Document ID: chunk:federal_register_of_legislation:C2018A00005:clause:1_37ba:p1
Version: federal_register_of_legislation:C2018A00005
Segment Type: clause
Provision Reference: sch 1 cl 37BA (pt 1/2)
Character Range: 8428–11264

37BA  Meaning of accountable person

General principle
 (1) An individual is an accountable person, of an ADI or a subsidiary of an ADI, if he or she:
 (a) either:
 (i) in the case of the ADI—holds a position in the ADI or in another body corporate of which the ADI is a subsidiary; or
 (ii) in the case of a subsidiary of the ADI—holds a position in the subsidiary; and
 (b) because of that position, has actual or effective senior executive responsibility:
 (i) for management or control of the ADI; or
 (ii) for management or control of a significant or substantial part or aspect of the operations of the ADI or the relevant group of bodies corporate that is constituted by the ADI and its subsidiaries.

Particular responsibilities
 (2) Without limiting subsection (1), an individual is also an accountable person of an ADI if he or she:
 (a) holds a position in, or relating to, the ADI; and
 (b) because of that position, has a responsibility, relating to the ADI:
 (i) of a kind set out in subsection (3); or
 (ii) of a kind determined under subsection (4).
 (3) For the purposes of subparagraph (2)(b)(i), the following are the responsibilities:
 (a) responsibility for oversight of the ADI as a member of the Board of the ADI;
 (b) senior executive responsibility for carrying out the management of all the business activities of the ADI and its subsidiaries, including:
 (i) allocating to accountable persons responsibility for all parts or aspects of the relevant group of bodies corporate that is constituted by the ADI and its subsidiaries; and
 (ii) reporting directly to the Board of the ADI;
 (c) senior executive responsibility for management of the ADI's financial resources;
 (d) senior executive responsibility for overall risk controls and/or overall risk management arrangements of the ADI;
 (e) senior executive responsibility for management of the ADI's operations;
 (f) senior executive responsibility for information management, including information technology systems, for the ADI;
 (g) senior executive responsibility for management of the ADI's internal audit function;
 (h) senior executive responsibility for management of the ADI's compliance function;
 (i) senior executive responsibility for management of the ADI's human resources function;
 (j) senior executive responsibility for management of the ADI's anti‑money laundering function.
 (4) APRA may, by legislative instrument, determine a responsibility for the purposes of subparagraph (2)(b)(ii) (other than a responsibility set out in subsection (3)).
 (5) Subsection (2) does not apply in relation to a position that a person holds in an Australian branch of a foreign ADI.

Head of an Australian branch of a foreign ADI
 (6) Without limiting subsection (1), an individual is also an accountable person, of an ADI that is a foreign ADI, if he