Regulator may determine that a direction is covered by secrecy provision
67 Regulator may determine that a direction is covered by secrecy provision
When this section applies
This section applies if the Regulator has given an accountable entity a direction under section 64 or 65.
Power of Regulator to make determination
The Regulator may determine, in writing, that the direction is covered by this subsection if the Regulator considers that the determination is necessary:
to protect the depositors (within the meaning of the Banking Act 1959) of any ADI; or
to protect the policyholders (within the meaning of the Insurance Act 1973) of any general insurer; or
to protect the policy owners (within the meaning of the Life Insurance Act 1995) of any life company; or
to protect the policy holders (within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015) of a health benefits fund (within the meaning of that Act) of any private health insurer; or
to protect the beneficiaries (within the meaning of the Superannuation Industry (Supervision) Act 1993) of a registrable superannuation entity (within the meaning of that Act) of any RSE licensee; or
to promote financial system stability in Australia.
For repeal of a determination, see subsection 33(3) of the Acts Interpretation Act 1901.
The Regulator must give the accountable entity a copy of the determination as soon as practicable after making it.
Regulator must consider other determinations
If the Regulator makes a determination under subsection (2), the Regulator must consider whether it is appropriate in the circumstances to also make a determination under either or both of subsections 70(2) and 70(4).
Determination not a legislative instrument
An instrument under subsection (2) is not a legislative instrument.
This Act’s bill:Explanatory memorandumSecond reading speech
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