Following finalisation of the FAR Minister Rules and Regulator Rules for ADI’s, APRA and ASIC have published Regulatory Guide 279 Financial Accountability Regime: Information for accountable entities to help banks, insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR).

The Information Paper provide an overview of how the Regulators will jointly administer the FAR including how the Regulators will use their regulatory and enforcement powers.

The paper discusses the FAR core sets of obligations:

• accountability obligations for accountable entities and accountable persons;
• key personnel obligations;
• deferred remuneration obligations; and
• notification obligations.

Appendix B also compares the FAR deferred remuneration obligations and APRA CPS 511.

APRA has also issued the following guidance materials relevant to all industries:
• an updated accountability statement guide and template to help entities subject to the FAR enhanced notification obligations to prepare accountability statements; and
• reporting form instructions to assist entities in reporting FAR breaches to APRA and ASIC.

If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.