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Financial Accountability Regime Act 2023
No. 67, 2023
In force
Administered by
Department of the Treasury
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C2025C00148 C02
21 February 2025
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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
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Chapter 2—Obligations under the Financial Accountability Regime
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Part 1—Introduction
14 Simplified outline of this Chapter
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Part 2—Obligations of accountable entities and accountable persons
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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
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Chapter 3—Administration
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Part 1—Introduction
35 Simplified outline of this Chapter
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Part 2—The Regulator
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Division 1—Arrangements for administration
36 Administration of this Act
37 Arrangement for administration
38 Agreement about exercise of powers
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Division 2—Information sharing
39 Disclosure of information and documents between APRA and ASIC
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Part 3—Registration and disqualification of accountable persons
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Division 1—Registration of accountable persons
40 Register of accountable persons
41 Registration of a person as an accountable person
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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
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Part 4—Regulatory powers and enforcement
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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
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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
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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
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Division 4—Requesting information
62 Regulator may request information
63 Failing to give information
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Division 5—Regulator’s power to issue directions
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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 Review 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
