The APRA Levy Imposition Amendment Bills package has been introduced into the House of Representatives.
UPDATE June 2020: The Bills have been passed by both Houses and given Royal Assent.
The Bills make amendments to increase the statutory upper limit on the amount of levies APRA can collect from the entities it prudentially regulates, ensuring that APRA remains industry funded through the financial institution supervisory levy framework.
The Bills raise the statutory upper limit on levies to an amount of $10 million for the financial year commencing 1 July 2020.
The Levy Imposition Amendment Bills also make amendments to how the indexation factor used to index the statutory upper limit is calculated.
It will use the most recently published CPI figures available.
The Bills package comprises:
- Australian Prudential Regulation Authority Amendment (Apra Industry Funding) Bill 2020
- Authorised Deposit-Taking Institutions Supervisory Levy Imposition Amendment Bill 2020
- Authorised Non-Operating Holding Companies Supervisory Levy Imposition Amendment Bill 2020
- General Insurance Supervisory Levy Imposition Amendment Bill 2020
- Life Insurance Supervisory Levy Imposition Amendment Bill 2020
- Retirement Savings Account Providers Supervisory Levy Imposition Amendment Bill 2020
- Superannuation Supervisory Levy Imposition Amendment Bill 2020
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.