{"id":"F2024L00286","name":"Financial Accountability Regime (Consequential Amendments) Transitional Rules 2024","slug":"financial-accountability-regime-consequential-amendments-transitional-rules-2024","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":442305,"registerId":"F2024L00286-fast-fetch-1775957348652","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Financial Accountability Regime (Consequential Amendments) Transitional Rules 2024","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-keywords: \"[SEC=UNOFFICIAL]\"\ntitle: Draft APRA ASIC Transitional Rules (FAR)\n---\n\n![Commonwealth Coat of Arms, APRA logo and ASIC logo](image.001.png)\n\nFinancial Accountability Regime (Consequential Amendments) Transitional Rules 2024\n\nWe, Margaret Cole, a delegate of the Australian Prudential Regulation Authority, and Greg Yanco, a delegate of the Australian Securities and Investments Commission, make this legislative instrument.\n\nDate  6 March 2024\n\n \n\n \n\n       Margaret Cole   Greg Yanco\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc153975932)\n\n[1 Name of legislative instrument](#_Toc153975933)\n\n[2 Commencement](#_Toc153975934)\n\n[3 Authority](#_Toc153975935)\n\n[4 Application](#_Toc153975936)\n\n[5 Definitions](#_Toc153975937)\n\n[Part 2—Collection of information to facilitate transition from the BEAR to the Financial Accountability Regime](#_Toc153975938)\n\n[6 Information to be provided for transitioning accountable persons](#_Toc153975939)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the Financial Accountability Regime (Consequential Amendments) Transitional Rules 2024.\n\n2 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au).\n\n3 Authority\n\nThis instrument is made under item 34(1) of Schedule 2 of the Financial Accountability Regime (Consequential Amendments) Act 2023.\n\n4 Application\n\nThis instrument applies to all ADIs which are subject to the BEAR and which become accountable entities under the Act at the banking start time.\n\n5 Definitions\n\nIn this instrument:\n\nAct means the Financial Accountability Regime Act 2023.\n\nADI has the same meaning as in the Banking Act 1959.\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; 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\nAPRA means the Australian Prudential Regulation Authority.\n\nAPRA Connect means APRA’s data collection solution for entities to lodge relevant information and data with APRA.\n\nbanking start time has the same meaning as in item 1(1) of Schedule 2 of the Financial Accountability Regime (Consequential Amendments) Act 2023.\n\nBEAR means the provisions of Part IIAA of the Banking Act 1959 as in force immediately before the banking start time.\n\nNote: Part IIAA of the Banking Act 1959 relates to the Banking Executive Accountability Regime.\n\nGeneral or Prescribed Responsibility or Position means any one or more responsibilities or positions (as applicable) of a kind:\n\n(a) set out in subparagraph 10(1)(b)(i) of the Act;\n\n(b) set out in subparagraph 10(1)(b)(ii) of the Act;\n\n(c) prescribed for the purposes of paragraph 10(2)(b) of the Act;\n\n(d) prescribed for the purposes of subsection 10(3) of the Act;\n\n(e) set out in paragraph 10(5)(a) of the Act;\n\n(f) set out in paragraph 10(5)(b) of the Act;\n\n(g) set out in subparagraph 10(6)(b)(i) of the Act; or\n\n(h) set out in subparagraph 10(6)(b)(ii) of the Act.\n\nNote 1: The following terms are defined in the Act:\n\n(a) accountable entity;\n\n(b) accountable person;\n\n(c) Regulator;\n\n(d) significant related entity.\n\nPart 2—Collection of information to facilitate transition from the BEAR to the Financial Accountability Regime\n\n6 Information to be provided for transitioning accountable persons\n\n(1) An ADI which is subject to the BEAR and which becomes an accountable entity under the Act at the banking start time must provide the Regulator with the information in subsection (2) by providing it as specified in subsection (3), within 30 days after the banking start time.\n\n(2) For the purposes of subsection (1), the following information must be provided in respect of each person who is, immediately prior to the banking start time, an accountable person for the purposes of the BEAR and who, at the banking start time, becomes an accountable person of the accountable entity or a significant related entity of the accountable entity (as applicable) under the Act:\n\nPersonal identification details\n\n(a) director identification number (if applicable, and subject to section 1270N of the Corporations Act 2001);\n\n(b) direct phone number;\n\n(c) direct email address;\n\nEmployment status\n\n(d) start date of the position title (role title);\n\n(e) start date of employment with the employer\n\nReporting lines\n\n(f) position title of the person the accountable person reports to;\n\n(g) the date the accountable person started to report to the person referred to at paragraph 6(2)(f);\n\nResponsibilities information\n\n(h) details of each General or Prescribed Responsibility or Position that causes the person to be an accountable person;\n\nKey functions information\n\n(i) key functions—each ADI Key Function (if any) of the accountable person; and\n\n(j) the date the accountable person assumed responsibility for each ADI Key Function referred to in paragraph 6(2)(i) (if applicable).\n\n(3) The information in subsection (2) must be provided by completing and submitting the electronic notification form which is made available by APRA in APRA Connect for this purpose.\n","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument does not change which entities or persons fall within the regime. It imposes a transitional information‑reporting obligation on ADIs that were subject to the BEAR and become accountable entities at the banking start time (s.4, s.6). It does not broaden or narrow statutory definitions of 'accountable entity' or 'accountable person'; it only prescribes the data to be supplied and the submission mechanism and timing."},"complexity_factors":["Narrow, single-purpose rule: one mandatory collection requirement (s.6) reduces structural complexity.","Multiple statutory references: relies on terms and timing defined in the Act, the Banking Act (BEAR) and the Consequential Amendments Act (ss.3–5).","Detailed data fields: requires collection of personal identifiers, contact details, employment dates, reporting lines, responsibilities and key functions (s.6(2)(a)–(j)).","Privacy/legal constraint: director identification number is subject to Corporations Act s1270N (s.6(2)(a)).","Operational burden: 30‑day deadline after banking start time to compile and submit records via APRA Connect (s.6(1), (3)).","Role mapping task: firms must map persons from BEAR accountable person status to the Act’s accountable person/significant related entity categories (s.4, s.6(2) preamble).","Delegated decision points: instrument made by APRA and ASIC delegates under item 34(1) of Schedule 2 (s.3), concentrating implementation control with regulators."],"plain_english_summary":"This instrument requires ADIs that move from the BEAR to the Financial Accountability Regime to provide APRA/Regulator with specified identity, contact, employment, reporting‑line, responsibility and key‑function information for each transitioning accountable person via APRA Connect within 30 days after the banking start time (s.6). It affects ADIs (who collect and file the data) and the listed accountable persons; it standardises role mapping for the regime change while imposing a short compliance and data‑management task on firms."},"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 transitional purpose — facilitating the administrative handover from BEAR to FAR by collecting executive information. It does not expand beyond this data collection function."},"complexity_factors":["Short length (only 6 operative provisions plus definitions)","Limited cross-referencing — primarily references the parent Act and Banking Act 1959 for defined terms","Straightforward conditional logic (single trigger: ADI subject to BEAR becoming accountable entity at banking start time)","Structured data collection requirement with enumerated list of 17 specific key functions","Single method of compliance specified (electronic form via APRA Connect)","No nested exceptions or complex temporal provisions beyond the 30-day deadline"],"plain_english_summary":"When banks transition from the BEAR to the new FAR, this instrument requires affected ADIs to notify APRA and ASIC within 30 days, providing details on transitioning senior executives — contact and employment dates, reporting lines, stated FAR responsibilities, and the key functions they oversee (e.g., capital, credit, technology, scam and whistleblower arrangements). Submissions must be lodged electronically via APRA Connect to maintain continuous regulatory oversight."}},"importantCases":[],"_links":{"self":"/api/acts/financial-accountability-regime-consequential-amendments-transitional-rules-2024","history":"/api/acts/financial-accountability-regime-consequential-amendments-transitional-rules-2024/history","analysis":"/api/acts/financial-accountability-regime-consequential-amendments-transitional-rules-2024/analysis","conflicts":"/api/acts/financial-accountability-regime-consequential-amendments-transitional-rules-2024/conflicts","importantCases":"/api/acts/financial-accountability-regime-consequential-amendments-transitional-rules-2024/important-cases","documents":"/api/acts/financial-accountability-regime-consequential-amendments-transitional-rules-2024/documents"}}