Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (135 of 2020)

Schedule 12   Statutory obligation to cooperate and formalising ASIC meeting procedures

Part 1   Cooperation obligation

Australian Prudential Regulation Authority Act 1998

1   After section 10A

Insert:

10B Cooperation with ASIC

(1) The object of this section is to require APRA to support ASIC in performing and exercising ASIC's functions and powers effectively.

(2) In performing and exercising its functions and powers, APRA must, so far as is practicable, work in cooperation with ASIC.

(3) The performance or exercise of a function or power by APRA is not invalid merely because of a failure by APRA to comply with subsection (2).

(4) The performance or exercise of a function or power by APRA does not give rise to an action or other proceeding for damages merely because of a failure by APRA to comply with subsection (2).

(5) If a law (other than this section) requires APRA to cooperate with ASIC:

(a) this section does not affect the operation of that law; and

(b) that law does not affect the operation of this section.