Financial Accountability Regime Act 2023

The key personnel obligations of an accountable entity are:

subject to subsections (2) and (3), to ensure that the responsibilities of the accountable persons of the accountable entity and its significant related entities cover:

all parts or aspects of the operations of the accountable entity’s relevant group; and

each of the responsibilities to which subsection 10(2) applies; and

each of the responsibilities to which subsection 10(3) applies; and

to ensure that no accountable person of the accountable entity or any of its significant related entities is prohibited by section 24 from being an accountable person of the accountable entity or significant related entity; and

to comply with each direction the Regulator gives to the accountable entity under section 65; and

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

For the definition of relevant group, see section 8.

Paragraph (1)(a) does not apply in relation to a responsibility excluded by the Regulator under subsection 11(2) or (3).

If the accountable entity is a foreign accountable entity, the accountable entity’s obligation under paragraph (1)(a) is taken to be an obligation to ensure that the responsibilities of the accountable entity’s accountable persons cover:

all parts or aspects of the operations of each branch of the accountable entity operating in Australia; and

for each such branch:

each of the responsibilities to which subsection 10(2) applies; and

each of the responsibilities to which subsection 10(3) applies.