Australian Prudential Regulation Authority Act 1998

If ASIC gives APRA a request under section 55A, APRA must comply with the request as soon as practicable.

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

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

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

the Chair gives a copy of the determination to ASIC.

The Chair may determine, in writing, that APRA need not comply with the request if the Chair considers that complying with the request would compromise the proper functioning of APRA.

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

If the Chair makes a determination under subsection (4), the Chair must give the following to the Financial Regulator Assessment Authority as soon as practicable:

a copy of the determination;

a written statement of the reasons why the Chair made the determination.