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ARTICLE · 03 AUGUST 2023

Financial Accountability Regime: Not That Far Away

K&L Gates
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On 8 March 2023, the Government introduced the long-awaited Financial Accountability Regime Bill 2023 and Financial Accountability Regime (Consequential Amendments) Bill 2023 (collectively, the Bills) into Parliament.

AustraliaFinance and Banking
Jim Bulling
Jim Bulling
Ben Kneebush
Ben Kneebush

On 8 March 2023, the Government introduced the long-awaited Financial Accountability Regime Bill 2023 and Financial Accountability Regime (Consequential Amendments) Bill 2023 (collectively, the Bills) into Parliament. These propose to establish the Financial Accountability Regime (FAR), a strengthened responsibility and accountability framework that replaces the existing Banking Executive Accountability Regime (BEAR).

Broadly, the FAR differs from the BEAR by extending the accountability regime to a wider range of entities and expanding upon the obligations of entities and their executives in a number of respects. In addition to authorised deposit-taking institutions (ADIs), the FAR will also apply to insurance companies, superannuation trustees and licensed non-operating holding companies.

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