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

4   Persons registered under BEAR

When this item applies

(1) This item applies in relation to a person and an ADI if, immediately before the banking start time:

(a) the person is an accountable person of the ADI, or of a subsidiary of the ADI, under the old Banking Act; and

(b) the person is registered under section 37HA of the old Banking Act.

Accountable persons taken to be registered under FAR

(2) If, at the banking start time, the person is an accountable person of the ADI or the subsidiary under section 10 of the FAR Act, then the person is taken from the banking start time to be registered under the FAR Act as an accountable person in respect of the ADI or the subsidiary.

Note 1: If the person was an accountable person of a subsidiary of the ADI, and the subsidiary is not a significant related entity of the ADI under the FAR Act, then the person may not be an accountable person of the ADI or the subsidiary under the FAR Act.

Note 2: See also item 13 (old accountability statement taken to be new accountability statement).

Persons ceasing to be accountable persons

(3) If, at the banking start time, the person is not an accountable person of the ADI or the subsidiary under section 10 of the FAR Act, then:

(a) the person is taken to have ceased to be an accountable person of the ADI or the subsidiary for the purposes of the paragraph 32(a) of the FAR Act; and

(b) for the purposes of subparagraph 31(1)(a)(i) of the FAR Act, that ceasing event is taken to have occurred at the banking start time.

Note: Events mentioned in section 32 of the FAR Act must be notified to the Regulator in accordance with section 31 of the FAR Act (notification obligations of an accountable entity). Failure to comply with a notification obligation is a contravention of a civil penalty provision (see section 80 of the FAR Act).