Financial Accountability Regime Act (Information for register) Regulator Rules 2024
We, Margaret Cole, a delegate of the Australian Prudential Regulation Authority, and Greg Yanco, a delegate of the Australian Securities and Investments Commission, make this legislative instrument.
Margaret Cole Greg Yanco
1 Name of legislative instrument
This is the Financial Accountability Regime Act (Information for register) Regulator Rules 2024.
This instrument commences on the day after it is registered on the Federal Register of Legislation.
Note: The register may be accessed at www.legislation.gov.au.
This instrument is made under subsection 105(1) of the Financial Accountability Regime Act 2023.
In this instrument:
Act means the Financial Accountability Regime Act 2023.
ADI Key Function means each of the following key functions only if the ADI Key Function Requirements apply to a particular key function:
(a) capital management;
(b) collections and enforcement (default, debt collections, and recovery);
(c) conduct risk management.
(d) credit risk management;
(e) data management;
(f) financial and regulatory reporting;
(g) hardship processes;
(h) liquidity and funding management;
(i) market risk management;
(j) operational risk management;
(k) product design and distribution obligations;
(l) product origination;
(m) recovery and exit planning and resolution planning;
(n) scam management;
(o) technology management;
(p) training and monitoring of relevant representatives and staff; and
(q) whistleblower policy and process.
ADI Key Function Requirements means the following requirements:
(a) the key function is undertaken by an accountable entity which is an ADI or an authorised NOHC of an ADI; and
(b) an accountable person has actual or effective senior executive responsibility for management or control of the whole of, or a significant or substantial part or aspect of, the key function.
register means the register established under section 40 of the Act.
Note 1: The following terms are defined in the Act:
(a) accountable entity;
(b) accountable person.
Note 2: The following terms are defined in the Banking Act 1959:
(a) ADI;
(b) authorised NOHC.
5 Register of accountable persons—prescribed information
(1) For the purposes of paragraph 40(4)(g) of the Act, the following information is prescribed for inclusion in the register:
(a) commencement date;
Note: ‘commencement date’ means the date the person becomes an accountable person.
Personal identification details
(b) date of birth;
(c) direct phone number;
(d) direct email address;
(e) where there is a change to the personal identification details mentioned above, or a change to an accountable person’s name, the date the change occurred;
Employment status
(f) position title (role title);
(g) start date and end date of the position title (role title);
(h) employer name;
(i) start date and end date of employment with the employer;
Key functions information
(j) key functions—each ADI Key Function (if any) of the accountable person;
(k) the dates the accountable person assumed, and ceased to have, responsibility for an ADI Key Function referred to in paragraph 5(1)(j) (if applicable);
Reporting lines
(l) position title of the person the accountable person reports to;
(m) the dates the accountable person started, and ceased, to report to the person referred to at paragraph 5(1)(l); and
Suspension
(n) suspension (where the suspension is because the person has failed to comply with one or more of the person’s accountability obligations under section 21 of the Act) start date and end date.