Document ID: chunk:federal_register_of_legislation:F2024L00286:body:0:p1
Version: federal_register_of_legislation:F2024L00286
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Financial Accountability Regime (Consequential Amendments) Transitional 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.

Date  6 March 2024

       Margaret Cole   Greg Yanco

Contents

Part 1—Preliminary
1 Name of legislative instrument
2 Commencement
3 Authority
4 Application
5 Definitions
Part 2—Collection of information to facilitate transition from the BEAR to the Financial Accountability Regime
6 Information to be provided for transitioning accountable persons

Part 1—Preliminary

1 Name of legislative instrument
This is the Financial Accountability Regime (Consequential Amendments) Transitional Rules 2024.

2 Commencement
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.

3 Authority
This instrument is made under item 34(1) of Schedule 2 of the Financial Accountability Regime (Consequential Amendments) Act 2023.

4 Application
This instrument applies to all ADIs which are subject to the BEAR and which become accountable entities under the Act at the banking start time.

5 Definitions
In this instrument:
Act means the Financial Accountability Regime Act 2023.
ADI has the same meaning as in the Banking Act 1959.
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; 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.
APRA means the Australian Prudential Regulation Authority.
APRA Connect means APRA's data collection solution for entities to lodge relevant information and data with APRA.
banking start time has the same meaning as in item 1(1) of Schedule 2 of the Financial Accountability Regime (Consequential Amendments) Act 2023.
BEAR means the provisions of Part IIAA of the Banking Act 1959 as in force immediately before the banking start time.
Note: Part IIAA of the Banking Act 1959 relates to the Banking Executive Accountability Regime.
General or Prescribed Responsibility or Position means any one