Financial Accountability Regime - 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).
March 2024
On 14 March 2024, APRA and ASIC released a joint consultation on the proposed amendments to the Regulator rules and draft key functions descriptions for insurance and superannuation entities.
This consultation will be open for submissions until 19 April 2024.
The consultation letter, and drafts of the Regulator rules amendment instrument and key functions descriptions for insurance and superannuation entities can be found below:
Letter to insurance and superannuation entities
Regulator rules amendment instrument
Insurance and superannuation key functions
On 8 March 2024, APRA and ASIC released the final rules and a joint response to their consultation in July 2023.
The response letter, final Regulator rules, Transitional rules, ADI Key Functions descriptions and non-confidential submissions to the consultation can be found below:
Media release: APRA and ASIC issue final rules and further guidance for the Financial Accountability Regime
Letter
Regulator rules
Financial Accountability Regime Act (Information for register) Regulator Rules 2024
ADI key functions
Transitional rules
Financial Accountability Regime (Consequential Amendments) Transitional Rules 2024
Non-confidential submissions
July 2023
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.
Letter
The financial accountability regime-consultation on the regulator rules and transitional rules
Regulator rules
ADI key functions
Transitional rules
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.
Submissions may be the subject of a request for access made under the Freedom of Information Act 1982 (FOIA). APRA will determine such requests, if any, in accordance with the provisions of the FOIA. Information in the submission about any APRA-regulated entity that is not in the public domain and that is identified as confidential will be protected by section 56 of the Australian Prudential Regulation Authority Act 1998 and will therefore be exempt from production under the FOIA.