The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry made a number of recommendations around the operations and governance of ASIC and APRA, including how they cooperate and share information.
On 4 February 2019, the Government released its response to the Royal Commission, and is taking action on all 76 recommendations.
The Government is today releasing exposure draft legislation for public comment which implements recommendations 6.9 and 6.11 of the Royal Commission.
- Recommendation 6.9 will place a statutory obligation on ASIC and APRA to cooperate, share information with each other and notify each other if they have a reasonable belief that there has been a breach of the other’s legislation.
- Recommendation 6.11 will formalise and align the meeting procedures of the ASIC Commission with the procedures in the APRA Act that are used for meetings of APRA members.