By David Jacobson The Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017 has been passed by both houses of Parliament and is awaiting Royal Assent. Background.
The Bill provides:
powers that enable APRA to set requirements on resolution planning and ensure banks and insurers are better prepared for a crisis; and
an expanded set of crisis resolution powers that equip APRA to act decisively to facilitate the orderly resolution of a distressed bank or insurer.
The Bill amends the following eight Acts:
• Banking Act 1959;
• Insurance Act 1973;
• Life Insurance Act 1995 (Life Insurance Act);
• Australian Prudential Regulation Authority Act 1998;
• Payment Systems …read more
Source:: Bright Law