Summary
Amends the: Banking Act 1959 in relation to: expertise and integrity of directors and senior managers of authorised deposit-taking institutions (ADIs) and authorised non-operating holding companies (NOHCs); removal of auditors; reporting requirements in relation to breaches of prudential requirements; application of prudential standards on a consolidated group basis; revocation of authority of an ADI or NOHC to operate a banking business; and protection for APRA officers against lawsuits; Insurance Act 1973 in relation to: APRA’s capacity to discuss submissions on management expertise and integrity with third parties; reporting requirements in relation to breaches of prudential requirements; and penalties; Superannuation (Resolution of Complaints) Act 1993 in relation to: time limits relating to disability benefit complaints; conciliation powers of the Superannuation Complaints Tribunal; removal of redundant arbitration powers; and minor technical amendments; Superannuation Industry (Supervision) Act 1993 to allow the recognition of awards, still in force, under arbitration agreements even after removal of the arbitration power; and Australian Securities and Investments Commission Act 2001, Corporations Act 2001 and Corporations (Repeals, Consequentials and Transitionals) Act 2001 to: correct minor errors, grammatical mistakes and erroneous cross references; and remove obsolete provisions.