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.
The Government agrees to remove barriers to information sharing between the regulators and require APRA and ASIC to co‑operate, share information and notify each other of relevant breaches or suspected breaches, as appropriate. Improvements to informal and formal communication, co‑operation and collaboration between the two regulators are critical. This should include efficiently sharing information and intelligence and working together on enforcement and investigation activities.