On 28 October 2021, the Financial Accountability Regime Bill 2021 (Bill) was introduced into the House of Representatives to establish the much anticipated Financial Accountability Regime (FAR or the Regime). If passed, the Bill will expand and replace the current Banking Executive Accountability Regime (BEAR) under the Banking Act
The Treasury has released for consultation the draft bill for the Financial Accountability Regime (FAR or the Regime). The Regime will apply to the banking, superannuation and insurance sectors. Importantly, the Regime strengthens the Banking Executive Accountability Regime (BEAR), and extends the regime, in line with the recommendations from the Financial
On 22 January 2020 the Australian Government released its proposal paper for extending the Banking and Executive Accountability Regime (BEAR) in Australia to entities regulated by Australia’s prudential regulator, APRA. The extension, known as the Financial Accountability Regime (FAR) is another step in implementing some of the commitments set out in
The Australian Treasury has released and completed its consultation process on its Exposure Draft and accompanying Explanatory Material for the Banking Executive Accountability Regime (Size of an Authorised Deposit-taking Institution) Determination 2018.
This draft legislative instrument defines what small, medium and large Authorised Deposit-Taking Institutions (ADIs) under the Banking Executive Accountability Regime (BEAR) are:
At Norton Rose Fulbright, we have commented on a number of occasions that we expect the Banking Executive Accountability Regime (BEAR) to be extended beyond just authorised deposit-taking institutions (ADIs) and so as to cover other areas of the financial services sector. Such move, which we have previously informally nicknamed “FEAR” (Financial Executive Accountability Regime),
As the financial sector waits for the Australian Prudential Regulation Authority (APRA) to fully awaken the Banking Executive Accountability Regime (BEAR) through the provision of further guidelines, there is already a lot of chatter as to whether BEAR should be extended beyond its initial coverage of APRA-regulated Authorised Deposit-taking Institutions (ADIs).
The Parliamentary Joint Committee
After a much long and at times unbearable wait, Federal Parliament has yesterday passed the Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2018 (BEAR Legislation). The BEAR Legislation amends the Banking Act 1959 to impose accountability, remuneration and notification obligations on authorised deposit-taking institutions (ADIs) and those in directorship and senior management
The Treasurer, the Hon Scott Morrison MP, has given his Second Reading Speech in the Parliament with respect to the Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2017 (BEAR Legislation) that introduces the Banking Executive Accountability Regime (BEAR).
In his speech, the Treasurer made no surprises except that his Government still intends