Definitions
3 Definitions
In this Act, unless the contrary intention appears:
action that is likely to have a detrimental effect on financial system stability in New Zealand includes an action that prevents or interferes with an outsourcing arrangement.
APRA means the Australian Prudential Regulation Authority.
APRA member means a member of APRA, including the Chair and each Deputy Chair.
APRA Special Account means the Australian Prudential Regulation Authority Special Account established by section 52.
APRA staff member means any of the following:
a person appointed by APRA under section 45; or
a person assisting APRA under section 46; or
a person engaged by APRA under section 47.
ASIC means the Australian Securities and Investments Commission.
ASIC member means a member of ASIC.
ASIC staff member has the same meaning as the expression staff member has in subsection 5(1) of the Australian Securities and Investments Commission Act 2001.
body regulated by APRA has the meaning given by subsection (2).
Chair means the APRA member appointed as Chair of APRA.
Collapsed Insurer Special Account: see subsection 54F(1).
CSC (short for Commonwealth Superannuation Corporation) has the same meaning as in the Governance of Australian Government Superannuation Schemes Act 2011.
Deputy Chair means an APRA member appointed as a Deputy Chair of APRA.
Financial Claims Scheme Special Account means the Financial Claims Scheme Special Account established by section 54A.
financial sector supervisory agency means a person or body having the function, in Australia or in a foreign country, of supervising or regulating financial institutions.
New Zealand financial institution means a financial institution, as defined in section 2 of the Reserve Bank of New Zealand Act 1989 of New Zealand, that carries on a business in New Zealand.
officer of the Reserve Bank Service means a person appointed under Part VII of the Reserve Bank Act 1959.
outsourcing arrangement means an arrangement for the business of a New Zealand financial institution, or functions relating to such business, to be carried on by an entity other than the institution.
prescribed New Zealand authority means the following:
the Reserve Bank of New Zealand;
an authority of the government of New Zealand that:
has statutory responsibilities relating to prudential regulation or financial system stability; and
is prescribed by the regulations for the purposes of this definition.
prudential regulation framework law means any of the following:
this Act;
the Banking Act 1959;
the Financial Accountability Regime Act 2023;
the Financial Accountability Regime (Consequential Amendments) Act 2023;
the Financial Institutions Supervisory Levies Collection Act 1998;
the Financial Sector (Collection of Data) Act 2001;
the Financial Sector (Shareholdings) Act 1998;
the Financial Sector (Transfer and Restructure) Act 1999;
the Insurance Act 1973;
the Insurance Acquisitions and Takeovers Act 1991;
the Life Insurance Act 1995;
the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003;
the Private Health Insurance (Prudential Supervision) Act 2015 or the risk equalisation levy legislation (within the meaning of that Act);
the Retirement Savings Accounts Act 1997;
the Superannuation Industry (Supervision) Act 1993;
the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987;
any Act imposing a levy to which the Financial Institutions Supervisory Levies Collection Act 1998 applies, or to which the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 applies;
another Act that is prescribed for the purposes of the section in which the expression appears.
prudential regulation or advice services means services of either or both of the following kinds:
services consisting of APRA performing a role in the prudential regulation or supervision of entities;
services consisting of APRA providing advice relating to the prudential regulation or supervision of entities.
Reserve Bank means the Reserve Bank of Australia.
virtual enquiry technology means any technology that allows a person to appear at all or part of a hearing, examination or other enquiry without being physically present at the hearing, examination or other enquiry.
Each of the following is a body regulated by APRA:
an ADI, within the meaning of the Banking Act 1959;
an authorised NOHC, within the meaning of the Banking Act 1959;
a general insurer, authorised NOHC or subsidiary of a general insurer or authorised NOHC, within the meaning of the Insurance Act 1973;
Lloyd’s, or a Lloyd’s underwriter, as defined in section 3 of the Insurance Act 1973;
a life company that is registered under section 21 of the Life Insurance Act 1995 or a registered NOHC within the meaning of that Act;
a private health insurer, within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015;
the trustee of a superannuation entity, within the meaning of the Superannuation Industry (Supervision) Act 1993;
an RSA provider, within the meaning of the Retirement Savings Accounts Act 1997.
ADI is short for authorised deposit‑taking institution, NOHC is short for non‑operating holding company and RSA is short for retirement savings account.
The regulations may amend subsection (2) as in force from time to time for the purpose of:
making additions to, or omissions from, the kinds of bodies or entities covered by that subsection; and
changing the descriptions of the kinds of bodies or entities covered by that subsection.
This provision refers to the regulations (prescribed by the regulations
). Made under this Act:
- Australian Prudential Regulation Authority Instrument fixing charges No. 2 of 2018 · under para 51(1)(b)
- Australian Prudential Regulation Authority Instrument fixing charges No. 4 of 2018 · under para 51(1)(a)(b)
- Australian Prudential Regulation Authority instrument fixing charges No. 1 of 2017 · under para 51(1)(a)
9 more instruments made under this Act are listed on the Act’s overview.
This Act’s bill:Explanatory memorandumSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.