Recommendation 6.9 – Statutory obligation to co-operate
The law should be amended to oblige each of APRA and ASIC to:
- co-operate with the other;
- share information to the maximum extent practicable; and
- notify the other whenever it forms the belief that a breach in respect of which the other has enforcement responsibility may have occurred.
Recommendation 6.10 – Co-operation memorandum
ASIC and APRA should prepare and maintain a joint memorandum setting out how they intend to comply with their statutory obligation to co-operate.
The memorandum should be reviewed biennially and each of ASIC and APRA should report each year on the operation of and steps taken under it in its annual report.