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

9   Disqualification under FAR for non-compliance with BEAR

APRA may, after the banking start time, disqualify a person under section 42 of the FAR Act from being, or acting as, an accountable person if APRA is satisfied that:

(a) the person has failed to comply with one or more of their obligations under section 37CA of the old Banking Act; and

(b) the disqualification is justified, having regard to the seriousness of the failure to comply.

Note: A decision to disqualify a person is a reviewable decision under Part 5 of Chapter 3 of the FAR Act.