Document ID: chunk:federal_register_of_legislation:C2006C00145:clause:2_11af
Version: federal_register_of_legislation:C2006C00145
Segment Type: clause
Provision Reference: sch 2 cl 11AF
Character Range: 54657–56313

11AF  APRA may make prudential standards for ADIs and authorised NOHCs

 (1) APRA may, in writing, determine standards in relation to prudential matters to be complied with by ADIs and authorised NOHCs.

Note: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 11CA.

 (2) A standard:
 (a) comes into force:
 (i) unless subparagraph (ii) applies—on the day on which the determination of the standard is made; or
 (ii) if that determination specifies a later day as the day on which the standard comes into force—on the day so specified; and
 (b) continues in force until it is revoked.

 (3) APRA may, in writing, vary or revoke a standard.

 (4) If APRA determines or varies a standard it must, as soon as practicable, cause a notice advising of the determination of the standard, or of the variation of the standard, and summarising the purpose and effect of the standard or variation, to be published:
 (a) in the Gazette; and
 (b) in a daily newspaper or daily newspapers circulating generally in each State or Territory.

 (5) If APRA revokes a standard it must, as soon as practicable, cause a notice of the revocation to be published:
 (a) in the Gazette; and
 (b) in a daily newspaper or daily newspapers circulating generally in each State or Territory.

 (6) APRA must take reasonable steps to ensure that copies of the current text of the standards are available for inspection and purchase.

 (7) A failure to comply with subsection (4), (5) or (6) does not affect the validity of the action concerned.

 (8) In this section:

Territory means a territory to which this Act extends.