ‘Rethinking Regulation’. Consistent with the Treasurer's announcement, this consultation paper proposes introducing into APRA-administered legislation a court‑based disqualification process, modelled on the regime applying to the Australian Securities and Investments Commission. The consultation paper also contains revised proposals concerning the application of merits review to APRA decisions, including clarifying that APRA’s directions to entities issued under the streamlined directions powers are merits reviewable unless given on certain prescribed grounds. The consultation paper also seeks further comments on proposals concerning removing ministerial consent from, and expanding the availability of merits review for, certain APRA decisions, and streamlining APRA’s directions powers. Submission closing date: 29 June 2007. Address written submissions to: Review of Prudential Decisions Fax: 02 6263 3866 Inquiries about the consultation paper may be directed to: André Moore |
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Documents Available: |
 Acrobat (PDF)Review of Prudential Decisions 186.04kb Microsoft Word (RTF)Review of Prudential Decisions 800.30kb |
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