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Consultation Paper - Review of Prudential Decisions

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
Financial System Division
The Treasury
Langton Crescent
PARKES ACT 2600

Fax:  02 6263 3866
Email:  Prudentialdecisions@treasury.gov.au

Inquiries about the consultation paper may be directed to:

André Moore
Manager
Prudential Policy - Superannuation and Insurance Unit
Financial System Division
The Treasury Ph: 02 6263 3067

Documents Available:


Acrobat (PDF) documents

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Review of Prudential Decisions  186.04kb

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 Microsoft Word (RTF)

Review of Prudential Decisions  800.30kb

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Streamlining Prudential Regulation: Response to 'Rethinking Regulation' - Proposals Paper - 4/12/2006
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Submissions: Streamlining Prudential Regulation - 17/04/2007

Below is a list of submissions received in response to the Streamlining Prudential Regulation: Response to 'Rethinking Regulation' - Proposals Paper.

Submissions: Review of Prudential Decisions - 17/09/2007

Below is a list of submissions received in response to the Consultation Paper - Review of Prudential Decisions.

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