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

18   Contraventions under BEAR - savings provision

(1) Despite the repeal of Part IIAA of the Banking Act 1959 by Part 2 of Schedule 1, the old Banking Act continues to apply, after the banking start time, in relation to a contravention (or an alleged contravention) of a provision of the BEAR that occurs before that time, as if that repeal had not been made.

(2) This item does not limit any other item of this Schedule.

Note: As a result, APRA may have a choice as to whether to deal with BEAR non-compliance under the old Banking Act or whether to take action under the FAR Act in reliance on item 9 or 16 of this Schedule.