The Financial Regulator Assessment Authority Bill 2021 and the Financial Regulator Assessment Authority (Consequential Amendments and Transitional Provisions) Bill 2021 have been introduced to Parliament to give effect to the recommendations 6.13 and 6.14 of the Financial Services Royal Commission that a new statutory body be established to assess the effectiveness and capability of each of APRA and ASIC.
The Financial Regulator Assessment Authority’s activities are designed to complement and augment the existing external accountability mechanisms that apply to the regulators, not to duplicate them. Its reports would inform and improve the performance of other accountability mechanisms, such as Parliamentary committees, and
would also allow for comparison of regulator performance against their domestic and international peers where practicable.
The Authority’s key functions are:
- every two years, to assess and report to the Minister on APRA’s effectiveness and capability and on ASIC’s effectiveness and capability; and
- on an ad hoc basis when requested by the Minister, to report to the Minister on any matter relating to either or both of APRA’s effectiveness and capability and ASIC’s effectiveness and capability.
If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.
Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.