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

Schedule 2   Application, saving and transitional provisions

Part 2   Banking sector

Division 1   Key personnel obligations

8   Applications to register under FAR

When this item applies

(1) This item applies to a body corporate that is:

(a) an ADI; or

(b) an authorised NOHC of an ADI.

Early application for registration of accountable persons

(2) From 30 days before the banking start time, the body corporate may apply to the Regulator under section 41 of the FAR Act to register a person as an accountable person in respect of the body or a significant related entity of the body.

(3) If the body corporate makes the application before the banking start time, section 41 of the FAR Act (and any other provision of the FAR Act that applies in relation to that section) applies in relation to the body corporate as if the body corporate were an accountable entity.

Note: Under paragraph 41(2)(d) of the FAR Act, if an accountable entity meets the enhanced notification threshold under subsection 31(3) of the FAR Act, the application must include an accountability statement for the person complying with section 33 of the FAR Act.

When registration comes into force

(4) The registration of the person as an accountable person comes into force at the later of the following times:

(a) the banking start time;

(b) when the Regulator registers the person.