The draft legislation obliges the two financial regulators share information to the maximum extent practicable and notify the other whenever it forms the belief that a breach of the law for which the other regulator has enforcement responsibility has occurred.
“These new provisions will enable the regulators to support each other in discharging their regulatory functions effectively, and ensure that there are no unnecessary barriers to their sharing information,” Treasurer Josh Frydenberg said.
The exposure draft legislation will also implement recommendation 6.11 by making amendments to formalise the meeting procedures that apply to ASIC, bringing them in line with those that apply to APRA.
“The government is taking action on all 76 recommendations contained in the final report of the royal commission. Restoring trust in Australia’s financial system is part of the Morrison government’s plan for a stronger economy,” Mr Frydenberg said.
Isn’t this supposed to happen anyway, why cant two government departments controlling the financial services of Australia NOT talk to each other. If this was my company then i think a revamp would be required…
Gee. Does that mean APRA will now confront ASIC to say LIF has halved inflows of NEW Life Risk Commissions and that will have disastrous consequences for the life insurers. And then there is FASEA. Whats another word for flying Mutton