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

Schedule 12   Statutory obligation to cooperate and formalising ASIC meeting procedures

Part 2   Financial regulator information

Australian Prudential Regulation Authority Act 1998

3   After Part 5

Insert:

Part 5A - Giving information etc. to ASIC

55A ASIC may request information or documents

(1) ASIC may request APRA to give it any of the following:

(a) specified information or documents covered by section 55C;

(b) information or documents covered by section 55C of a specified kind.

(2) The request must be in writing.

(3) ASIC may, in writing, amend or withdraw the request.

55B APRA must comply with request

(1) If ASIC gives APRA a request under section 55A, APRA must comply with the request as soon as practicable.

(2) APRA need not notify any person (other than ASIC) that it plans to comply with subsection (1), or has complied with that subsection.

(3) Despite subsection (1), APRA need not comply with the request if:

(a) the Chair makes a determination under subsection (4); and

(b) the Chair gives a copy of the determination to ASIC.

(4) The Chair may determine, in writing, that APRA need not comply with the request if the Chair considers that complying with the request would compromise the proper functioning of APRA.

(5) The Chair's power to make a determination under subsection (4) may only be exercised by the Chair personally.

55C Information and documents covered by request

(1) This section covers information or documents if:

(a) in the case of information - the information was given or produced (whether or not voluntarily) to APRA in writing by another person (including a person advising APRA); and

(b) in the case of documents - the documents were given or produced (whether or not voluntarily) to APRA by another person (including a person advising APRA); and

(c) ASIC considers the information or documents to be relevant to the exercise or performance of its functions or powers.

(2) Without limiting the scope of subsection (1), this section also covers information in writing or documents that:

(a) are required or permitted to be created by law as a record (however described); and

(b) are created in accordance with that law.

Example: Notes of an examination recorded in writing in accordance with subsection 58(1) of the Insurance Act 1973.

(3) Without limiting the scope of subsection (1), and despite subsection (4), this section also covers information in writing or documents of a kind specified in the regulations.

(4) Despite subsections (1) and (2), this section does not cover any of the following kinds of information or documents:

(a) information or documents concerning the internal administrative functioning of APRA;

(b) information or documents that discloses matter in respect of which APRA or any other person has claimed legal professional privilege;

(c) information or documents of a kind specified in the regulations.

55D Notifying ASIC of reasonable belief of material breach of ASIC provisions

(1) Subsection (2) applies if APRA has a reasonable belief that a material breach of a legislative provision of which ASIC has the general administration may have occurred, or may be occurring.

(2) APRA must notify ASIC of that reasonable belief as soon as practicable.