Document ID: chunk:federal_register_of_legislation:C2006C00145:clause:2_16b:p1
Version: federal_register_of_legislation:C2006C00145
Segment Type: clause
Provision Reference: sch 2 cl 16B (pt 1/2)
Character Range: 86600–89204

16B  Requirements for auditors and people who have been auditors to give information to APRA

Duty to give information when required

 (1) APRA may, by notice in writing, require a person who is, or who has been, an auditor of:
 (a) an ADI; or
 (b) an authorised NOHC; or
 (c) a subsidiary of an ADI or authorised NOHC;
to provide information about the ADI, authorised NOHC or subsidiary to APRA if APRA considers that the provision of the information will assist APRA in performing its functions under this Act. The person must comply with the requirement.

Penalty: Imprisonment for 6 months.

Additional duty to give information about ADIs

 (2) A person who is, or who has been, an auditor of an ADI must inform APRA if the person has reasonable grounds for believing that:
 (a) the ADI is insolvent, or there is a significant risk that the ADI will become insolvent; or
 (b) the ADI has failed to comply with:
 (i) a prudential standard; or
 (ii) a requirement of this Act or the regulations; or
 (iii) a direction under Division 1BA of Part II; or
 (iv) a condition of its banking authority; or
 (c) an existing or proposed state of affairs may materially prejudice the interests of depositors of the ADI.

Penalty: Imprisonment for 6 months.

Additional duty to give information about authorised NOHCs

 (3) A person who is, or who has been, an auditor of an authorised NOHC must inform APRA if the person has reasonable grounds for believing that:
 (a) the NOHC is insolvent, or there is a significant risk that the NOHC will become insolvent; or
 (b) the NOHC has failed to comply with:
 (i) a prudential standard; or
 (ii) a requirement of this Act or the regulations; or
 (iii) a direction under Division 1BA of Part II; or
 (iv) a condition of its NOHC authority; or
 (c) an existing or proposed state of affairs may materially prejudice the interests of depositors of any ADI that is a subsidiary of the NOHC.

Penalty: Imprisonment for 6 months.

Additional duty to give information about subsidiaries of ADIs or authorised NOHCs

 (4) A person who is, or who has been, an auditor of a subsidiary of an ADI or an authorised NOHC (other than a subsidiary that itself is an ADI or an authorised NOHC) must inform APRA if the person has reasonable grounds for believing that:
 (a) the subsidiary is insolvent, or there is a significant risk that the subsidiary will become insolvent; or
 (b) the subsidiary has failed to comply with a requirement of this Act or the regulations; or
 (c) an existing or proposed state of affairs may materially prejudice the interests of depositors of:
 (i)