39Disclosure of information and documents between APRA and ASIC

39 Disclosure of information and documents between APRA and ASIC

(1) APRA and ASIC may share with each other information that is disclosed or obtained, or a document that is given or produced, under or for the purposes of this Act.

Note: The expression this Act includes the Regulatory Powers Act as it applies in relation to this Act (see section 8).

(2) However, information or a document may only be shared with APRA or ASIC (the recipient) under subsection (1) for the purposes of the recipient performing or exercising its functions or powers. (3) If either APRA or ASIC obtains information, or gives or produces a document, that is covered by subsection (4), it must disclose the information, or give a copy of the document, to the other. (4) For the purposes of subsection (3), the information and documents are the following: (a) information provided under Part 6 of Chapter 2 (notification obligations); (b) information provided under Division 1 of Part 3 of this Chapter (registration of accountable persons); (c) a notice given to another person under this Act; (d) information or a document (if any) prescribed by the Minister rules. (5) If either APRA or ASIC discloses information or gives a document under subsection (1) or (3) to the other, it need not notify any other person that it plans to disclose the information or give the document, or that it has done so.

Note: Disclosure under this section is authorised under section 56 of the Australian Prudential Regulation Authority Act 1998 and section 127 of the Australian Securities and Investments Commission Act 2001 (which are about secrecy obligations).

(6) A disclosure of personal information in accordance with this section is taken to be authorised by this Act for the purposes of paragraph 6.2(b) of Australian Privacy Principle 6.