Commonwealth Numbered Acts Commonwealth Numbered ActsAustralian Prudential Regulation Authority Act 1998
1 Subsection 56(1)
Insert:
"Financial Regulator Assessment Authority official " means an entrusted person within the meaning of the Financial Regulator Assessment Authority Act 2021 .
2 Paragraph 56(2)(c)
After "(6),", insert "(6AA), (6AB),".
3 After subsection 56(6)
Insert:
(6AA) It is not an offence if the disclosure of protected information or the production of a protected document is to a Financial Regulator Assessment Authority official for the purposes of the performance of the Financial Regulator Assessment Authority's functions or the exercise of the Financial Regulator Assessment Authority's powers.
Note: A defendant bears an evidential burden in relation to the matters in subsection (6AA) (see subsection 13.3(3) of the Criminal Code ).
(6AB) It is not an offence if:
(a) the disclosure of protected information or the production of a protected document is by a person who is or has been a Financial Regulator Assessment Authority official; and
(b) the person acquired the information or accessed the document in the course of the person's duties in relation to the Financial Regulator Assessment Authority.
Note 1: A defendant bears an evidential burden in relation to the matters in subsection (6AB) (see subsection 13.3(3) of the Criminal Code ).
Note 2: Division 3 of Part 4 of the Financial Regulator Assessment Authority Act 2021 deals with disclosure of information by Financial Regulator Assessment Authority officials.
4 After subsection 56(8)
Insert:
(8A) However, subsection (8) does not prevent a person who is, or has been, a Financial Regulator Assessment Authority official from being required to disclose, or produce a document containing, protected information (within the meaning of the Financial Regulator Assessment Authority Act 2021 ) when it is necessary to do so for the purposes of that Act.
5 After subsection 56(9)
Insert:
(9A) Subsection (9) does not apply if the information is disclosed, or the document is produced, in accordance with subsection (6AA) or (6AB).
6 Paragraph 56(12)(a)
After "(6),", insert "(6AA),".
Australian Securities and Investments Commission Act 2001
7 After paragraph 127(2A)(b)
Insert:
(ba) the Financial Regulator Assessment Authority;
8 In the appropriate position
Insert:
Part 34 -- Application provision relating to Schedule 1 to the Financial Regulator Assessment Authority (Consequential Amendments and Transitional Provisions) Act 2021
333 Application--confidentiality
The amendment of section 127 made by Part 1 of Schedule 1 to the Financial Regulator Assessment Authority (Consequential Amendments and Transitional Provisions) Act 2021 applies in relation to any use or disclosure of information after the commencement of that Part, whether ASIC obtained the information before or after that commencement.
9 After subparagraph 11CM(1)(a)(ii)
Insert:
(iia) a Financial Regulator Assessment Authority official (within the meaning of that subsection); or
10 After subparagraph 109E(1)(a)(ii)
Insert:
(iia) a Financial Regulator Assessment Authority official (within the meaning of that subsection); or
11 Paragraph 109E(1)(c)
After "(6),", insert "(6AA), (6AB),".
12 After subparagraph 231E(1)(a)(ii)
Insert:
(iia) a Financial Regulator Assessment Authority official (within the meaning of that subsection); or
13 Paragraph 231E(1)(c)
After "(6),", insert "(6AA), (6AB),".
14 Application of amendments
The amendments of the Australian Prudential Regulation Authority Act 1998 , the Banking Act 1959 , the Insurance Act 1973 and the Life Insurance Act 1995 made by this Part apply in relation to:
(a) any disclosure of information after the commencement of this item, whether the information was disclosed or obtained under, or for the purposes of, a prudential regulation framework law before or after that commencement; and
(b) any production of a document after the commencement of this item, whether the document was given or produced under, or for the purposes of, a prudential regulation framework law before or after that commencement.
Australian Prudential Regulation Authority Act 1998
15 At the end of section 55B
Add:
(6) If the Chair makes a determination under subsection (4), the Chair must give the following to the Financial Regulator Assessment Authority as soon as practicable:
(a) a copy of the determination;
(b) a written statement of the reasons why the Chair made the determination.
16 Transitional provision--determinations made before commencement
If the Chair makes a determination under subsection 55B(4) of the Australian Prudential Regulation Authority Act 1998 before the commencement of this Part, the Chair must give the following to the Financial Regulator Assessment Authority as soon as practicable after the commencement of this Part:
(a) a copy of the determination;
(b) a written statement of the reasons why the Chair made the determination.
Australian Securities and Investments Commission Act 2001
17 At the end of section 122C
Add:
(6) If the Chairperson makes a determination under subsection (4), the Chairperson must give the following to the Financial Regulator Assessment Authority as soon as practicable:
(a) a copy of the determination;
(b) a written statement of the reasons why the Chairperson made the determination.
18 Transitional provision--determinations made before commencement
If the Chairperson makes a determination under subsection 122C(4) of the Australian Securities and Investments Commission Act 2001 before the commencement of this Part, the Chairperson must give the following to the Financial Regulator Assessment Authority as soon as practicable after the commencement of this Part:
(a) a copy of the determination;
(b) a written statement of the reasons why the Chairperson made the determination.