Financial Accountability Regime (Consequential Amendments) Act 2023 (68 of 2023)

Schedule 2   Application, saving and transitional provisions

Part 2   Banking sector

Division 4   Regulatory powers and enforcement

16   Directions under FAR for non-compliance with BEAR

When this item applies

(1) This item applies if:

(a) APRA has reason to believe that a body corporate has contravened a provision of Part IIAA of the old Banking Act before the banking start time; and

(b) as at the banking start time, APRA has not given a direction under section 11CA of the old Banking Act in relation to the contravention; and

(c) immediately after the banking start time, the body corporate is an accountable entity.

APRA may give direction under FAR Act

(2) Both of the following apply:

(a) APRA may give the body corporate a direction under section 64 of the FAR Act;

(b) for the purposes of paragraph 64(3)(b) of the FAR Act, the ground for giving the direction is the contravention of the old Banking Act provision.