Financial Accountability Regime Act 2023
35Simplified outline of this Chapter
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35 Simplified outline of this Chapter
APRA and ASIC jointly administer this Act, and must agree about how to perform functions and exercise powers under it.
Accountable persons must be registered, and may be disqualified for non‑compliance with their obligations.
The Regulator may issue a direction to an accountable entity:
(a) to address non‑compliance, or the risk of non‑compliance, by the accountable entity or any of its significant related entities or accountable persons; or
(b) to reallocate responsibilities among accountable persons.
The Regulator has powers to ensure compliance with this Act, to investigate non‑compliance and to enforce this Act. Enforcement mechanisms include civil and criminal penalties.