38Agreement about exercise of powers

38 Agreement about exercise of powers

(1) Subject to this section, neither APRA nor ASIC may perform a function, or exercise a power, under this Act without the agreement of the other. (2) Subsection (1) does not apply in relation to performing a function, or exercising a power, under: (a) section 39 (which is about disclosure of information between APRA and ASIC); or (b) section 41 (which is about registering accountable persons); or (c) Part 4 of this Chapter (which is about regulatory powers and enforcement) other than sections 64 and 65 (which are about directions); or (d) the Regulatory Powers Act as it applies in relation to this Act. (3) Subsection (1) does not apply to the extent that subsection 36(2) prevents ASIC from performing a function or exercising a power. (4) A failure to comply with subsection (1) does not invalidate the performance or exercise of a function or power by APRA or ASIC.