Australian Prudential Regulation Authority Act 1998

An 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:

the member has disclosed that interest to each of the other APRA members; and

each of the other APRA members has consented to the member performing that role in deciding that matter despite the possible conflict of interest.

Subsection (1) applies to interests:

whether direct or indirect, and whether or not pecuniary; and

whether acquired before or after the APRA member’s appointment.

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.

If an interest is disclosed under subsection (1), the Chair must, as soon as practicable, give the Minister a written notice:

describing the interest and the matter; and

advising the Minister whether the other APRA members have consented as mentioned in paragraph (1)(b).