the reference to the Commissioner of Taxation is amended to remove the conditionality for consistency with the broader position on information sharing; the reference to the is Superannuation (Excluded Funds) Taxation Act 1987 updated to the Superannuation (Self Managed Superannuation Funds) Taxation and Act 1987; the Commission of Inquiry relating the HIH Insurance Group is removed as it is no longer relevant. Schedule 1 - Repeals This schedule provides for the repeal of the 1998 Regulations as the instrument is due to sunset on 1 April 2019 and is being remade by the Regulations. Under section 7 of the as applied to legislative Acts Interpretation Act 1901, instruments by subsection 13(1) of the the repeal of the Legislation Act 2003, 1998 Regulations does not affect its previous operation. Finding table As a result of some of the changes described above, it became necessary to renumber provisions of the Regulations. Below is a finding table to assist in identifying which provision in the Regulations corresponds to a provision in the 1998 Regulations that has been rewritten. References to the old law in the below table are to the 1998 Regulations. References to the new law are to the 2018 Regulations. Also, in the finding table, ‘no equivalent’ means that this is a new provision that has no equivalent in the old law, and vice versa. Old law New Law Australian Prudential Regulation Australian Prudential Regulation Authority Regulations 1998 Authority Regulations 2018 1 Name of Regulations 1 Name – – No equivalent 2 Commencement – No equivalent 3 Authority – No equivalent 4 Schedules – 3 Definitions 5 Definitions – –
the reference to the Commissioner of Taxation is amended to remove the conditionality for consistency with the broader position on information sharing; the reference to the Superannuation (Excluded Funds) Taxation Act 1987 is updated to the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987; and the Commission of Inquiry relating the HIH Insurance Group is removed as it is no longer relevant. Schedule 1 - Repeals This schedule provides for the repeal of the 1998 Regulations as the instrument is due to sunset on 1 April 2019 and is being remade by the Regulations. Under section 7 of the Acts Interpretation Act 1901, as applied to legislative instruments by subsection 13(1) of the Legislation Act 2003, the repeal of the 1998 Regulations does not affect its previous operation. Finding table As a result of some of the changes described above, it became necessary to renumber provisions of the Regulations. Below is a finding table to assist in identifying which provision in the Regulations corresponds to a provision in the 1998 Regulations that has been rewritten. References to the old law in the below table are to the 1998 Regulations. References to the new law are to the 2018 Regulations. Also, in the finding table, ‘no equivalent’ means that this is a new provision that has no equivalent in the old law, and vice versa. Old law New Law Australian Prudential Regulation Authority Regulations 1998 Australian Prudential Regulation Authority Regulations 2018 1 – Name of Regulations 1 – Name No equivalent 2 – Commencement No equivalent 3 – Authority No equivalent 4 – Schedules 3 – Definitions 5 – Definitions
T328448_Explanatory_Statement_APRA_Regulations-1.docx