Financial Accountability Regime commencement update

APRA and ASIC have released a letter about the Financial Accountability Regime (FAR) authorised deposit-taking institutions (ADIs) commencement and implementation issues. Background.

As the Minister Rules have still not been finalised, APRA and ASIC recognise that industry may require additional time, beyond the commencement date of 15 March 2024, to finalise compliance with the new FAR requirements in relation to submitting applications for registration of new accountable persons; and complying with core or enhanced notification obligations.

The other FAR obligations will still commence on 15 March 2024.

APRA and ASIC expect entities to submit their registration applications and to make relevant notifications to them as promptly as possible, and by no later than 30 June 2024.

Following release of the Minister Rules, APRA and ASIC will release the Regulator Rules, Transitional Rules and reporting form instructions.

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David Jacobson

Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.

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