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Topic: Australian Prudential Regulation Authority

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	RBA: The Australian Prudential Regulation Authority
		The Australian Prudential Regulation Authority (APRA) is an integrated prudential regulator responsible for deposit-taking institutions (banks, building societies and credit unions) as well as friendly societies, life and general insurance and superannuation1.
		APRA is charged with regulating these financial institutions and for developing administrative practices and procedures (e.g.
		APRA regulates the superannuation funds’ compliance with the prudential regulation and retirement income provisions of the
	www.rba.gov.au /FinancialSystemStability/AustralianRegulatoryFramework/apra.html (477 words)

	Australian Prudential Regulation Authority
		The Australian Prudential Regulation Authority (APRA) today announced the appointment of Mr Keith Chapman to the role of Executive General Manager – Supervisory Support Division.
		The Australian Prudential Regulation Authority (APRA) has today released the APRA Service Charter as part of its on-going commitment to enhance transparency and accountability to its stakeholders.
		APRA has today released the APRA Service Charter as part of its on-going commitment to enhance transparency and accountability to its stakeholders.
	www.apra.gov.au (218 words)

	APRA blueprint gives the regulator a rock to cling to - theage.com.au
		The blueprint for tougher regulation of Australia's general insurance industry unveiled by the Australian Prudential Regulation Authority yesterday underlines a sobering fact about the HIH disaster - there was next to no chance that it was going to be detected until it was too late.
		Until APRA arrived, prudential regulation was handled by a grab bag of federal and state agencies.
		"Prudential regulation is high on the scale of regulatory intensity," it stated, adding that overly stringent prudential regulation also generated moral hazard - the tendency for those in charge of institutions to take more risk in the belief that "safety nets" are in place.
	www.theage.com.au /articles/2002/09/26/1032734277671.html (1015 words)

	Australian Prudential Regulation Authority - Wikipedia, the free encyclopedia
		APRA was established on 1 July 1998 following the passage of the Australian Prudential Regulation Authority Bill 1998.
		APRA became prominent in the collapse of HIH in 2001 and the National Australia Bank foreign currency deal scandal in 2004.
		The current chairman of APRA is Dr John Laker and the deputy chairman is Ross Jones.
	en.wikipedia.org /wiki/Australian_Prudential_Regulation_Authority (338 words)

	Financial regulation - Wikipedia, the free encyclopedia
		Financial regulations are a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system.
		Financial Supervisory Authority, Finland (Rahoitustarkastus in Finnish, abbr.
		Australian Securities and Investments Commission (ASIC) is responsible for enforcing financial services and corporations laws.
	en.wikipedia.org /wiki/Financial_regulation (165 words)

	Buffett's Australian arm faces APRA probe (Site not responding. Last check: )
		Financial services regulators are to investigate the Australian arm of US billionaire Warren Buffett's global reinsurance business, General Reinsurance Australia, as ripples from the HIH Insurance collapse spread.
		The authority recently had asked the company to show cause why it should not be investigated over the activities, believed to be linked to HIH's $5.3 billion collapse.
		APRA deputy chairman Ross Jones said the authority aims to protect policyholders by ensuring that Australia's general insurance industry and maintains a rigorous approach to risk management, liability valuation and reporting.
	www.infowars.com /articles/economy/buffets_australian_arm_faces_apra_probe.htm (271 words)

	Australian Prudential Regulation Authority Bill 1998 (Bills Digest 203 1997-98)
		The current framework for prudential regulation is institutionally based, with separate agencies regulating the activities of each class of institution.
		If a single regulator under options 2, 3 or 4 was chosen, a further issue would arise as to where the responsibility for combined prudential regulation should reside.
		APRA is obliged to notify the Treasurer where it considers that a body which is regulated by it is in financial difficulty (clause 10).
	www.aph.gov.au /Library/Pubs/bd/1997-98/98bd203.htm (3119 words)

	[No title] (Site not responding. Last check: )
		Regulation 9.08 requires an employer-sponsor, in respect of each year of income of the fund, to pay contributions to the fund in an amount “not less than the certified minimum contributions relating to the fund”.
		As a regulated superannuation fund, the Fund is a “superannuation entity”. The content of the governing rules of a superannuation entity are the subject of Part 6 of the SIS Act.
		It provides that: “The Regulator may disqualify an individual if satisfied that the individual is otherwise not a fit and proper person to be a trustee, investment manager or custodian, or a responsible officer of a body corporate that is a trustee, investment manager or custodian.” 25.
	www.aat.gov.au /AATdecisions/docs/20060710.doc (14052 words)

	AAR: Publication: Focus: Insurance & Reinsurance
		APRA proposes that regulated institutions consult with it prior to entering into a material offshore contract and that the consultation process is not intended to be a form of quasi-approval.
		Although a breach of the prudential standard is not in itself an offence, it may become an offence if APRA gives a direction to comply with a standard and the insurer fails to comply.
		APRA has invited submissions on this issue and to seek further clarification of the scope of the proposed outsourcing prudential standards by 26 May 2006.
	www.aar.com.au /pubs/insur/foinsmay06.htm (1930 words)

	FEN Jobs: AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY (Site not responding. Last check: )
		ABOUT APRA: The Australian Prudential Regulation Authority (APRA) regulates the Australian banking, insurance and superannuation industries and is funded largely by the industries that it supervises.
		APRA researchers are encouraged to present their work at academic and industry conferences and to publish in leading journals.
		APRA researchers also enjoy priority access to APRA's survey data and its regular statistical data collections, which are the most extensive of their type in Australia.
	www.ssrn.com /update/fen/fenjob/job312.html (467 words)

	Australian Prudential Regulation Authority - Environmental policy statement
		This policy covers the office based operations of the Australian Prudential Regulation Authority (APRA) in Sydney, Melbourne, Canberra, Brisbane, Adelaide and Perth.
		APRA will work towards developing an Environmental Management System (EMS) during 2003 by liaising with and sharing knowledge with like agencies.
		An EMS is a structured tool for measuring and continually improving the performance of an organisation in maintaining its regulatory compliance and managing its environmental risks.
	www.deh.gov.au /settlements/publications/government/purchasing/prudential.html (240 words)

	SSRN-Managing Regulatory Risks and Defining the Parameters of Blame: A Focus on the Australian Prudential Regulation ...
		Risk-based regulation is a new arrival in the lexicon of risk and regulation.
		Regulators in Australia, Canada, and the UK have begun developing systems and processes to assess the probability and impact of compliance failures by regulated firms, and to adjust their relationship with firms accordingly.
		It broadens out from this case study to argue first, that risk-based regulation goes hand in hand with the technique of "meta" regulation, the regulation of the firm's own internal self regulation, and will both fuel and be fueled by any trend towards the latter.
	papers.ssrn.com /sol3/papers.cfm?abstract_id=871537 (348 words)

	[No title] (Site not responding. Last check: )
		These are: First, that prudential regulation does not and cannot guarantee the absence of failure - since financial institutions are in the business of absorbing risk, they always face the possibility of adverse outcomes beyond their financial capacity.
		In recent times APRA and the Reserve Bank have worked together to develop a prudential standard under which specialist payments services providers can be licensed and regulated by APRA in order to be admitted to the payments system through the Bank.
		APRA now collects all the relevant data from banks and non-banks, including data required only by the Bureau or only by the bank, as part of its broader prudential collections.
	www.sec.or.th /th/infocenter/pub/seminar/nbfi2002/33session3_carmichael.doc (3425 words)

	Treasury Portfolio Budget Statements 2002-03
		The role of the Australian Prudential Regulation Authority (APRA) is developing and enforcing regulation that promotes prudent behaviour by authorised deposit-taking institutions, insurance companies, superannuation funds and other financial institutions with the key aim of protecting the interests of their depositors, policy holders and members.
		Prudential regulation focuses on the quality of an institution's systems for identifying, measuring and managing the various risks in its business.
		APRA was established by the Australian Prudential Regulation Authority Act 1998.
	www.dfat.gov.au /budget/2002-03/budget_pbs/html/06_APRAPartC.html (318 words)

	APRA's extra bite 'good' for insurers \| Business \| The Australian
		AUSTRALIA'S prudential regulator could gain new powers to conduct investigations, suspend activity and freeze accounts of suspect insurance and superannuation companies, according to a federal government discussion paper released yesterday.
		The paper proposes to remove requirements that the Australian Prudential Regulation Authority obtain the Treasurer's approval before it revokes the authorisation of a general insurance company, or conducts an investigation into an insurer - fulfilling a recommendation that came from the HIH Royal Commission.
		In another proposal, the use by APRA of enforceable undertakings - a tool used with increasing frequency by the Australian Competition and Consumer Commission under the chairmanship of Graeme Samuel - would be extended.
	www.theaustralian.news.com.au /story/0,20867,20872224-643,00.html (547 words)

	The Commonwealth Treasurer – Press Release - Government's Response to the Recommendations of the HIH Royal ...
		Recommendation 17 proposes that APRA extend the qualifications of the approved actuary to require that they not be an employee or partner of the organisation to which the approved auditor belongs.
		Recommendation 28 proposes that APRA develop systems to encourage its staff and management continually to question their assumptions, views and conclusions about the financial viability of supervised entities, particularly on the receipt of new information about an entity.
		APRA should develop reporting returns for insurers that would enable this to occur if existing returns are insufficient.
	www.treasurer.gov.au /tsr/content/pressreleases/2003/082.asp (3910 words)

	Accounting Education - News - APRA FINALISES PRUDENTIAL APPROACH TO OUTSOURCING
		APRA Chairman, John Laker, said that the outsourcing package gives APRA the opportunity to harmonise the approach it takes to outsourcing across the deposit-taking and insurance sectors.
		APRA has introduced a principles-based, harmonised approach setting out minimum requirements for managing risks from outsourcing but enabling institutions to tailor their outsourcing policy to meet their individual needs.
		APRA currently supervises institutions holding approximately $2.5 trillion in assets for 20 million Australian depositors, policyholders and superannuation fund members.
	www.accountingeducation.com /index.cfm?page=newsdetails&id=143848 (394 words)

	Get rid of the Financial Services Reform Act!
		APRA says “a trustee licence to offer superannuation services to the public will possess the same risk management expectations as a licence to take deposits from the public, or sell insurance to the public”.
		APRA has already asked some superannuation trustees whether they know if advisers are correctly representing their (the trustees’) fund.
		It appears that APRA is moving from the regulator with the soft glove to the regulator with the mangled lead fist.
	www.moneymanagement.com.au /articles/26/0C013826.asp (1144 words)

	MEMORANDUM OF UNDERSTANDING
		The Reserve Bank of New Zealand and the Australian Prudential Regulation Authority will endeavour to communicate such information as would be appropriate in the particular circumstances, taking into account all relevant factors, including the status of efforts by the home country authority to resolve the bank's difficulties and restore confidence in the bank.
		The Australian Prudential Regulation Authority will notify the Reserve Bank of New Zealand of plans to inspect formally any branch, agency, representative office or subsidiary of an Australian bank in New Zealand.
		The Reserve Bank of New Zealand may accompany the Australian Prudential Regulation Authority during an inspection of a branch, agency, representative office or subsidiary in New Zealand.
	www.rbnz.govt.nz /finstab/banking/supervision/0137035.html (658 words)

	The Commonwealth Treasurer – Press Release - Appointment of members of The Australian Prudential Regulation ...
		Mr Jones is currently a Commissioner at the Australian Competition and Consumer Commission and an Associate Professor at the University of Technology, Sydney (UTS).
		As the new governance arrangements involve the replacement of the APRA board, I wish to acknowledge publicly the substantial contribution that has been made by the members of that board and to thank them for that contribution.
		APRA was formed in 1998 following the recommendations of the Financial System Inquiry, involving the integration of diverse functions and staff from the RBA, the Insurance and Superannuation Commission and a number of state financial sector regulators into a new organisation with very important prudential supervision responsibilities.
	www.treasurer.gov.au /tsr/content/pressreleases/2003/057.asp (482 words)

	GARP : Risk News : Risk eNews Article (Site not responding. Last check: )
		The Australian Prudential Regulation Authority yesterday released a paper setting out its response to industry submissions on its proposed approach to the advanced measurement approaches to operational risk under the Basel II capital framework.
		The Australian Prudential Regulation Authority (APRA) yesterday released a paper setting out its response to industry submissions on its proposed approach to the advanced measurement approaches (AMA) to operational risk under the Basel II capital framework.
		The full suite of Basel II prudential standards is expected to be finalised in late 2007 after a further round of consultation in the first half of 2007.
	www.garp.com /risknews/newsfeed.asp?Category=19&MyFile=2006-10-12-13661.html (283 words)

	APRA Media Releases
		The Australian Prudential Regulation Authority (APRA) announced today that the deadline for foreign insurers wishing to apply for a licence to write business in Australia after 1 July has been extended.....
		The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) are jointly reminding direct offshore foreign insurers (DOFIs) and local insurance brokers about the new authorisation requirements for foreign insurers that come into effect on 1 July 2008.....
		The Australian Prudential Regulation Authority (APRA) today released its Annual Superannuation Bulletin which includes a wide range of statistics for the full financial year to 30 June 2007.....
	www.apra.gov.au /Media-Releases (510 words)

	S0966
		Both bargaining periods were, it is said by the respective applicants, created as a result of the service of bargaining notices on Australian Prudential Regulation Authority (APRA), in the case of the CPSU on 2 July, 1998 and in the case of the FSU on 2 July, 1998.
		In my view the authorities make it clear that such employees would not have lost their eligibility for membership of that section or their actual membership of the section on the date the notice was given, namely 1 July, 1998 by virtue of their transfer to APRA.
		It is the submission by APRA that other than in respect of employees who were employed by the RBA or ISC prior to becoming employees of APRA the Commission has no power at all to determine their terms or conditions of employment.
	www.airc.gov.au /my_html/S0966.htm (7343 words)

	Australian Prudential Regulation Authority publishes draft business continuity management standard
		The Australian Prudential Regulation Authority (APRA) yesterday released a draft Prudential Standard on business continuity management for authorised deposit-taking institutions, general insurers and life insurance companies.
		APRA is seeking public comments on the standard, which will be mandatory for regulated institutions.
		APRA’s chairman, Dr John Laker, said APRA has undertaken detailed assessments of regulated institutions’ business continuity arrangements for a number of years as part of its regular on-site reviews and has used this experience in formalising prudential requirements in this area.
	www.continuitycentral.com /news01372.htm (322 words)

	Regulation of Insurance Companies in Australia
		APRA is the regulator of the financial services industry.
		However, the Commission conceded that APRA did not cause or contribute to the collapse of HIH; nor could it have taken steps to prevent the failure of the company.
		APRA said that it had been monitoring the situation at Tower since November 2002 and that it would continue to watch Tower's reserving levels.
	users.bigpond.net.au /renton/917.htm (610 words)

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