On 16 June 2026, the Australian Securities and Investments Commission (ASIC) and Australian Prudential Regulation Authority (APRA) announced that they will be streamlining certain aspects of the Financial Accountability Regime (FAR). In particular ASIC will remove key functions and requirements from the FAR; raise the materiality threshold for notifying ASIC and APRA of changes in accountability; and no longer require information on accountable persons’ direct reports in accountability maps.
Next steps
ASIC and APRA will consult on the changes and aim to implement them by the end of 2026. ASIC and APRA will also support the Government in its legislative changes to the FAR.