Financial Accountability Regime (Consequential Amendments) Act 2023 (68 of 2023)

Schedule 1   Consequential amendments

Part 1   Amendments for the start of the financial accountability regime

Australian Prudential Regulation Authority Act 1998

10   After subsection 56(7F)

Insert:

(7G) It is not an offence if:

(a) the disclosure of protected information or the production of a protected document is to an accountable entity (within the meaning of the Financial Accountability Regime Act 2023); and

(b) the information, or the information contained in the document, as the case may be, is information contained in the register kept under section 40 of the Financial Accountability Regime Act 2023.

Note: A defendant bears an evidential burden in relation to the matters in subsection (7G) (see subsection 13.3(3) of the Criminal Code).

(7H) It is not an offence if:

(a) the disclosure of protected information or the production of a protected document is to an individual; and

(b) the information, or the information contained in the document, as the case may be, is only personal information about the individual; and

(c) the information, or the information contained in the document, as the case may be, is information contained in the register kept under section 40 of the Financial Accountability Regime Act 2023.

Note: A defendant bears an evidential burden in relation to the matters in subsection (7H) (see subsection 13.3(3) of the Criminal Code).

(7J) It is not an offence if:

(a) the disclosure of protected information or the production of a protected document is by APRA; and

(b) the information, or the information contained in the document, as the case may be, is information that discloses:

(i) whether a person is disqualified under section 42 of the Financial Accountability Regime Act 2023; or

(ii) a decision made under Division 2 of Part 3 of Chapter 3 of that Act (which is about disqualification of accountable persons), or the reasons for such a decision.

Note: A defendant bears an evidential burden in relation to the matters in subsection (7J) (see subsection 13.3(3) of the Criminal Code).

(7K) It is not an offence if the disclosure of protected information or the production of a protected document by a person is in accordance with section 39 of the Financial Accountability Regime Act 2023.

Note: A defendant bears an evidential burden in relation to the matters in subsection (7K) (see subsection 13.3(3) of the Criminal Code).

(7L) It is not an offence if:

(a) the disclosure of protected information or the production of a protected document is by ASIC, for the purposes of the performance of ASIC's functions, or the exercise of ASIC's powers; and

(b) the protected information was disclosed previously to ASIC, or the protected document was produced previously to ASIC, in accordance with section 39 of the Financial Accountability Regime Act 2023.

Note: A defendant bears an evidential burden in relation to the matters in subsection (7L) (see subsection 13.3(3) of the Criminal Code).