{"id":"F2024L00285","name":"Financial Accountability Regime Act (Information for register) Regulator Rules 2024","slug":"financial-accountability-regime-act-information-for-register-regulator-rules-2024","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":105127,"registerId":"commonwealth-F2024L00285-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Financial Accountability Regime Act (Information for register) Regulator Rules 2024","content":"![Commonwealth of Australia Coat of Arms, APRA logo and ASIC logo](image.001.png)\n\nFinancial Accountability Regime (Information for register) Regulator Rules 2024\n\nmade under subsection 105(1) of the Financial Accountability Regime Act 2023.\n\nCompilation No. 1\n\nCompilation date: 12/07/2024\n\nIncludes amendments up to: F2024L00874\n\nAbout this compilation\n\nThis compilation\n\nThis is a compilation of the Financial Accountability Regime (Information for register) Regulator Rules 2024 that shows the text of the law as amended and in force on 12/07/2024 (the compilation date).\n\nThe notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.\n\nUncommenced amendments\n\nThe effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.\n\nApplication, saving and transitional provisions for provisions and amendments\n\nIf the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.\n\nModifications\n\nIf the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.\n\nSelf‑repealing provisions\n\nIf a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.\n\nContents\n\n[Part 1—Preliminary](#_Toc172878994)\n\n[1 Name of legislative instrument](#_Toc172878995)\n\n[3 Authority](#_Toc172878996)\n\n[4 Definitions](#_Toc172878997)\n\n[Part 2—Regulator Rules](#_Toc172878998)\n\n[5 Register of accountable persons—prescribed information](#_Toc172878999)\n\n[Endnotes](#_Toc172879000)\n\n[Endnote 1—About the endnotes](#_Toc172879001)\n\n[Endnote 2—Abbreviation key](#_Toc172879002)\n\n[Endnote 3—Legislation history](#_Toc172879003)\n\n[Endnote 4—Amendment history](#_Toc172879004)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the Financial Accountability Regime (Information for register) Regulator Rules 2024.\n\n3 Authority\n\nThis instrument is made under subsection 105(1) of the Financial Accountability Regime Act 2023.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Financial Accountability Regime Act 2023.\n\nADI Key Function means each of the following key functions only if the ADI Key Function Requirements apply to a particular key function:\n\n(a) capital management;\n\n(b) collections and enforcement (default, debt collections, and recovery);\n\n(c) conduct risk management.\n\n(d) credit risk management;\n\n(e) data management;\n\n(f) financial and regulatory reporting;\n\n(g) hardship processes;\n\n(h) liquidity and funding management;\n\n(i) market risk management;\n\n(j) operational risk management;\n\n(k) product design and distribution obligations;\n\n(l) product origination;\n\n(m) recovery and exit planning and resolution planning;\n\n(n) scam management;\n\n(o) technology management;\n\n(p) training and monitoring of relevant representatives and staff; and\n\n(q) whistleblower policy and process.\n\nADI Key Function Requirements means the following requirements:\n\n(a) the key function is undertaken by an accountable entity which is an ADI or an authorised NOHC of an ADI; and\n\n(b) an accountable person has actual or effective senior executive responsibility for management or control of the whole of, or a significant or substantial part or aspect of, the key function.\n\nInsurance Key Function means each of the following key functions only if the Insurance Key Function Requirements apply to a particular key function:\n\n(a) capital management;\n\n(b) conduct risk management;\n\n(c) data management;\n\n(d) financial and regulatory reporting;\n\n(e) hardship processes;\n\n(f) insurance risk management;\n\n(g) operational risk management;\n\n(h) product design and distribution obligations;\n\n(i) product origination;\n\n(j) recovery and exit planning and resolution planning;\n\n(k) reinsurance management;\n\n(l) scam management;\n\n(m) technology management;\n\n(n) training and monitoring of relevant representatives and staff;\n\n(o) underwriting; and\n\n(p) whistleblower policy and process.\n\nInsurance Key Function Requirements means the following requirements:\n\n(a) the key function is undertaken by an accountable entity which is a general insurer, an authorised NOHC of a general insurer, a life company, a registered NOHC of a life company, or a private health insurer; and\n\n(b) an accountable person has actual or effective senior executive responsibility for management or control of the whole of, or a significant or substantial part or aspect of, the key function.\n\nregister means the register established under section 40 of the Act.\n\nRSE licensee Key Function means each of the following key functions only if the RSE licensee Key Function Requirements apply to a particular key function:\n\n(a) conduct risk management;\n\n(b) data management;\n\n(c) financial and regulatory reporting;\n\n(d) hardship processes;\n\n(e) investment management;\n\n(f) liquidity management;\n\n(g) marketing and advertising;\n\n(h) member outcomes and member engagement;\n\n(i) operational risk management;\n\n(j) product design and distribution obligations;\n\n(k) product origination;\n\n(l) recovery and exit planning and resolution planning;\n\n(m) scam management;\n\n(n) technology management;\n\n(o) training and monitoring of relevant representatives and staff; and\n\n(p) whistleblower policy and process.\n\nRSE licensee Key Function Requirements means the following requirements:\n\n(a) the key function is undertaken by an accountable entity which is a RSE licensee; and\n\n(b) an accountable person has actual or effective senior executive responsibility for management or control of the whole of, or a significant or substantial part or aspect of, the key function.\n\n> Note 1: The following terms are defined in the Act:\n\n> Note: (a) accountable entity;\n\n> Note: (b) accountable person;\n\n> Note: (c) ADI;\n\n> Note: (d) authorised NOHC;\n\n> Note: (e) general insurer;\n\n> Note: (f) life company;\n\n> Note: (g) private health insurer;\n\n> Note: (h) registered NOHC;\n\n> Note: (i) RSE licensee.\n\nPart 2—Regulator Rules\n\n5 Register of accountable persons—prescribed information\n\n(1) For the purposes of paragraph 40(4)(g) of the Act, the following information is prescribed for inclusion in the register:\n\n(a) commencement date;\n\n> Note: ‘commencement date’ means the date the person becomes an accountable person.\n\nPersonal identification details\n\n(b) date of birth;\n\n(c) direct phone number;\n\n(d) direct email address;\n\n(e) where there is a change to the personal identification details mentioned above, or a change to an accountable person’s name, the date the change occurred;\n\nEmployment status\n\n(f) position title (role title);\n\n(g) start date and end date of the position title (role title);\n\n(h) employer name;\n\n(i) start date and end date of employment with the employer;\n\nKey functions information\n\n(j) key functions—each ADI Key Function (if any) of the accountable person;\n\n(k) the dates the accountable person assumed, and ceased to have, responsibility for an ADI Key Function referred to in paragraph 5(1)(j) (if applicable);\n\n(l) key functions—each Insurance Key Function (if any) of the accountable person;\n\n(m) the dates the accountable person assumed, and ceased to have, responsibility for an Insurance Key Function referred to in paragraph 5(1)(l) (if applicable);\n\n(n) key functions—each RSE licensee Key Function (if any) of the accountable person;\n\n(o) the dates the accountable person assumed, and ceased to have, responsibility for an RSE licensee Key Function referred to in paragraph 5(1)(n) (if applicable);\n\nReporting lines\n\n(p) position title of the person the accountable person reports to;\n\n(q) the dates the accountable person started, and ceased, to report to the person referred to at paragraph 5(1)(l); and\n\nSuspension\n\n(r) suspension (where the suspension is because the person has failed to comply with one or more of the person’s accountability obligations under section 21 of the Act) start date and end date.\n\nEndnotes\n\nEndnote 1—About the endnotes\n\n> Note: The endnotes provide information about this compilation and the compiled law.\n\n> Note: The following endnotes are included in every compilation:\n\n> Note: Endnote 1—About the endnotes\n\n> Note: Endnote 2—Abbreviation key\n\n> Note: Endnote 3—Legislation history\n\n> Note: Endnote 4—Amendment history\n\n> Note: Abbreviation key—Endnote 2\n\n> Note: The abbreviation key sets out abbreviations that may be used in the endnotes.\n\n> Note: Legislation history and amendment history—Endnotes 3 and 4\n\n> Note: Amending laws are annotated in the legislation history and amendment history.\n\n> Note: The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.\n\n> Note: The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.\n\n> Note: Misdescribed amendments\n\n> Note: A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.\n\n> Note: If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.\n\nEndnote 2—Abbreviation key\n\n| ad = added or inserted                         | orig = original                     |\n| ---------------------------------------------- | ----------------------------------- |\n| am = amended                                   | par = paragraph(s)/subparagraph(s)  |\n| amdt = amendment                               | /sub‑subparagraph(s)                |\n| c = clause(s)                                  | pres = present                      |\n| C[x] = Compilation No. x                       | prev = previous                     |\n| Ch = Chapter(s)                                | (prev…) = previously                |\n| def = definition(s)                            | Pt = Part(s)                        |\n| Dict = Dictionary                              | r = regulation(s)/rule(s)           |\n| disallowed = disallowed by Parliament          | reloc = relocated                   |\n| Div = Division(s)                              | renum = renumbered                  |\n| exp = expires/expired or ceases/ceased to have | rep = repealed                      |\n| Effect                                         | rs = repealed and substituted       |\n| F = Federal Register of Legislation            | s = section(s)/subsection(s)        |\n| gaz = gazette                                  | Sch = Schedule(s)                   |\n| LA = Legislation Act 2003                      | Sdiv = Subdivision(s)               |\n| LIA = Legislative Instruments Act 2003         | SLI = Select Legislative Instrument |\n| (md not incorp) = misdescribed amendment       | SR = Statutory Rules                |\n| cannot be given effect                         | Sub‑Ch = Sub‑Chapter(s)             |\n| mod = modified/modification                    | SubPt = Subpart(s)                  |\n| No. = Number(s)                                | underlining = whole or part not     |\n| o = order(s)                                   | commenced or to be commenced        |\n| Ord = Ordinance                                |                                     |\n\nEndnote 3—Legislation history\n\n| Name                                                                                | Registration                 | Commencement | Application, saving and transitional provisions |\n| ----------------------------------------------------------------------------------- | ---------------------------- | ------------ | ----------------------------------------------- |\n| Financial Accountability Regime Act (Information for register) Regulator Rules 2024 | 07/03/2024 (see F2024L00285) | 08/03/2024   |                                                 |\n| Financial Accountability Regime Regulator Rules Amendment Instrument No. 1 of 2024  | 11/07/2024 (see F2024L00874) | 12/07/2024   |                                                 |\n\nEndnote 4—Amendment history\n\n| Provision affected                         | How affected                     |\n| ------------------------------------------ | -------------------------------- |\n| s 2                                        | rep. s 48D LA                    |\n| s 4s 4 (Note 1)                            | am No. 1 of 2024am No. 1 of 2024 |\n| s 4 (Note 2)s 5 (par l, m, n, o, p, q, r). | am No. 1 of 2024am No. 1 of 2024 |","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument remains tightly scoped to its original purpose: prescribing information for the FAR register. It does not expand beyond the specific mandate in section 105(1) of the parent Act."},"complexity_factors":["Short instrument with only 5 operative sections","Straightforward structure: preliminary provisions plus single substantive section prescribing register contents","Multiple defined terms (4 complex definitions for 'Key Function' categories) but these are essentially lists of business functions rather than abstract legal concepts","Conditional logic limited to simple 'if applicable' triggers for specific categories of financial institutions","No nested exceptions or complex cross-referencing beyond basic references to the parent Act","Prescriptive list format for register contents makes requirements clear and unambiguous"],"plain_english_summary":"This instrument specifies what personal and professional information regulators (APRA and ASIC) must publish in a central public register about senior executives—“accountable persons”—at major banks, insurers and superannuation funds. It requires firms to supply identity, contact and employment details, core responsibilities, reporting lines and any disciplinary suspensions.\n\nBy making who is responsible for key functions (risk, technology, customer protections, etc.) publicly visible, it increases transparency and helps hold senior leaders to account when failures occur."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"Amendments made by Financial Accountability Regime Regulator Rules Amendment Instrument No. 1 of 2024 (see Endnote 3 and Endnote 4) modified the definitions and the prescribed information entries in regulation 5 (notably paragraphs l–r), expanding and refining which key functions and data points must be recorded. The instrument therefore adjusts the scope of the register’s required dataset from the version first registered on 07/03/2024."},"complexity_factors":["Multiple, overlapping defined lists of ‘Key Functions’ that vary by entity type (ADI, Insurance, RSE licensee) — see definitions for ADI Key Function, Insurance Key Function, RSE licensee Key Function.","Conditional application of key-function entries (each function only applies if the corresponding Key Function Requirements are met) — see ADI/Insurance/RSE Key Function Requirements.","Temporal data requirements (many items require start and end dates: role, employment, assumption/cessation of key functions, reporting-line changes, suspension) — see reg 5(1)(f)–(q) and (r).","Privacy and operational implementation issues from collecting direct contact details and dates, requiring secure, accurate, and timely updates to the register — implied by personal identification and change-of-details items in reg 5(1)(b)–(e).","Cross-reference to substantive provisions of the Act (register under s 40(4)(g); suspension defined by reference to s 21 of the Act), increasing interdependence between instruments."],"plain_english_summary":"These Regulator Rules set out the personal, employment and role-related information that must appear on the Financial Accountability Regime register for each “accountable person” (for example, senior executives at ADIs, insurers and RSE licensees). They require contact and identity details, role and employer dates, the specific key functions for which the person is responsible and related start/stop dates, reporting lines, and suspension dates. The rules create an ongoing record-keeping and update obligation for accountable persons and their employers and give the regulator a prescribed dataset to publish and maintain."}},"importantCases":[],"_links":{"self":"/api/acts/financial-accountability-regime-act-information-for-register-regulator-rules-2024","history":"/api/acts/financial-accountability-regime-act-information-for-register-regulator-rules-2024/history","analysis":"/api/acts/financial-accountability-regime-act-information-for-register-regulator-rules-2024/analysis","conflicts":"/api/acts/financial-accountability-regime-act-information-for-register-regulator-rules-2024/conflicts","importantCases":"/api/acts/financial-accountability-regime-act-information-for-register-regulator-rules-2024/important-cases","documents":"/api/acts/financial-accountability-regime-act-information-for-register-regulator-rules-2024/documents"}}