{"id":"F2020L00347","name":"Banking (BEAR) determination No. 1 of 2020","slug":"banking-bear-determination-no-1-of-2020","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":100904,"registerId":"commonwealth-F2020L00347-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Banking (BEAR) determination No. 1 of 2020","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-generator: Aspose.Words for .NET 20.2\nmeta-keywords: \"[SEC=UNCLASSIFIED]\"\ntitle: Banking (BEAR) determination No. 1 of 2020\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![](image.001.png)\n\nBanking (BEAR) determination No. 1 of 2020\n\nBanking Act 1959\n\n \n\nI, Sean Carmody, delegate of APRA, under subsection 37F(3) of the Banking Act 1959 (the Act) DETERMINE that, for the purposes of paragraph 37F(2)(b):\n\n \n\n(a)     the period within which APRA must be notified in accordance with paragraph 37F(1)(a) of a change to an accountability statement; and\n\n(b)    the period within which APRA must be notified in accordance with paragraph 37F(1)(b) of a change to an accountability map,\n\n \n\nis 30 days.\n\n \n\nThis instrument commences on the day it is registered on the Federal Register of Legislation.\n\n \n\nDated: 26 March 2020\n\n \n\n[Signed]\n\n \n\n \n\nSean Carmody\n\nExecutive Director\n\nCross-Industry Insights and Data Division\n\n \n\n \n\n \n\nInterpretation\n\nIn this Determination:\n\nAPRA means the Australian Prudential Regulation Authority.\n\n \n\n \n","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"This Determination does not change the classes of persons or entities required to notify APRA under the Banking Act. It only prescribes the period within which those notifications must be given (30 days) and specifies its commencement. The instrument therefore alters the timing requirement but does not expand or narrow the substantive scope of the underlying notification obligations set out in the referenced paragraphs of the Banking Act."},"complexity_factors":["Cross-references to external provisions (subsection 37F(3) and paragraphs 37F(1)(a) and (b)) require reading the Banking Act to identify who is captured and the substantive content of notifications.","Very narrow subject matter (only sets a notification period), so internal complexity is low.","Legal formality: made by an APRA delegate and uses statutory language, which requires some familiarity with delegated instruments.","Limited text and lack of ancillary detail (no transitional rules, exemptions, or enforcement detail) reduce complexity but increase dependence on other sources for operational guidance.","Commencement clause is straightforward, but practical implementation depends on registration date and APRA's communications."],"plain_english_summary":"What this instrument changes (mechanically)\n\n- The Determination sets the deadline for notifying APRA about changes to two specific documents referenced in the Banking Act 1959: an \"accountability statement\" and an \"accountability map.\" It fixes that period at 30 days. (Determination text: \"the period ... is 30 days.\")\n- It is made by a delegate of APRA under subsection 37F(3) of the Banking Act 1959. (Opening line: \"I, Sean Carmody, delegate of APRA, under subsection 37F(3) ... DETERMINE ...\")\n- The instrument commences on the day it is registered on the Federal Register of Legislation. (Commencement clause)\n- The instrument defines \"APRA\" for the purposes of the Determination as the Australian Prudential Regulation Authority. (Interpretation)\n\nWho is affected and what they must do\n\n- The parties required to notify APRA under paragraph 37F(1)(a) and paragraph 37F(1)(b) of the Banking Act must provide the relevant notification within 30 days of the relevant change (the instrument itself cross-references those paragraphs but does not repeat who is captured by them). (Determination text referencing paragraphs 37F(1)(a) and (b))\n\nStated purpose and tests against costs, incentives, and implementation\n\n- The instrument does not include a policy justification text beyond the formal determination. Its effect is procedural and narrow: it prescribes a fixed notification period for two kinds of statutory notifications. (Instrument content)\n- Who decides: a delegate of APRA made the determination under statutory power (subsection 37F(3)). That places the decision to set the period within APRA's delegated administrative authority. (Opening line)\n- Who pays / bears the burden: the entities that must notify APRA under paragraphs 37F(1)(a) and (b) bear the compliance cost of preparing and lodging the notification within 30 days. The instrument itself does not quantify compliance costs or identify the affected classes of entities. (Determination text; cross-reference to 37F(1)(a) and (b))\n- Incentives and behaviour change: by fixing a 30-day deadline the Determination creates a time constraint that encourages affected entities to update and lodge accountability statements and maps promptly. That may shift internal processes (e.g. faster internal approvals) to meet the deadline; the instrument does not prescribe how entities must meet it. (Determination text)\n- Bureaucratic discretion and implementation risk: the determination was made under subsection 37F(3), showing the instrument relies on delegated administrative power to set the period. The text is brief and leaves interpretation of who must notify and what exactly constitutes a compliant notification to the referenced provisions of the Banking Act and any accompanying guidance. This creates some implementation dependence on the content of those cross-referenced provisions and on APRA's regulatory communications. (Opening line; cross-references)\n- Trade-offs and opportunity costs: the Determination prioritises a clear, short statutory deadline (30 days). That clarity reduces legal uncertainty about the notification timeframe but requires affected entities to devote resources to meet the deadline instead of other activities. The instrument does not address transitional arrangements, exemptions, or enforcement approach. (Instrument content)\n\nKey textual citations (from the instrument)\n\n- Decision-making power: \"I, Sean Carmody, delegate of APRA, under subsection 37F(3) of the Banking Act 1959 ... DETERMINE ...\" (opening paragraph)\n- Subject matter: notification under paragraph 37F(1)(a) of a change to an accountability statement and under paragraph 37F(1)(b) of a change to an accountability map. (opening paragraph)\n- Prescribed period: \"is 30 days.\" (opening paragraph)\n- Commencement: \"This instrument commences on the day it is registered on the Federal Register of Legislation.\" (commencement clause)\n- Interpretation: \"APRA means the Australian Prudential Regulation Authority.\" (interpretation)\n\nNet effect in plain terms\n\n- The Determination creates a single, clear timetable: affected parties must notify APRA of a change to an accountability statement or map within 30 days. It does not change who must notify (that is set in the Banking Act provisions the Determination references), nor does it change other substantive legal obligations; it solely prescribes the notification period and the instrument's commencement.\n"},"kimi_summary":{"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"This determination performs exactly the narrow technical function authorised by subsection 37F(3) of the Banking Act 1959—specifying notification timeframes for accountability document changes. It has not expanded beyond this specific purpose."},"complexity_factors":["Single operative provision setting one time period (30 days)","Only 1 defined term ('APRA')","No cross-references to other legislation beyond the empowering provision (s 37F of the Banking Act 1959)","No conditional logic, exceptions, or nested provisions","Total length: approximately 150 words of substantive content"],"plain_english_summary":"This is a short legal instrument made by APRA (the Australian Prudential Regulation Authority) that sets a 30-day deadline for banks to notify APRA about certain changes.\n\n**What it does:**\nUnder the Banking Act 1959, large banks must create \"accountability statements\" (documents explaining who is responsible for what) and \"accountability maps\" (charts showing who reports to whom). When these documents change, the bank must tell APRA. This determination sets that notification period at **30 days**.\n\n**Who it affects:**\n- **APRA-regulated banks** (specifically those subject to the Banking Executive Accountability Regime, or BEAR)\n- **Bank executives** whose responsibilities are documented in these statements and maps\n\n**Why it matters:**\nThe BEAR was introduced after the banking royal commission to make senior bankers personally accountable for their actions. This rule ensures APRA is kept reasonably up-to-date when bank structures or responsibilities change, without the burden of immediate reporting."}},"importantCases":[],"_links":{"self":"/api/acts/banking-bear-determination-no-1-of-2020","history":"/api/acts/banking-bear-determination-no-1-of-2020/history","analysis":"/api/acts/banking-bear-determination-no-1-of-2020/analysis","conflicts":"/api/acts/banking-bear-determination-no-1-of-2020/conflicts","importantCases":"/api/acts/banking-bear-determination-no-1-of-2020/important-cases","documents":"/api/acts/banking-bear-determination-no-1-of-2020/documents"}}