Commonwealth Consolidated Acts

FINANCIAL ACCOUNTABILITY REGIME ACT 2023 - SECT 31

Core notification obligations

  (1)   The notification obligations of an accountable entity are:

  (a)   to notify the Regulator of an event mentioned in section   32:

  (i)   within the period, after the event, provided under subsection   (6) of this section; and

  (ii)   in accordance with the requirements under subsection   (7) of this section; and

  (b)   to take reasonable steps to ensure that each of its significant related entities complies with paragraph   (a) as if the significant related entity were an accountable entity.

Enhanced notification obligations

  (2)   In addition to subsection   (1), if the accountable entity meets the enhanced notification threshold under subsection   (3), then the notification obligations of the accountable entity are:

  (a)   to give to the Regulator a document complying with section   33 (an accountability statement ) for each of its accountable persons; and

  (b)   to ensure that the Regulator is notified of any material change to the information contained in the accountability statement for each of its accountable persons:

  (i)   within the period, after the change, provided under subsection   (6) of this section; and

  (ii)   in accordance with the requirements under subsection   (7) of this section; and

  (c)   to give to the Regulator a document complying with section   34 (an accountability map ) within the period, after the body corporate starts being an accountable entity in accordance with subsection   9(2) or (4), provided under subsection   (6) of this section; and

  (d)   to ensure that the Regulator is notified of any material change to the information contained in the accountability map:

  (i)   within the period, after the change, provided under subsection   (6) of this section; and

  (ii)   in accordance with the requirements under subsection   (7) of this section; and

  (e)   to take reasonable steps to ensure that each of its significant related entities complies with each of paragraphs   (a) and (b) as if the significant related entity were an accountable entity.

Enhanced notification threshold

  (3)   For the purposes of subsection   (2), the Minister rules may set out how to determine when an accountable entity meets the enhanced notification threshold .

  (4)   Without limiting subsection   (3), the Minister rules may do either or both of the following:

  (a)   specify a method for working out the enhanced notification threshold;

  (b)   specify different methods for working out the enhanced notification threshold for different circumstances.

Incorporation by reference

  (5)   Despite subsection   14(2) of the Legislation Act 2003 , Minister rules made for the purposes of subsection   (3) may provide for a matter by applying, adopting or incorporating any matter contained in an instrument or other writing, as in force or existing from time to time, if the instrument or other writing is published on a website maintained by the Regulator.

Period for compliance

  (6)   For the purposes of subparagraphs   (1)(a)(i) and (2)(b)(i) and (d)(i) and paragraph   (2)(c), the period is:

  (a)   30 days; or

  (b)   such other period (if any) prescribed by the Regulator rules.

Requirements for notice

  (7)   For the purposes of subparagraphs   (1)(a)(ii) and (2)(b)(ii) and (d)(ii), the notice must:

  (a)   be in the form approved in writing by the Regulator; and

  (b)   contain the information that the form requires.