Financial Regulator Assessment Authority Act 2021

Here is a brief overview of the Financial Regulator Assessment Authority Act 2021:

The Financial Regulator Assessment Authority Act 2021 establishes the Financial Regulator Assessment Authority (the Authority) to provide independent assessments of the effectiveness and capability of APRA and ASIC. The Authority consists of three members, including the Chair, appointed by the Minister, and is assisted by APS employees in the Department whose services are made available by the Secretary.

The Authority has two functions: one biennial assessment and reporting function, which involves assessing the effectiveness and capability of APRA and ASIC every two years, and an ad hoc assessment and reporting function, which involves undertaking assessments on specific matters relating to APRA's or ASIC's effectiveness and capability when requested by the Minister. The Authority must cooperate with APRA and ASIC, and its members are not subject to direction from anyone in relation to how a particular assessment will be undertaken or the content of a report to the Minister.

The Authority has various powers to perform its functions, including the power to make rules, engage consultants, and request information from APRA and ASIC. The Authority is also responsible for making decisions on matters related to APRA's and ASIC's effectiveness and capability.

The Act provides for protection of information obtained by the Authority from APRA or ASIC, including protected information that must not be disclosed without proper authorization. The Authority has independence in performing its functions and exercising its powers, subject to this Act and other laws of the Commonwealth.

The Act applies to the Crown in all its capacities and extends to acts, omissions, matters, and things outside Australia.