Commonwealth Consolidated Acts Commonwealth Consolidated ActsNo. 67, 2023
Compilation No. 1
Compilation date: 20 October 2023
Includes amendments up to: Act No. 76, 2023
Registered: 11 November 2023
About this compilation
This compilation
This is a compilation of the Financial Accountability Regime Act 2023 that shows the text of the law as amended and in force on 20 October 2023 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.
Self-repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
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
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
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
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
Endnotes
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
Abbreviation key--Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history--Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.
If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to the amendment history.
ad = added or inserted | o = order(s) |
am = amended | Ord = Ordinance |
amdt = amendment | orig = original |
c = clause(s) | par = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub-subparagraph(s) |
Ch = Chapter(s) | pres = present |
def = definition(s) | prev = previous |
Dict = Dictionary | (prev ... ) = previously |
disallowed = disallowed by Parliament | Pt = Part(s) |
Div = Division(s) | r = regulation(s)/rule(s) |
ed = editorial change | reloc = relocated |
exp = expires/expired or ceases/ceased to have | renum = renumbered |
effect | rep = repealed |
F = Federal Register of Legislation | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = Legislation Act 2003 | Sch = Schedule(s) |
Sdiv = Subdivision(s) | |
(md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
effect | SR = Statutory Rules |
(md not incorp) = misdescribed amendment | Sub-Ch = Sub-Chapter(s) |
cannot be given effect | SubPt = Subpart(s) |
mod = modified/modification | underlining = whole or part not |
No. = Number(s) | commenced or to be commenced |
Endnote 3--Legislation history
Act | Number and year | Assent | Commencement | Application, saving and transitional provisions |
67, 2023 | 14 Sept 2023 | 15 Sept 2023 (s 2(1) item 1) |
| |
Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 | 76, 2023 | 20 Sept 2023 | Sch 3 (items 4-6): 20 Oct 2023 (s 2(1) item 4) | -- |
Provision affected | How affected |
Chapter 1 |
|
Part 2 |
|
s 8..................... | am No 76, 2023 |
Chapter 2 |
|
Part 3 |
|
s 21.................... | am No 76, 2023 |