Financial Accountability Regime Act 2023

A person is not an accountable person of an accountable entity, or of a significant related entity, if each of the person’s responsibilities that would (apart from this subsection) cause the person to be an accountable person of the entity is either:

a responsibility excluded under subsection (2) in relation to the entity; or

a responsibility excluded under subsection (3) in relation to a class of accountable entities or significant related entities that includes that accountable entity or significant related entity.

For the purposes of paragraph (1)(a), the Regulator may, by written notice given to an accountable entity or a significant related entity, exclude specified responsibilities.

For the purposes of paragraph (1)(b), the Regulator rules may exclude specified responsibilities relating to:

a specified class of accountable entities; or

a specified class of significant related entities.

This section has effect despite section 10.

A notice under subsection (2) is not a legislative instrument.