7Commonwealth regulator’s consideration of requests

7 Commonwealth regulator’s consideration of requests

(1) Subject to subsection 6(2), a Commonwealth regulator that has received a foreign request must, in writing: (a) inform the Minister that the Commonwealth regulator: (i) does not oppose the request; or (ii) does not oppose the request subject to conditions specified by the Commonwealth regulator being imposed in relation to the providing of anything in compliance with the request and the giving by the foreign regulator of any undertakings so specified for the purpose of ensuring compliance with any such conditions; or (b) refuse the request. (2) Conditions mentioned in subparagraph (1)(a)(ii) may include (but need not be limited to) conditions relating to any or all of the following: (a) maintaining the confidentiality of anything provided in compliance with the request, in particular, information that is personal information within the meaning of the Privacy Act 1988; (b) the storing of, use of, or access to, any such thing; (c) copying, returning or disposing, of copies of documents provided in compliance with the request. (3) When considering what action to take in relation to the request, the Commonwealth regulator is to take into account the following matters and any other matters that the Commonwealth regulator thinks relevant: (a) whether the Commonwealth regulator is likely to be able to obtain the requested information, documents or evidence; (b) the cost to the Commonwealth regulator of complying with the request; (c) whether the foreign regulator could more conveniently have the request satisfied from another source; (d) the extent to which the functions of the foreign regulator correspond with the functions of the Commonwealth regulator; (e) whether the foreign regulator would be likely to comply with a similar request made by the Commonwealth regulator and whether any arrangement with the foreign regulator to that effect exists; (f) whether, in the opinion of the Commonwealth regulator, it would be more appropriate for the request to be dealt with under the Mutual Assistance in Criminal Matters Act 1987.