3Objects of this Act

3 Objects of this Act

The 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.