Document ID: chunk:federal_register_of_legislation:C2020A00135:clause:12_12aa
Version: federal_register_of_legislation:C2020A00135
Segment Type: clause
Provision Reference: sch 12 cl 12AA
Character Range: 216098–217030

12AA  Cooperation with APRA
 (1) The object of this section is to require ASIC to support APRA in performing and exercising APRA's functions and powers effectively.
 (2) In performing and exercising its functions and powers, ASIC must, so far as is practicable, work in cooperation with APRA.
 (3) The performance or exercise of a function or power by ASIC is not invalid merely because of a failure by ASIC to comply with subsection (2).
 (4) The performance or exercise of a function or power by ASIC does not give rise to an action or other proceeding for damages merely because of a failure by ASIC to comply with subsection (2).
 (5) If a law (other than this section) requires ASIC to cooperate with APRA:
 (a) this section does not affect the operation of that law; and
 (b) that law does not affect the operation of this section.

Part 2—Financial regulator information

Australian Prudential Regulation Authority Act 1998