Australian Prudential Regulation Authority Act 1998

PART 4A - DISCLOSURE OF INTERESTS OF APRA MEMBERS, APRA STAFF MEMBERS AND DELEGATES  

Division 1 - Disclosure of interests of APRA members  

SECTION 48B   OBLIGATION TO DISCLOSE INTERESTS BEFORE DECIDING A PARTICULAR MATTER  

48B(1)   [Disclosure to other members]  

An APRA member who has an interest that could conflict with the proper performance of the functions of his or her office, as they give the member a role in deciding a particular matter, must not perform the role in deciding the matter unless:

(a) the member has disclosed that interest to each of the other APRA members; and

(b) each of the other APRA members has consented to the member performing that role in deciding that matter despite the possible conflict of interest.

48B(2)   [Application of subsec (1)]  

Subsection (1) applies to interests:

(a) whether direct or indirect, and whether or not pecuniary; and

(b) whether acquired before or after the APRA member's appointment.

48B(3)   [Advising Chair of consent]  

An APRA member, other than the Chair, who gives a consent under paragraph (1)(b) must, as soon as practicable, advise the Chair that he or she has given the consent.

48B(4)   [Written notice to Minister]  

If an interest is disclosed under subsection (1), the Chair must, as soon as practicable, give the Minister a written notice:

(a) describing the interest and the matter; and

(b) advising the Minister whether the other APRA members have consented as mentioned in paragraph (1)(b).