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 Securities and Investments Commission Act 2001

2   At the end of Division 1 of Part 2

Add:

12AA Cooperation with APRA

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

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

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

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

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

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

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