Commonwealth Consolidated Acts

FINANCIAL REGULATOR ASSESSMENT AUTHORITY ACT 2021 - SECT 20

Cooperation

  (1)   A person to whom this section applies must cooperate with the Authority, the members and the staff members, to the extent reasonably necessary to enable the Authority to perform its functions and exercise its powers.

Information gathering

  (2)   Without limiting subsection   (1), a person to whom this section applies must, to the extent reasonably necessary to enable the Authority to perform its functions and exercise its powers:

  (a)   give the Authority any information that is requested by the Authority; and

  (b)   produce any document in APRA's or ASIC's possession that is requested by the Authority; and

  (c)   answer any questions asked by the Authority.

  (3)   A request by the Authority under paragraph   (2)(a) or (b) must allow the person a reasonable time to comply.

  (4)   The Authority must notify a person that it intends to ask the person questions under paragraph   (2)(c) a reasonable time before asking the questions.

Persons to whom this section applies

  (5)   This section applies to the following:

  (a)   APRA;

  (b)   an APRA member (within the meaning of subsection   3(1) of the Australian Prudential Regulation Authority Act 1998 );

  (c)   an APRA staff member (within the meaning of that subsection);

  (d)   ASIC;

  (e)   a member of ASIC;

  (f)   a staff member (within the meaning of subsection   5(1) of the Australian Securities and Investments Commission Act 2001 ).