Banking Executive Accountability Regime consultations
Consultation on proposed legislative instrument – April 2019
Consultation on proposed registration form – December 2018
In December 2018 we consulted on a draft form ARF 550.0 Banking Executive Accountability Regime – Registration Form (ARF 550.0). APRA proposed that an authorised deposit-taking institution (ADI) use the form to apply to register an accountable person for the purpose of Part IIAA of the Banking Act 1959 (the Act). We also proposed the form should be used when notifying APRA as required under the notification obligations in section 37F of the Act, being:
- any change to an accountability statement of an accountable person;
- any change to an accountability map of the ADI; and
- an individual ceasing to be an accountable person.
The consultation closed on 12 February 2019.
See information relating to this consultation below:
Response letter and submission guidelines
On 15 May 2019, we published a letter to authorised deposit-taking institutions (ADIs) responding to submissions on a new registration form for the BEAR and providing guidelines for submitting applications for the registration of accountable persons.
APRA released the draft ARF 550.0 Banking Executive Accountability Regime – Registration Form for consultation last December. The form is to be used by small and medium ADIs to register responsible persons under the BEAR, which comes into effect for these entities from 1 July 2019. Applications for the registration of accountable persons can be made from 20 May 2019.