The AICD has made a submission to the Senate Economic Legislation Committee inquiry into the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017.
The AICD supported the Bill in principle, recognising the importance of the Australian Prudential Regulation Authority (APRA) having sufficient powers to ensure the effective management of regulated entities in times of crisis.
The submission strongly supported the proposed introduction of a specific immunity provision for officers complying with an APRA direction. However, the AICD recommended that the Bill be amended to provide measures to ensure officers complying with a direction are also protected from liability arising from a breach of foreign laws.
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