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ARTICLE · 19 SEPTEMBER 2012

Consultation Paper released on APRA’s Crisis Management Powers

Hunt & Hunt
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The proposed options will align the regulatory framework and international standards for crisis management arrangements.

AustraliaFinance and Banking
Maria Townsend
Maria Townsend
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On 12 September, the Minister for Financial Services and Superannuation, Bill Shorten, released the paper "Strengthening APRA's Crisis Management Powers" for public consultation. The paper forms part of the ongoing review process of Australia's financial regulation, and seeks submissions on a range of options for enhancing and streamlining financial services legislation. The proposed options are intended to align Australia's regulatory framework with international standards for crisis management arrangements.

The release states that the proposals aim to:

  • strengthen the Australian Prudential Regulation Authority's ("APRA") crisis management powers in relation to authorised deposit-taking institutions, superannuation entities, and general and life insurers, including:

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