Bill
Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017
passed, as at 2018-03-05. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2017-10-19
- second reading — 2017-10-19
- second reading — 2018-02-12
- second reading — 2018-02-12
- third reading — 2018-02-12
- introduced — 2018-02-13
- second reading — 2018-02-13
- second reading — 2018-02-14
- second reading — 2018-02-14
- third reading — 2018-02-14
- passed — 2018-02-14
- royal assent — 2018-03-05
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2017-10-19.
This bill would give the Australian Prudential Regulation Authority stronger powers to handle a financial crisis.
It would amend several laws to improve APRA's ability to manage distressed banks, insurers and life insurers, including through judicial management, directions and transfers.
The changes would also require regulated entities to prepare resolution plans under APRA's prudential standards.
- Enhance APRA's statutory and judicial management regimes for crisis situations.
- Improve APRA's directions powers and its ability to transfer business under the Transfer Act.
- Support conversion and write-off of capital instruments and strengthen stay provisions in contracts.
- Give APRA clearer powers to respond to distress in Australian branches of foreign entities.
- Improve the Financial Claims Scheme and simplify APRA's wind-up and external administration powers.
- Require regulated entities to prepare resolution plans under APRA's prudential standards.
APRA, banks, insurers, life insurers, and their corporate groups.
Sources
em
billhome
frl act