APRA and ASIC issue final rules and further guidance for the Financial Accountability Regime

The package includes:

• the Regulator rules, which prescribe information to go in the FAR register of accountable persons
• the Transitional rules, which prescribe information that ADIs must give about their current accountable persons under the BEAR at the transition point to the FAR
• descriptions of ADI key functions to help banking entities when they allocate key functions
• reporting form instructions to help banking entities give the information to APRA and ASIC

These rules and guidance complete the FAR information package released on 3 October 2023 by APRA and ASIC. FAR starts on 15 March 2024 for banking entities, and 15 March 2025 for super and insurance. Read more here.

Policies affected: Risk and Governance policies and procedures

Organisations affected: Banking entities?