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APRA establishes prudential standards with which regulated institutions must comply. [15] It also creates and maintains Prudential Practice Guides (PPGs) to provide guidance on APRA's view of "sound practice" in particular areas for specific industries, as well as areas common to most APRA-regulated entities ("cross-industry guides"). PPGs ...
While the first draft of the APRA would have superseded state privacy laws, a June 2024 revision clarified state laws could place more stringent regulations on privacy.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 ]
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.
The ADI’s authority is granted by the Australian Prudential Regulation Authority (APRA) under the Banking Act 1959 (Cth). [ 1 ] The term was adopted to formalise the right of non-bank financial institutions — such as building societies , credit unions and friendly societies — to accept such deposits.
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.
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.
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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 ...