Agreement about exercise of powers
38 Agreement about exercise of powers
Subject to this section, neither APRA nor ASIC may perform a function, or exercise a power, under this Act without the agreement of the other.
Subsection (1) does not apply in relation to performing a function, or exercising a power, under:
section 39 (which is about disclosure of information between APRA and ASIC); or
section 41 (which is about registering accountable persons); or
Part 4 of this Chapter (which is about regulatory powers and enforcement) other than sections 64 and 65 (which are about directions); or
the Regulatory Powers Act as it applies in relation to this Act.
Subsection (1) does not apply to the extent that subsection 36(2) prevents ASIC from performing a function or exercising a power.
A failure to comply with subsection (1) does not invalidate the performance or exercise of a function or power by APRA or ASIC.
This Act’s bill:Explanatory memorandumSecond reading speech
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