Financial Accountability Regime - Proposed Regulator rules and Transitional rules
This page contains relevant information regarding the joint APRA-ASIC consultation on key materials for the implementation of the Financial Accountability Regime (FAR).
On 20 July 2023, APRA and the Australian Securities and Investments Commission (ASIC) released a joint consultation on their proposed Regulator rules, Transitional rules and ADI key functions descriptions to support the timely implementation of the Financial Accountability Regime (FAR).
The FAR will replace the Banking Executive Accountability Regime (BEAR) and it is designed to improve the risk and governance cultures of all APRA-regulated entities by imposing a strengthened responsibility and accountability framework for those financial institutions.
This consultation will be open for submissions until 17 August 2023.
The consultation letter, and drafts of the Regulator rules, Transitional rules and ADI key functions can be found below:
Media release: APRA and ASIC commence early consultation on FAR.
ADI key functions
Note on submissions
It is APRA's policy to publish all submissions on the APRA website unless the respondent specifically tells APRA in writing that all or part of the submission is to remain confidential. An automatically generated confidentiality statement in an email does not satisfy this purpose. If you would like only part of your submission to be confidential, you should provide this information marked as 'confidential' in a separate attachment.