New APRA and ASIC Regulatory Guide on FAR implementation and enforcement

Following finalisation of the FAR Minister Rules and Regulator Rules for ADI’s, APRA and ASIC have published Regulatory Guide 279 Financial Accountability Regime: Information for accountable entities to help banks, insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR).

The Information Paper provide an overview of how the Regulators will jointly administer the FAR including how the Regulators will use their regulatory and enforcement powers.

The paper discusses the FAR core sets of obligations:

  • accountability obligations for accountable entities and accountable persons;
  • key personnel obligations;
  • deferred remuneration obligations; and
  • notification obligations.

Appendix B also compares the FAR deferred remuneration obligations and APRA CPS 511.

APRA has also issued the following guidance materials relevant to all industries:
• an updated accountability statement guide and template to help entities subject to the FAR enhanced notification obligations to prepare accountability statements; and
reporting form instructions to assist entities in reporting FAR breaches to APRA and ASIC.

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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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