Financial Regulator Assessment Authority (Consequential Amendments and Transitional Provisions) 2021

# Financial Regulator Assessment Authority (Consequential Amendments and Transitional Provisions) Bill 2021 ## What it does This bill makes technical updates to existing financial laws so they work properly with a new watchdog body called the Financial Regulator Assessment Authority. It allows this new authority to access confidential information from Australia's main financial regulators (ASIC, APRA, and others) when they're doing their job of checking how well these regulators are performing. ## Why it matters The new authority can't actually do its job of assessing Australia's financial regulators without access to sensitive information they hold. This bill removes the legal obstacles that would otherwise prevent regulators from sharing that information, making oversight of our financial system more effective. ## Key details - The changes only kick in once the main Financial Regulator Assessment Authority Act 2021 is up and running — if that doesn't happen, these changes don't apply at all - It updates five major financial laws: the rules covering the prudential regulator (APRA), the securities regulator (ASIC), and banking, insurance, and life insurance rules - Officials working for the new authority are now defined as "entrusted persons" with legal permission to access protected information that would normally be kept secret

🔒 Voting closed — this bill has been decided by parliament