Commonwealth Consolidated Acts

FINANCIAL ACCOUNTABILITY REGIME ACT 2023

TABLE OF PROVISIONS

           Long Title

            

CHAPTER 1--Introduction
            

   PART 1--PRELIMINARY

   1.      Short title  
   2.      Commencement  
   3.      Objects of this Act  
   4.      Simplified outline of this Act  
   5.      Act binds the Crown  
   6.      Extension to external Territories  
   7.      Extra - territorial application  

   PART 2--INTERPRETATION

   8.      Definitions  
   9.      Meaning of accountable entity  
   10.     Meaning of accountable person  
   11.     When a person is not an accountable person  
   12.     Meaning of significant related entity  
   13.     Meaning of constitutionally covered body  
            

CHAPTER 2--Obligations under the Financial Accountability Regime
            

   PART 1--INTRODUCTION

   14.     Simplified outline of this Chapter  

   PART 2--OBLIGATIONS--OF ACCOUNTABLE ENTITIES AND ACCOUNTABLE PERSONS

           Division 1--Accountable entities

   15.     Obligations of accountable entities  
   16.     Minister may exempt accountable entities  
   17.     Inconsistency with corresponding foreign laws  

           Division 2--Accountable persons

   18.     Obligations of accountable persons  
   19.     Inconsistency with corresponding foreign laws  

   PART 3--ACCOUNTABILITY--OBLIGATIONS

   20.     The accountability obligations of an accountable entity  
   21.     The accountability obligations of an accountable person  
   22.     Taking reasonable steps  

   PART 4--KEY--PERSONNEL OBLIGATIONS

   23.     The key personnel obligations of an accountable entity  
   24.     People prohibited from being an accountable person  

   PART 5--DEFERRED--REMUNERATION OBLIGATIONS

   25.     The deferred remuneration obligations of an accountable entity  
   26.     Meaning of variable remuneration  
   27.     Minimum amount of variable remuneration to be deferred  
   28.     Minimum deferral period for variable remuneration  
   29.     Exemption for small amounts of variable remuneration  
   30.     Exemption for variable remuneration payable for temporary performance  

   PART 6--NOTIFICATION--OBLIGATIONS

   31.     The notification obligations of an accountable entity  
   32.     Events for which the Regulator must be notified  
   33.     Accountability statements  
   34.     Accountability map  
            

CHAPTER 3--Administration
            

   PART 1--INTRODUCTION

   35.     Simplified outline of this Chapter  

   PART 2--THE--REGULATOR

           Division 1--Arrangements for administration

   36.     Administration of this Act  
   37.     Arrangement for administration  
   38.     Agreement about exercise of powers  

           Division 2--Information sharing

   39.     Disclosure of information and documents between APRA and ASIC  

   PART 3--REGISTRATION--AND DISQUALIFICATION OF ACCOUNTABLE PERSONS

           Division 1--Registration of accountable persons

   40.     Register of accountable persons  
   41.     Registration of a person as an accountable person  

           Division 2--Disqualification of accountable persons

   42.     Regulator may disqualify an accountable person  
   43.     Regulator may vary or revoke a disqualification  
   44.     Allowing a person disqualified by the Regulator to act as an accountable person  

   PART 4--REGULATORY--POWERS AND ENFORCEMENT

           Division 1--Investigations

   45.     Regulator may appoint an investigator  
   46.     Requirement to assist investigator  
   47.     Investigator may require production of books etc.  
   48.     Concealing books, accounts or documents relevant to investigation  

           Division 2--Examinations

   49.     Notice requiring appearance for examination  
   50.     Conduct of examinations  
   51.     Who may be present at examinations  
   52.     Record of examination  
   53.     Offences  

           Division 3--Evidentiary use of certain material

   54.     Statements made at an examination--proceedings against examinee  
   55.     Statements made at an examination--other proceedings  
   56.     Weight of evidence under section 55  
   57.     Objection to admission of statements made at examination  
   58.     Copies of, or extracts from, certain books, accounts and documents  
   59.     Admissibility of investigation report  
   60.     Exceptions to admissibility of investigation report  
   61.     Material otherwise admissible  

           Division 4--Requesting information

   62.     Regulator may request information  
   63.     Failing to give information  

           Division 5--Regulator's power to issue directions

              Subdivision A--Kinds of directions

   64.     Direction dealing with non - compliance  
   65.     Direction to reallocate responsibilities  

              Subdivision B--Non-compliance with directions

   66.     Offence provision for non - compliance with a direction  

              Subdivision C--Secrecy and disclosure provisions relating to directions

   67.     Regulator may determine that a direction is covered by secrecy provision  
   68.     Secrecy relating to directions  
   69.     Disclosure of publicly available information  
   70.     Disclosure allowed by the Regulator  
   71.     Disclosure for the purpose of seeking review or legal advice  
   72.     Disclosure under the APRA Act  
   73.     Disclosure under the ASIC Act  
   74.     Disclosure in circumstances set out in the Minister rules  
   75.     Disclosure for purpose  
   76.     Exceptions operate independently  

              Subdivision D--Other provisions relating to directions

   77.     Direction not grounds for denial of obligations  
   78.     Information to the Minister about certain directions  
   79.     Relationship with other laws  

           Division 6--Civil penalties

   80.     Civil penalty provision for non - compliance with obligations  
   81.     Ancillary contravention of civil penalty provisions  
   82.     Civil penalty provisions--enforcement  
   83.     Civil penalty provisions--amount of penalty  

           Division 7--Enforceable undertakings

   84.     Enforceable undertakings  

           Division 8--Injunctions

   85.     Injunctions  

           Division 9--Miscellaneous

   86.     Physical elements of offences  
   87.     Contravening an offence provision or a civil penalty provision  
   88.     Self - incrimination  
   89.     Legal professional privilege  
   90.     Powers of Court relating to non - compliance with this Act  

   PART 5--REVIEW--OF DECISIONS

   91.     Reviewable decisions  
   92.     Notice of decisions and review rights  
   93.     Affected person may request reconsideration of reviewable decision  
   94.     Reconsideration of reviewable decision  
   95.     Review by the Administrative Appeals Tribunal  

   PART 6--MISCELLANEOUS

   96.     Disclosure for the purpose of seeking review or legal advice  
   97.     Indemnifying accountable entities  
   98.     Causes of action not created  
   99.     Compensation for acquisition of property  
   100.    Conduct of directors, employees and agents  
   101.    Protection from liability--general  
   102.    Protection from liability--directions and secrecy  
   103.    Protection from liability--provisions do not limit each other  
   104.    Minister rules  
   105.    Regulator rules