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 Securities and Investments Commission Act 2001

9   After Part 6

Insert:

Part 6A - Giving information etc. to APRA

122B APRA may request information or documents

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

(a) specified information or documents covered by section 122D;

(b) information or documents covered by section 122D of a specified kind.

(2) The request must be in writing.

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

122C ASIC must comply with request

(1) If APRA gives ASIC a request under section 122B, ASIC must comply with the request as soon as practicable.

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

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

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

(b) the Chairperson gives a copy of the determination to APRA.

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

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

122D 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 ASIC in writing by another person (including a person advising ASIC); and

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

(c) APRA 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 ASIC;

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

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

(5) Despite subsection (1), (2), and (3), this section does not cover information or documents communicated to a member or a staff member in accordance with paragraph 68(p) of the Telecommunications (Interception and Access) Act 1979.

122E Notifying APRA of reasonable belief of material breach of APRA provisions

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

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