Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12AA

  (1)   The object of this section is to require ASIC to support APRA in performing and exercising APRA's functions and powers effectively.

  (2)   In performing and exercising its functions and powers, ASIC must, so far as is practicable, work in cooperation with APRA.

  (3)   The performance or exercise of a function or power by ASIC is not invalid merely because of a failure by ASIC to comply with subsection   (2).

  (4)   The performance or exercise of a function or power by ASIC does not give rise to an action or other proceeding for damages merely because of a failure by ASIC to comply with subsection   (2).

  (5)   If a law (other than this section) requires ASIC to cooperate with APRA:

  (a)   this section does not affect the operation of that law; and

  (b)   that law does not affect the operation of this section.