Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 2

3............ Schedules............................................................................................ 3

Schedule 1--Consequential amendments                                                                4

Part 1--Amendments for the start of the financial accountability regime             4

Australian Prudential Regulation Authority Act 1998                                        4

Australian Securities and Investments Commission Act 2001                            7

Banking Act 1959                                                                                                      10

Corporations Act 2001                                                                                             11

Financial Regulator Assessment Authority Act 2021                                         12

Financial Sector (Transfer and Restructure) Act 1999                                      12

Insurance Act 1973                                                                                                   12

Life Insurance Act 1995                                                                                           14

National Consumer Credit Protection Act 2009                                                 17

Payment Systems and Netting Act 1998                                                                18

Private Health Insurance (Prudential Supervision) Act 2015                          18

Superannuation Industry (Supervision) Act 1993                                              20

Part 2--Amendments for the end of the banking executive accountability regime          22

Australian Prudential Regulation Authority Act 1998                                      22

Banking Act 1959                                                                                                      22

Schedule 2--Application, saving and transitional provisions                   24

Part 1--Preliminary                                                                                                      24

Part 2--Banking sector                                                                                              26

Division 1--Key personnel obligations                                                                  26

Division 2--Deferred remuneration obligations                                                   30

Division 3--Notification obligations                                                                      32

Division 4--Regulatory powers and enforcement                                               33

Part 3--Other sectors                                                                                                  37

Division 1--Key personnel obligations                                                                  37

Division 2--Deferred remuneration obligations                                                   38

Division 3--Insurance                                                                                              38

Division 4--Life insurance                                                                                       38

Division 5--Private health insurance                                                                     39

Division 6--Superannuation                                                                                   39

Part 4--APRA and ASIC                                                                                        40

Division 1--Transition from the BEAR                                                                 40

Division 2--Application of the FAR                                                                      41

Part 5--Transitional rules                                                                                          42

 

 

 

Financial Accountability Regime (Consequential Amendments) Act 2023

No. 68, 2023

 

An Act to deal with consequential amendments and transitional matters arising from the enactment of the Financial Accountability Regime Act 2023, and for related purposes

[Assented to 14 September 2023]

The Parliament of Australia enacts: