Financial Accountability Regime Act 2023

The provisions of this Act are enforceable under Part 6 of the Regulatory Powers Act.

Part 6 of the Regulatory Powers Act creates a framework for accepting and enforcing undertakings relating to compliance with provisions.

For the purposes of Part 6 of the Regulatory Powers Act, the Regulator is an authorised person in relation to the provisions mentioned in subsection (1).

For the purposes of Part 6 of the Regulatory Powers Act, the Federal Court of Australia is a relevant court in relation to the provisions mentioned in subsection (1).

An authorised person may accept an undertaking in connection with a matter in relation to which the Regulator has a power or function under this Act. The undertaking must be expressed to be an undertaking under this subsection.

The power in subsection (4) is in addition to the power of an authorised person under subsection 114(1) of the Regulatory Powers Act.

Part 6 of the Regulatory Powers Act, other than subsections 114(1) and (2), applies to an undertaking accepted under subsection (4) of this section as if it were an undertaking accepted under subsection 114(1) of the Regulatory Powers Act.

Part 6 of the Regulatory Powers Act, as it applies in relation to the provisions mentioned in subsection (1), extends to every external Territory.