Essays on The Australian Prudential Regulation Framework Assignment

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The paper "The Australian Prudential Regulation Framework" is an excellent example of an assignment on macro and microeconomics. The Australian prudential regulation framework is designed to address different players in the financial industry, with a view of protecting consumers and the economy in general. The framework is complex and interlocking, consisting of governmental regulation and administrative or legal sanctions for non-compliance issued by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) (Hanrahan, 2008). In addition to APRA and ASIC, the Reserve Bank of Australia (RBA) is also part of the prudential regulatory framework and is responsible for administering some legislation. The table below shows the legislations that APRA, ASIC, and RBA administer APRA ASIC RBA Superannuation Industry (Supervision) Act 1993 Banking Act 1959 Financial Sector (Transfer of Business) Act 1999 Financial Sector (Shareholdings) Act 1998 Financial Sector (Collection of Data – consequential and transitional) Act 2001 Financial Sector (Collection of Data) Act 2001 Life Insurance Act 1995 Insurance Acquisitions and Takeovers Act 1991 Retirement Savings Accounts Act 1997 General Insurance Reform Act 2001 Insurance Contracts Act 1984 Legislation Amendment (Financial Claims Scheme and other Measures) 2008 Corporations Act 2001 Superannuation Industry(Supervision) Act 1993 Australian Securities and Investments Commission Act 2001 Superannuation (Resolution of Complaints) Act 1993 Superannuation Industry (supervision)Act of 1993 Life Insurance Act 1995 Retirement Savings Act 1997 Medical Indemnity (Prudential Supervision and Product Standards Act 2003 Corporations Act 2001, with special emphasis on part 7.3 of the Act. Payment Systems and Netting Act 1998 Payment Systems (Regulation) Act 1998 Reserve Bank Act 1959 Information sourced from Hanrahan (2008): The five highlighted (in bold) legislations in the table above are deemed as the key laws related to the operations of Australian financial institutions. Notably, the primary legislation for prudential regulation in Australia is provided by parliament itself through Acts of Parliament.

Subordinate legislations on the other hand (i. e. regulations) are made by relevant parliamentary secretaries or ministers (Hanraham, 2008).


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