The government has released draft legislation for consultation that obliges co-operation between ASIC and APRA following a royal commission recommendation.
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.
Diverger has made an offer to acquire Centrepoint Alliance, a move that would create one of the largest licensees behind only Insignia and AMP.
The corporate regulator has outlined a key focus on product labelling and advertising.
The federal government has sought to clear up uncertainty about the status of crypto for tax purposes following the adoption of bitcoin as legal tende...
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.