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:
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