ASIC and APRA issue joint letter on Financial Accountability Regime commencement and implementation

The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have issued a joint letter to all authorised deposit-taking institutions (ADIs) and their authorised non-operating holding companies (NOHCs) about their Financial Accountability Regime (FAR) obligations.

ASIC and APRA recognise the banking industry may require additional time to finalise compliance with the new FAR requirements in relation to submitting applications for registration of new accountable persons and for complying with core or enhanced notification obligations.

ASIC and APRA expect entities to submit their registration applications and to make relevant notifications to us as promptly as possible, and no later than 30 June 2024.

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