Document ID: chunk:federal_register_of_legislation:F2020N00007:reg:7
Version: federal_register_of_legislation:F2020N00007
Segment Type: reg
Provision Reference: reg 7
Character Range: 5744–7318

7  Delegation of the Minister's powers
 (1) All previous delegations made under section 44 of the Financial Sector (Shareholdings) Act 1998 are revoked.
 (2) The functions and powers of the Treasurer listed in subsection (3) are delegated, subject to the limitations in that subsection, to each person holding, occupying, or performing the duties of, any of these offices:
 (a) APRA member;
 (b) Executive Director of APRA;
 (c) General Manager of APRA.
 (3) The delegated functions and powers of the Treasurer are:
 (a) all functions and powers under sections 12, 20, 21, 25 and 32 of, and clause 8 of Schedule 1 to, the Financial Sector (Shareholdings) Act 1998; and
 (b) all functions and powers under sections 14, 15, 16, 17, 18, 23, 24 and 31 of that Act, but only so far as, when the function or power is performed or exercised, the financial sector company concerned is covered by subsection (4) of this section.
 (4) This subsection covers a financial sector company at a particular time if, at that time:
 (a) the company is an authorised deposit-taking institution and the value of total assets of the company, as worked out under subsection 5(1) or (2), does not exceed $5 billion; or
 (b) the company is an authorised insurance company and the value of total assets of the company, as worked out under subsection 5(3) or (4), does not exceed $5 billion; or
 (c) the company is a holding company of one or more other financial sector companies, and this subsection covers every financial sector company of which the first-mentioned company is a holding company.