Financial Regulator Assessment Authority Act 2021

The Authority has the following functions:

to assess and report to the Minister on APRA’s effectiveness and capability;

to assess and report to the Minister on ASIC’s effectiveness and capability;

at any time when requested by the Minister, to assess and report to the Minister on any matter relating to:

APRA’s effectiveness and capability; or

ASIC’s effectiveness and capability;

any other function conferred by this Act or any other law of the Commonwealth;

any other function that is incidental or conducive to the performance of any of the above functions.

However, the functions of the Authority do not include assessing or reporting on only a single case.

For the purposes of paragraph (1)(a), (b) or (c), the Authority may:

undertake an assessment itself; or

cause an assessment, or the preparation of the resulting report, to be undertaken by someone else.