The Minister for Financial Services, Superannuation and Corporate Law has released an exposure draft of the Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Bill 2010, with explanatory material for public consultation.

The measures contained in the Bill would expand APRA’s powers to:

• investigate risks to prudentially regulated institutions and the financial system;
• compel compliance with, and rectify breaches of, prudential requirements;
• act when regulated financial institutions are at risk of experiencing financial distress and to ensure that distress is resolved without undermining financial stability;
• administer the financial claims scheme; and
• collect data that APRA or the Government requires to identify and respond to developments in the financial sector.

This Bill would also make amendments to the financial sector levies frameworks.

Submissions close on 16 March 2010.