Document ID: chunk:federal_register_of_legislation:F2024L00283:reg:5
Version: federal_register_of_legislation:F2024L00283
Segment Type: reg
Provision Reference: reg 5
Character Range: 5425–7752

5  Prescribed responsibilities for accountable entities other than foreign accountable entities and NOHCs—all sectors
 (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) one of the following:
 (i) an ADI;
 (ii) a general insurer;
 (iii) a life company;
 (iv) a private health insurer;
 (v) an RSE licensee; and
 (b) not a foreign accountable entity.
Note: An individual is an accountable person, in relation to an accountable entity, where they hold a position in, or relating to, that entity and because of that position has a prescribed responsibility.
 (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:
 (i) financial resources; or
 (ii) operations;
 (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 information management (including information technology systems);
 (e) senior executive responsibility for management of the accountable entity's:
 (i) internal audit function; or
 (ii) compliance function; or
 (iii) human resource function; or
 (iv) dispute resolution function (whether internal or external, or both);
 (f) senior executive responsibility for management of the accountable entity's client or member remediation programs (including hardship arrangements);
 (g) senior executive responsibility for management of the accountable entity's breach reporting;
 (h) if the accountable entity is a reporting entity for the purposes of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006—senior executive responsibility for management of the accountable entity's anti‑money laundering 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.