Australian Prudential Regulation Authority Act 1998
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Hide history noteAn 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).
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