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.
You can submit responses to this consultation up until 24 January 2020. Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
Address written submissions to:
Financial Services Reform Taskforce
Parkes ACT 2600
Phone: James Mason 02 6263 2111