THE HON JOSH FRYDENBERG MP
29 November 2019
TAKING ACTION ON THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES ROYAL COMMISSION – RECOMMENDATION 6.10 MEMORANDUM OF UNDERSTANDING BETWEEN APRA AND ASIC
The Morrison Government today welcomes the updated Memorandum of Understanding (MOU) between the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) which implements Recommendation 6.10 from the Hayne Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
The MOU promotes:
• stronger cooperation and collaboration between ASIC and APRA;
• greater ease of sharing information between ASIC and APRA;
• more proactive engagement and assistance on matters relevant to both ASIC and APRA; and
• earlier detection of misconduct and prudential concerns.
Implementation of the updated MOU will allow ASIC and APRA to better identify and enforce the law.
The Government is preparing exposure draft legislation to give effect to Recommendation 6.9, which will create a statutory obligation on each of ASIC and APRA to cooperate, share information, and notify each other of suspected breaches of laws administered by the other. This MOU will support the implementation of that recommendation.
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.
The MOU is available on APRA and ASIC’s websites.