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The Australian Prudential Regulation Authority (APRA) is a statutory authority of the Australian Government and the prudential regulator of the Australian financial services industry. APRA was established on 1 July 1998 in response to the recommendations of the Wallis Inquiry.
While the first draft of the APRA would have superseded state privacy laws, a June 2024 revision clarified state laws could place more stringent regulations on privacy. [11] There has also been disagreement about enforcement, including whether users could use the laws as a basis to sue companies directly for privacy violations. [ 12 ]
In this list of financial regulatory and supervisory authorities, central banks are only listed where they act as direct supervisors of individual financial firms, and competition authorities and takeover panels are not listed unless they are set up exclusively for financial services.
APRA would almost completely flatten the landscape by preempting all state privacy laws, except in specific legal domains including civil rights, consumer protection, and contracting. That’s a ...
The Corporations Act 2001 sets up a uniform approach to the regulation of financial services through a uniform licensing and disclosure regime. The general regulatory position is that a person (whether an individual or corporate entity) carrying on a financial services business in Australia must, unless exempted, hold an Australian financial services licence (AFSL) issued by ASIC.
The Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) regulate the securities aspect of variable annuities. They oversee disclosures, such as fees ...
The Australian Prudential Regulation Authority (APRA) regulates life insurance companies registered under the Life Insurance Act in Australia. As at 30 June 2020, there were 28 life insurers being monitored by APRA.
The Australian Health Practitioner Regulation Agency (AHPRA), infrequently spelt as the Australian Health Practitioners Regulation Agency, [3] is a statutory authority founded in 2010 which is responsible, in collaboration with the Medical Board of Australia, for registration and accreditation of health professionals as set out in the Australian legislation called the National Registration and ...