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.
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