The Government has released exposure draft legislation to implement recommendations 6.9 and 6.11 of the Financial Services Royal Commission which 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; and
• 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.

Updated ASIC and APRA MoU
At the same time, ASIC and APRA have published an updated Memorandum of Understanding (MoU).

Each agency agrees to inform the other agency of breaches, and suspected or potential breaches of regulatory requirements that are relevant to the other’s responsibilities.
 
The MoU will be reviewed on a regular basis.

ASIC and APRA are also regularly meeting and working together on areas of common interest, including data, thematic reviews, governance and accountability.  

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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.