The Australian Prudential Regulation Authority and the Australian Competition and Consumer Commission have signed an updated memorandum of understanding in a bid to increase information sharing, coordination, and cooperation between the two regulators.
The updated document comes after the two agencies worked closely together to solve COVID-19 related issues, such as resolution planning and authorisation on anti-competitive arrangements.
The new MoU has also been written in simpler language to increase transparency.
APRA chair Wayne Byres said the new MoU solidifies the regulators' relationship, as they work towards supporting a "safe, competitive and efficient financial system".
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"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," he 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."
ACCC chair Rod Sims said the new MoU would enable the two agencies to continue to work closely together at the benefit of the Australian public.
"We're pleased to continue building on our constructive relationship with APRA, and have a strong appreciation for the complementary roles each agency plays in ensuring a competitive and stable financial services industry," he said.
"This MoU will allow the ACCC and APRA to continue to share intelligence and insights and work closely together to achieve good outcomes for Australians, including ensuring the impacts of COVID-19 on the financial sector are managed in a pragmatic and sensible way."
As part of the MoU, the agencies agreed to hold regular, senior-level meetings to proactively share perspectives and expertise on relevant issues.
Each agency will proactively provide relevant information and documents to the other, while also providing consulting support where one agency is considering undertaking an activity that has an impact on the other agency's responsibilities.
They will also collaborate to improve regulatory outcomes, particularly in policy development, statistical collections and industry consultation, as well as seeking to improve the efficiency of its interaction with both the other agency and industry participants.