Financial Accountability Regime (Consequential Amendments) Transitional Rules 2024

This instrument rests on a small set of statutory and operational concepts that determine scope and content. Those concepts are defined or referenced in section 5 and in the operational rules in Part 2. Key definitions and concepts in the instrument are outlined below, with the source subsections cited.

• ADI and ADI Key Function. ADI has the same meaning as in the Banking Act 1959 (s 5). The instrument provides a list of ADI Key Functions (s 5, ADI Key Function). The list is extensive and includes capital management, collections and enforcement, conduct risk management, credit risk management, data management, financial and regulatory reporting, hardship processes, liquidity and funding management, market risk management, operational risk management, product design and distribution obligations, product origination, recovery and exit planning and resolution planning, scam management, technology management, training and monitoring of relevant representatives and staff, and whistleblower policy and process. The ADI Key Function concept is conditioned by the ADI Key Function Requirements, namely that the key function is undertaken by an accountable entity which is an ADI and that 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 (s 5, ADI Key Function Requirements). The key-function list therefore applies only if those requirements are met for a particular function.

• BEAR and banking start time. BEAR is defined as the provisions of Part IIAA of the Banking Act 1959 as in force immediately before the banking start time (s 5). Banking start time is cross-referenced to item 1(1) of Schedule 2 of the Financial Accountability Regime (Consequential Amendments) Act 2023 (s 5, banking start time). The instrument therefore operates at a defined transition point from BEAR to FAR. The instrument’s obligations attach to the transition moment and the 30-day window thereafter (s 6(1)).

• Accountable entity and accountable person. The instrument repeatedly uses the terms accountable entity and accountable person, but the definitions for those terms are not restated in this instrument. The instrument notes they are defined in the Act (s 5, Note 1). The practical effect is that the instrument’s identification and coverage obligations must be read against the Act’s definitions of those core FAR concepts.

• General or Prescribed Responsibility or Position. The instrument defines General or Prescribed Responsibility or Position by cross-reference to multiple paragraphs and subparagraphs in s 10 of the Act (s 5). This means that the instrument requires ADIs to map pre-existing BEAR responsibilities to the Act’s list of responsibilities and prescribed positions to explain why a person is an accountable person under the Act.

• APRA Connect and the electronic form. APRA Connect is specified as the data-collection channel (s 5). Section 6(3) requires use of the electronic notification form made available by APRA in APRA Connect for this purpose. The instrument does not permit other channels or formats for submission.

• Corporations Act cross-reference. The instrument expressly notes that the director identification number must be provided if applicable and is subject to s 1270N of the Corporations Act 2001 (s 6(2)(a)). That subsection signals a statutory limit or condition on the handling or disclosure of director identification numbers under existing Corporations Act obligations.

Taken together, the concepts create a narrowly tailored transitional data collection. The ADI must determine which persons fall within the described cohort by reference to the BEAR-accountable-person cohort immediately prior to banking start time and then to the Act-defined accountable-person cohort at banking start time (s 6(2)). The ADI must map BEAR responsibilities into the Act’s General or Prescribed Responsibility or Position categories and determine whether an ADI Key Function applies to each accountable person under the ADI Key Function Requirements (s 5, ADI Key Function Requirements). The instrument therefore requires operational mapping and legal interpretation by ADIs to comply.

The instrument’s operational footprint touches three categories of actors: the specified ADIs, the individual accountable persons who are transitioning, and APRA as the data receiver. The instrument was made by APRA and ASIC delegates and is expressly directed at ADIs that are transitioning from the BEAR to the FAR at the banking start time.

• Affected entities. The instrument applies to “all ADIs which are subject to the BEAR and which become accountable entities under the Act at the banking start time” (s 4). That wording confines obligations to ADIs that both (1) were covered by the BEAR immediately before the banking start time and (2) become accountable entities under the Act at the banking start time. ADIs outside that intersection are not in scope under this instrument. The instrument therefore targets the cohort undergoing direct legal transition from BEAR to FAR.

• Affected individuals. The information must be provided in respect of each person who, immediately prior to banking start time, was an accountable person for BEAR purposes and who, at banking start time, becomes either an accountable person of the accountable entity under the Act or a significant related entity of the accountable entity (s 6(2) opening clause). The cohort is thus narrowly defined: it is not every employee or manager; it is the set of persons who were BEAR accountable persons immediately before the transition and who continue as accountable persons under FAR (or in a significant related entity) at the transition moment. Persons who were not BEAR accountable persons immediately prior to banking start time are not captured by this instrument, even if they later become accountable persons under the Act.

• Regulator and data channel. The Regulator is the recipient of the data. The instrument was made by delegates of APRA and ASIC (signature block and s 3), but data submission is routed through APRA Connect (s 6(3), s 5). The instrument thereby places operational control of the data-collection pathway in APRA’s systems.

• Indirectly affected internal parties. While not named in the instrument, operational compliance will involve HR, internal legal, risk and governance functions, and likely IT teams within ADIs. The instrument requires date and reporting-line details (s 6(2)(d)-(g)) and responsibility mapping (s 6(2)(h)-(j)), which will require cooperation across those internal functions to produce accurate submissions.

• Exclusions and boundary cases. The instrument’s text creates natural exclusions. For example, an ADI that was never subject to BEAR remains outside scope of this instrument. Similarly, an individual who becomes an accountable person under FAR after banking start time is outside the instrument’s immediate data-collection obligation. The instrument relies on temporal predicates that determine who is in scope: holding BEAR accountable-person status immediately prior to banking start time, and holding FAR accountable-person or significant related entity status at banking start time (s 6(2) opening clause). ADIs will need to make clear legal determinations about transitional status for each person.

In summary, the instrument imposes a discrete, time-limited data-delivery duty on ADIs that are transitioning from BEAR to FAR, and it targets the specific set of individuals who make the transition as determined by the transitional timing rules. APRA is the operational recipient and APRA Connect is the mandated submission channel.

The instrument creates a single principal duty on the in-scope ADI and prescribes the content, format and timing of the submission. It does not create a complex schedule of rights or procedural protections in the text of the instrument itself; any such rights will derive from the Act or other laws. The duties and the limited qualifications are set out below with the controlling provisions cited.

Primary duty

• Provide specified information for each transitioning accountable person to the Regulator within 30 days after the banking start time (s 6(1)). The duty is absolute in the instrument; it prescribes the data to be provided and the submission window.

Content duty

• The ADI must supply the precise categories of information listed at s 6(2)(a)-(j). Those include director identification number where applicable and subject to s 1270N of the Corporations Act 2001 (s 6(2)(a)), direct phone, direct email, start date of the position title and of employment (s 6(2)(d)-(e)), reporting lines and dates (s 6(2)(f)-(g)), details of each General or Prescribed Responsibility or Position that causes the person to be an accountable person (s 6(2)(h)), and key-function information and start dates for those functions (s 6(2)(i)-(j)). The instrument therefore requires both identity data and role-responsibility metadata.

Format and channel duty

• The information must be provided using the specific electronic notification form that APRA makes available in APRA Connect (s 6(3)). The instrument does not authorise alternative channels or ad hoc submissions.

Timing duty

• Information must be lodged within 30 days after the banking start time (s 6(1)). There is no express power in the instrument to extend that timeline, nor any staged or partial submission scheme described in the text.

Qualifications and limits

• Director identification number obligation is qualified by the Corporations Act limitation at s 1270N. Section 6(2)(a) instructs the ADI to provide the director identification number if applicable, and notes that this is subject to s 1270N of the Corporations Act 2001. The instrument therefore limits the use or disclosure of director IDs to the extent that the Corporations Act does so.

• ADI Key Function information is to be provided only in respect of each ADI Key Function (if any) of the accountable person and is conditioned by the ADI Key Function Requirements defined in s 5. ADIs are required to determine whether those requirements apply for each listed key function before declaring it in the submission.

Rights

• The instrument does not enumerate rights such as rights to review, correction, or appeal of the data collection itself. The instrument does not provide a right to delay, partial submission, or exemption. Any rights to seek review of the instrument or its application would have to be found in the Act, the parent legislation under which it is made, or other applicable administrative law remedies; none are contained in this instrument. The only procedural constraint contained in this instrument is the channel restriction to APRA Connect (s 6(3)) and the Corporations Act limitation on director identification numbers (s 6(2)(a)).

Operational obligations

• The ADI must map BEAR accountable-person status into FAR accountable-person status and identify whether a person is in scope of the instrument. The instrument requires ADIs to provide the date that a person assumed responsibility for each ADI Key Function referred to in the submission (s 6(2)(j)). This will necessitate locating and recording historical role-change dates and reporting-line change dates for each relevant person.

In short, the instrument imposes a precise and operationally demanding information-supply duty, with a short compliance window and a single mandated electronic submission channel, but it contains no administrative appeal or penalty clauses within its text. Legal entitlements and enforcement consequences lie outside this instrument and must be sought in the Act or other statutes.

The instrument itself does not specify penalties, sanctions, or enforcement mechanisms for non-compliance. It is a data-collection instrument that prescribes what must be provided, how, and when, but it is silent on the civil, administrative or criminal consequences of failing to comply. The relevant provisions in the instrument are s 2 (commencement), s 3 (authority under item 34(1) of Schedule 2 of the Act), s 4 (application), and s 6(1)-(3) (duty and method), and none of these sections create express penalty powers or enforcement processes.

Consequences flowing from other laws

• Because the instrument was made under the legislative authority of the Financial Accountability Regime (Consequential Amendments) Act 2023 (s 3), enforcement or penalty mechanisms for failure to comply with transitional obligations may exist in that Act, or in the FAR Act itself, or under other prudential or regulatory statutes. The instrument does not specify or reproduce any such mechanisms. Users of the instrument must therefore look to the parent Act and other applicable statutes to identify enforcement measures, compliance notices, or penalties that APRA or ASIC might rely on for failures to submit the required information.

Administrative enforcement tools

• The instrument requires use of APRA Connect (s 6(3)). In practice, regulators commonly operate administrative levers through their data-collection platforms, such as follow-up requests, notices, or directions. None of those enforcement levers are mentioned or created in the instrument. The instrument’s silence means the ADI cannot infer a new or separate statutory penalty from this instrument alone.

Practical enforcement considerations

• The short 30-day submission window (s 6(1)) creates a time-sensitive compliance obligation. While the instrument does not provide for extensions, in practice ADIs confronting operational difficulty may seek relief or clarification from the Regulator. The instrument itself does not oblige the Regulator to grant relief.

• The Corporations Act cross-reference (s 6(2)(a)) may constrain the manner in which director identification numbers are treated. Corporations Act offences or corporate governance obligations attached to misuse of director identification numbers may indirectly create enforcement risk for ADIs if they mishandle those identifiers in the transition data.

Delegated authority and makers

• The instrument was made by delegates of APRA and ASIC (signature block). The making authority is stated (s 3). That signals that the two regulators have agreed on this transitional mechanism. The fact that the instrument is made by regulators diminishes uncertainty about which agency will operate APRA Connect for this collection, but it does not reveal enforcement tools.

In summary, the instrument prescribes mandatory reporting obligations with a fixed timeframe and a mandated channel but does not itself create penalties, fine schedules, or explicit enforcement processes. Identifying enforcement consequences will require reference to the enabling statute and broader regulatory powers that the regulators may exercise; those matters are outside the text of this instrument.

The instrument intentionally cross-references, but does not amend, a small set of existing statutes and regulatory concepts. Its operation is designed to facilitate the transition from BEAR (a component of the Banking Act) to FAR (the Financial Accountability Regime Act 2023). Key legal cross-links and the nature of the interactions are set out below, with citations to the instrument where relevant.

Parent and enabling legislation

• The instrument is made under item 34(1) of Schedule 2 of the Financial Accountability Regime (Consequential Amendments) Act 2023 (s 3). That Act provides the enabling authority and transitional architecture, and this instrument operates as a consequential transitional rule under that statutory power. To understand legal authority for this instrument, one must consult the enabling item in Schedule 2 of the Consequential Amendments Act, which is referenced but not reproduced here.

Relation to the FAR Act

• The instrument repeatedly relies on definitions and constructs from the Financial Accountability Regime Act 2023. For example, it notes that accountable entity, accountable person, Regulator, and significant related entity are defined in the Act (s 5, Note 1). The instrument’s targeted cohort is those ADIs “which become accountable entities under the Act at the banking start time” (s 4). The instrument therefore functions as a transitional data-collection device that supports the FAR Act’s practical implementation. It does not, however, alter FAR Act provisions; it instead gathers information to enable the Regulator to implement the FAR framework.

Relation to BEAR and the Banking Act

• The instrument defines BEAR as Part IIAA of the Banking Act 1959 as in force immediately before the banking start time (s 5). The instrument applies only to ADIs that are subject to BEAR immediately prior to the banking start time and then become accountable entities under FAR at banking start time (s 4). The instrument therefore mediates the transition from the BEAR regime to FAR, by requiring historical BEAR accountable-person data to be supplied to the Regulator after the legal transition.

Corporations Act cross-reference

• The instrument requires director identification numbers to be supplied “if applicable, and subject to section 1270N of the Corporations Act 2001” (s 6(2)(a)). Section 1270N of the Corporations Act concerns protections around director identification numbers, including disclosure restrictions. The instrument does not override the Corporations Act; it expressly limits the director ID requirement to what the Corporations Act permits.

APRA and ASIC powers and systems

• The instrument is made by delegates of APRA and ASIC (signature block and s 3). Operationally, the instrument mandates use of APRA Connect to submit the information (s 6(3)). That links the instrument to APRA’s existing data-collection infrastructure. While APRA Connect is an operational system rather than a substantive law, directing submissions into that system integrates this transitional requirement with APRA’s existing regulatory data flows.

Mapping responsibilities to FAR Act lists

• The instrument requires disclosure of “each General or Prescribed Responsibility or Position that causes the person to be an accountable person” (s 6(2)(h)). The instrument defines that phrase by direct reference to various subparagraphs and paragraphs in s 10 of the Act (s 5, General or Prescribed Responsibility or Position). That creates a legal mapping obligation: ADIs must translate BEAR responsibilities into the FAR Act’s categories. This implies an interaction between historical BEAR accountability matrices and the FAR Act’s lists of responsibilities and positions.

No amendment to other statutes

• The instrument does not purport to amend the FAR Act, the Banking Act, or the Corporations Act. It is a transitional reporting instrument. Any substantive changes to obligations, duties, liability or enforcement must come from the underlying statutes. The instrument’s role is to assemble data to support the Regulator’s exercise of powers under those statutes.

In summary, the instrument is a transitional device that operates by reference to the FAR Act, the BEAR provisions in the Banking Act, and the Corporations Act limitation on director identification numbers. It leverages APRA’s data-collection systems. It does not itself amend other statutes or create new definitions beyond those set out, but it requires ADIs to map prior BEAR structures onto FAR Act categories so the regulators can administer FAR from the defined banking start time.

The instrument’s text provides limited meta-data about its provenance and commencement. The facts recorded in the instrument are the authoritative record of its creation and immediate commencement arrangements.

• Date made and signatories. The instrument records that it was made on 6 March 2024 and is signed by Margaret Cole, a delegate of the Australian Prudential Regulation Authority, and Greg Yanco, a delegate of the Australian Securities and Investments Commission. That signature block identifies the regulatory delegates who authorised the instrument and the date of making.

• Commencement. Section 2 provides that the instrument “commences on the day after it is registered on the Federal Register of Legislation.” Registration date is therefore the trigger for commencement. The instrument itself does not state the registration date; it states the rule by which commencement is determined (s 2). Readers must check the Federal Register of Legislation to identify the actual day of registration and thereby the exact commencement date.

• Authority and enabling provision. Section 3 states the authority under which the instrument is made: item 34(1) of Schedule 2 of the Financial Accountability Regime (Consequential Amendments) Act 2023. The instrument therefore derives its legal validity from that item. To understand the full scope of any amendment power or delegated authority, one would consult item 34(1) in the underlying Schedule 2.

• No recorded amendments within the instrument. The instrument as provided contains no history of amendment, revocation or prior versions. There are no clauses within the instrument that indicate it modifies or supersedes earlier instruments. The instrument does not carry a note of amendment. The instrument is presented as a single legislative instrument made on the date shown.

Practical implications for amendment tracking

• Because commencement is tied to registration, parties must check the Federal Register of Legislation for the registration date to determine when the 30-day submission window (s 6(1)) begins to run. The instrument does not itself declare a banking start time; that is defined elsewhere (item 1(1) of Schedule 2 of the Consequential Amendments Act), so tracing effective timelines requires cross-referencing two sources: the parent Schedule 2 and the Federal Register registration date.

• If amendments are made subsequently to this instrument, those amendments will appear in later legislative instruments or revision notes on the Federal Register; none are present in the text provided. The instrument as supplied contains no transitional amendment schedule beyond the immediate reporting obligation.

In short, the instrument records a single moment of creation (6 March 2024) and a commencement rule tied to registration. It is silent on subsequent amendments in the text provided; any amendment history must be checked on the Federal Register of Legislation and in subsequent instruments made under the same enabling power.

The instrument itself does not record any litigation history. It contains no reference to judicial proceedings, case names, or prior adjudications, and does not purport to summarise any litigation. The text supplied contains no section asserting precedent, no litigation carve-outs, and no references to decisions or judicial interpretations.

Practical significance of the absence of litigation history

• No precedent for interpretation in the instrument. Because no cases are cited or recorded in the instrument, there is no judicial authority embedded in the instrument that clarifies the construction of transitional timing, the scope of “accountable person” for transitional purposes, or the precise operation of the ADI Key Function Requirements in this context. Any interpretation questions that arise from the instrument must therefore be resolved either by reference to the FAR Act, the Banking Act, the Corporations Act, or by fresh judicial consideration should a dispute be litigated.

• Administrative interpretation expected. In the absence of judicial guidance, ADPRA and ASIC practice and any guidance materials or compliance communications that APRA publishes (for example, instructions within APRA Connect or a guidance note) will be primary sources for practical interpretation. The instrument itself does not include a guidance schedule or operational explainer; it simply mandates the data categories and channel.

• Prospective litigation risk remains external. Although there is no existing litigation recorded in the instrument, disputes could arise in future over issues such as whether a particular person was in scope at the moment of banking start time, the mapping of responsibilities under s 10 of the Act to the General or Prescribed Responsibility or Position categories, or the application of the Corporations Act s 1270N constraint to director identification numbers. Such disputes would be litigated under the relevant statutes and administrative law principles; none of those procedures are created or described in this instrument.

• No examples to resolve edge cases. The instrument defines scope using temporal predicates and cross-references to Act provisions. It contains no worked examples, and there is no litigation history to supply interpretive colour. ADIs will therefore need to seek authoritative operational guidance from APRA where the Act’s definitions and the instrument’s temporal constructs create uncertain edge cases.

To summarise, the instrument contains no litigation history and offers no judicially settled interpretations. Practitioners and compliance officers should expect interpretive reliance on the FAR Act, the Banking Act, Corporations Act constraints, and any APRA guidance issued in connection with the APRA Connect form rather than on judicial precedent recorded in the instrument.

The instrument is compact and prescriptive, but several practical and legal traps arise from the text that ADIs should anticipate and manage. The following are concrete operational and legal friction points, grounded in the instrument’s wording and the cross-references it contains.

Short, non-extendable window in the instrument text

• The obligation is to submit the required information “within 30 days after the banking start time” (s 6(1)). The instrument contains no express power to extend that deadline, no staged submission option, and no fallback channel. Operational delays in extracting historical reporting-line dates or verifying director identification numbers may therefore create a compliance squeeze. The instrument itself offers no relief mechanism.

Precise temporal predicates for who is in scope

• The cohort is defined as persons who were accountable persons for BEAR immediately prior to the banking start time and who, at banking start time, become accountable persons under the Act or accountable persons of significant related entities (s 6(2) opening clause). Because the instrument uses “immediately prior to” and “at” the banking start time, ADIs must carry out precise temporal determinations. If a person changed role close to banking start time, the ADI must decide which status applies at the precise moment. The instrument does not provide guidance on borderline timing questions.

Director identification number constraint

• The instrument requires director identification numbers “if applicable, and subject to section 1270N of the Corporations Act 2001” (s 6(2)(a)). Section 1270N imposes constraints on the handling and disclosure of director identification numbers. ADIs must ensure that their handling of director IDs in the APRA Connect submission complies with Corporations Act obligations. The instrument does not provide instructions on how APRA Connect will manage or protect director identification numbers.

Mapping BEAR responsibilities to FAR categories

• The instrument requires “details of each General or Prescribed Responsibility or Position that causes the person to be an accountable person” and defines that cross-reference by citing multiple subparagraphs and paragraphs in s 10 of the Act (s 6(2)(h), s 5, General or Prescribed Responsibility or Position). ADIs must undertake legal mapping between BEAR responsibility constructs and FAR Act responsibility lists. That mapping can be non-trivial where BEAR roles do not align neatly with FAR lists.

Determining ADI Key Function applicability

• Although the instrument lists ADI Key Functions, the list applies “only if the ADI Key Function Requirements apply to a particular key function” (s 5, ADI Key Function). Those requirements require actual or effective senior executive responsibility and that the function is undertaken by an accountable entity which is an ADI (s 5, ADI Key Function Requirements). ADIs therefore need to determine, for each function, whether the ADI Key Function Requirements are met. That is a legal exercise that can affect whether a function is reported and may require analysis of organisational charts and actual responsibility footprints.

Mandatory APRA Connect form

• The instrument mandates the electronic notification form in APRA Connect (s 6(3)). Submissions outside that form are not authorised by the instrument. ADIs should confirm access, test submission workflows and verify data field definitions in the APRA Connect form to avoid rejected or incomplete submissions. The instrument does not provide fallback or alternative submission instructions.

Data privacy and information sensitivity

• The instrument requires personal contact details (direct phone and direct email) and employment dates (s 6(2)(b)-(e)). ADIs must consider internal privacy policies, employment agreements and any applicable privacy law when collecting and transmitting such personal data to APRA. The instrument does not set out data retention, protection, or redaction rules; ADIs must rely on general data-protection obligations and the Corporations Act constraint for director IDs.

Scope exclusions

• The instrument applies only to persons who were BEAR accountable persons immediately prior to banking start time and who at banking start time become FAR accountable persons or accountable persons of significant related entities (s 6(2)). A person who becomes an accountable person under the Act after banking start time is outside the instrument’s immediate reporting requirement. ADIs must not over-report or under-report based on incorrect temporal assumptions.

No penalty clause in the instrument

• Because the instrument contains no penalty or enforcement clause, an ADI cannot point to this instrument to determine direct statutory sanctions. However, failure to comply could still engage regulators’ general statutory powers under the FAR Act or other prudential instruments. The instrument’s silence on direct sanctions can create uncertainty about the immediate consequences of non-compliance.

Recordkeeping and audit trail expectation

• The instrument requires date fields for when the accountable person started the role and started reporting to the person they report to (s 6(2)(d), (g)). ADIs must be able to produce historic records to substantiate those dates. Incomplete internal records will hinder accurate submissions and may prompt regulator follow-up.

In summary, the principal gotchas are the tight timeframe, precise temporal scope, the need to map BEAR constructs to FAR categories, the APRA Connect-only submission channel, Corporations Act constraints on director IDs, and data-protection and recordkeeping burdens. Each of these is directly implied by the instrument’s text and cross-references.

This section sets out a practical, source-grounded checklist and recommended operational steps for an ADI that must comply with the instrument. Each step is tied explicitly to the instrument’s requirements (cited).

1. Confirm whether the instrument applies to your entity

   • Verify that the ADI was subject to the BEAR immediately prior to the banking start time and that it becomes an accountable entity under the Act at the banking start time (s 4). If both predicates are met, the instrument applies.

2. Determine the banking start time and the compliance window

   • Identify the banking start time as defined in item 1(1) of Schedule 2 of the Financial Accountability Regime (Consequential Amendments) Act 2023. The information must be provided within 30 days after the banking start time (s 6(1)). Confirm the registration date on the Federal Register of Legislation to establish when the instrument commenced (s 2).

3. Identify the cohort of transitioning accountable persons

   • Produce the list of persons who were BEAR accountable persons immediately prior to the banking start time and who, at banking start time, are accountable persons under the Act of the accountable entity or are accountable persons of significant related entities (s 6(2) opening clause). This requires matching BEAR accountability matrices against FAR Act definitions of accountable person and significant related entity (s 5, Note 1).

4. Map responsibilities to the FAR Act categories

   • For each person identified, determine and document the “each General or Prescribed Responsibility or Position that causes the person to be an accountable person” by cross-referencing the relevant paragraphs and subparagraphs in s 10 of the Act as listed in the instrument’s definition (s 6(2)(h), s 5, General or Prescribed Responsibility or Position). Ensure legal counsel or compliance staff are involved in interpreting those mappings.

5. Determine ADI Key Function applicability

   • For each person, assess whether any of the listed ADI Key Functions apply and whether the ADI Key Function Requirements are met (s 5, ADI Key Function; ADI Key Function Requirements). Document the basis for each inclusion or exclusion to support any subsequent regulator queries. Record the date the person assumed responsibility for each ADI Key Function (s 6(2)(j)).

6. Collect the specified data fields

   • For each person, gather:
     • Director identification number if applicable and in compliance with s 1270N of the Corporations Act 2001 (s 6(2)(a)).
     • Direct phone number and direct email address (s 6(2)(b)-(c)).
     • Start date of the position title (role title) and start date of employment with the employer (s 6(2)(d)-(e)).
     • Position title of the person to whom the accountable person reports and the date they started to report to that person (s 6(2)(f)-(g)).
     • Details of each General or Prescribed Responsibility or Position causing accountable-person status (s 6(2)(h)).
     • Key functions and dates of assumption for any ADI Key Functions (s 6(2)(i)-(j)).

7. Validate data against records and privacy obligations

   • Ensure all dates and reporting-line information are verifiable against HR records, organisational charts, employment contracts, delegation registers and past BEAR submissions. Consider privacy law compliance and internal policies for transmitting personal contact details. For director IDs ensure the Corporations Act constraints are observed (s 6(2)(a)).

8. Obtain APRA Connect access and test the electronic form

   • Coordinate with APRA to confirm access to APRA Connect and to obtain the specific electronic notification form that APRA makes available for this purpose (s 6(3)). Engage IT and compliance teams to test the form fields, upload constraints and validation rules so the submission will not be rejected for format reasons.

9. Prepare a single, consolidated submission

   • Populate the APRA Connect electronic notification form with the required fields for each person. The instrument mandates submission via that electronic form (s 6(3)); prepare the data in the format required by APRA Connect to avoid rework.

10. Submit within the 30-day window and retain evidence

    • Submit the completed form through APRA Connect within 30 days after the banking start time (s 6(1)). Retain a copy of the completed form, submission timestamps, system receipts and internal approval records. Maintain the underlying evidence for the dates and mappings used, as the regulator may query the basis of the submission.

11. Establish an internal escalation and remediation plan

    • If gaps or inconsistencies are discovered during data collection, establish an internal remediation path to correct records before submission. For items that cannot be resolved within the 30-day window, document efforts and communications with APRA, and consider seeking operational guidance from APRA to manage potential compliance queries.

12. Coordinate with legal and regulatory teams post-submission

    • After submission, be prepared to respond to regulator follow-up requests. Because the instrument contains no enforcement provisions, the Regulator may request clarifications or additional documentation under the FAR Act or other regulator powers. Maintain a single point of contact for regulator communications.

13. Document policy changes and future-proof processes

    • Use the transitional exercise to align BEAR-era accountability records with FAR-era accountability frameworks, embedding record-keeping practices that will facilitate future regulatory reporting and evidence production. Ensure that internal delegation instruments capture the dates and reporting lines that the regulator will expect to see.

By following these steps and grounding each action in the instrument’s text (s 6(1)-(3), s 5), an ADI can operationally satisfy the mandated transitional submission. Recordkeeping, legal mapping of responsibilities, and testing of the APRA Connect form are likely to be the most time-consuming elements.