Commonwealth Consolidated Acts Commonwealth Consolidated ActsThe objects of this Act are:
(a) to provide for a strengthened accountability framework for:
(i) financial entities in the banking, insurance and superannuation industries; and
(ii) persons who hold certain positions, or have certain responsibilities, related to those financial entities; and
(b) to confer on APRA and ASIC functions and powers (including information gathering, investigation and enforcement powers) that:
(i) relate to obligations under that framework; and
(ii) can be performed and exercised in aid of their functions and powers under other laws.