Document ID: chunk:federal_register_of_legislation:F2024L00283:reg:10
Version: federal_register_of_legislation:F2024L00283
Segment Type: reg
Provision Reference: reg 10
Character Range: 11444–12643

10  Prescribed responsibilities for accountable entities that are NOHCs
 (1) For the purposes of paragraph 10(2)(b) of the Act, each of the responsibilities listed in subsection (2) are prescribed in relation to an accountable entity that is:
 (a) an authorised NOHC of an ADI; or
 (b) an authorised NOHC of a general insurer; or
 (c) a registered NOHC of a life company.
 (2) Each of the following responsibilities, relating to the accountable entity, are prescribed:
 (a) senior executive responsibility for management or control of the business activities of the accountable entity and its significant related entities (if any);
 (b) senior executive responsibility for management or control of the accountable entity's financial resources;
 (c) senior executive responsibility for management of the accountable entity's overall risk controls or overall risk management arrangements;
 (d) senior executive responsibility for management of the accountable entity's internal audit function.
 (3) For the purposes of subsection (2), a person does not have senior executive responsibility for management of an activity or function merely because the person is carrying out the activity or function.