Regulator may appoint an investigator
45 Regulator may appoint an investigator
Appointment of investigator
The Regulator may, in writing, appoint a person (the investigator) to investigate and report in relation to an accountable entity or a significant related entity if the Regulator has reasonable grounds to believe that:
the accountable entity or the significant related entity may have contravened a provision of this Act; or
an accountable person of the accountable entity, or of the significant related entity, may have contravened a provision of this Act.
Delegation by investigator
The investigator may, in writing, delegate to an APRA staff member or ASIC staff member any or all of the investigator’s functions and powers under this Part.
A delegate must produce for inspection the instrument of delegation, or a copy of the instrument, on the request of a person:
in relation to whom any of the delegated functions and powers may be performed or exercised; or
who is affected by the performance or exercise of any of the delegated functions and powers.
A reference in this Act to an investigator includes a reference to a delegate of an investigator.
This Act’s bill:Explanatory memorandumSecond reading speech
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