The Australian Prudential Regulation Authority (APRA) and the Australian Competition and Consumer Commission (ACCC) have signed an updated Memorandum of Understanding (MoU) designed to foster closer collaboration between the two regulators.
In a statement, APRA said the new MoU committed both Agencies to a broader model of engagement, with a greater emphasis on proactive information sharing and collaboration.
“To increase transparency, it has also been written in simpler, less prescriptive language,” APRA said.
“The updated document will further strengthen the relationship between the two Agencies, who have worked closely together during the COVID-19 pandemic on issues including resolution planning and authorisations on anti-competitive arrangements in the financial system,” it said.
Chair of APRA, Wayne Byres said the two regulators had a strong working relationship, founded on a common focus of supporting a safe, competitive and efficient financial system.
“Although APRA’s mandate requires our primary focus to be financial soundness and stability, we are also required to balance this with a range of other considerations, including competition,” Mr Byres said.
“Updating this MoU reflects the importance of our relationship with the ACCC, and acknowledges the importance of competition in maintaining a healthy and efficient financial system,” he said.
Chair of the ACCC, Rod Sims said the updated MoU would allow the two regulators to continue to share intelligence and insights, and work closely together to achieve good outcomes for Australians.
The three-page MoU can be accessed on APRA’s website at this PS News link.
