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

15   Directions about reallocating responsibilities given under BEAR

When this item applies

(1) This item applies if:

(a) before the banking start time, APRA gives a body corporate a direction under section 37DB of the old Banking Act in relation to a responsibility; and

(b) as at the banking start time, APRA has not revoked the direction.

Direction under FAR Act taken to be given

(2) After the banking start time, the direction continues in force (and may be dealt with) as if it had been given by the Regulator under section 65 of the FAR Act.

(3) For the purposes of section 65 of the FAR Act:

(a) the requirements in paragraphs 65(3)(a) and (c) are taken to be met; and

(b) if the direction under section 37DB of the old Banking Act did not specify a period within which the direction is to be complied with - paragraph 65(3)(b) does not apply to the direction.

Secrecy obligations

(4) If, immediately before the banking start time, the direction was covered by a determination under subsection 11CH(2) of the old Banking Act, then it is taken after the banking start time to be covered by a determination under subsection 67(2) of the FAR Act.

(5) If, immediately before the banking start time, the direction was covered by a determination under subsection 11CK(2) or (5) of the old Banking Act, then it is taken after the banking start time to be covered by:

(a) for a direction covered by a determination under subsection 11CK(2) of the old Banking Act - a determination under subsection 70(2) of the FAR Act;

(b) for a direction covered by a determination under subsection 11CK(5) of the old Banking Act - a determination under subsection 70(4) of the FAR Act.