Whole Act
5 provisions in continuous reading order
Loading the complete Act…
This Act is the Financial Accountability Regime (Consequential Amendments) Act 2023.
Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information | ||
|---|---|---|
Column 1 | Column 2 | Column 3 |
Provisions | Commencement | Date/Details |
1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table | The day after this Act receives the Royal Assent. | 15 September 2023 |
2. Schedule 1, Part 1 | At the same time as the Financial Accountability Regime Act 2023 commences. However, the provisions do not commence at all if that Act does not commence. | 15 September 2023 |
3. Schedule 1, Part 2 | The day that is 6 months after the Financial Accountability Regime Act 2023 commences. However, the provisions do not commence at all if that Act does not commence. | 15 March 2024 |
4. Schedule 2 | At the same time as the Financial Accountability Regime Act 2023 commences. However, the provisions do not commence at all if that Act does not commence. | 15 September 2023 |
This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Consequential amendments
Part 1—Amendments for the start of the financial accountability regime
Australian Prudential Regulation Authority Act 1998
1 Subsection 3(1) (after paragraph (b) of the definition of prudential regulation framework law)
Insert:
the Financial Accountability Regime Act 2023;
the Financial Accountability Regime (Consequential Amendments) Act 2023;
2 Section 48
Omit “Under”, substitute “(1) Under”.
3 At the end of section 48
Add:
Subsection (1) does not apply to an appointment made under, or for the purposes of, the Financial Accountability Regime Act 2023.
4 Paragraph 53(1)(d)
Repeal the paragraph, substitute:
amounts of any fees, charges or penalties paid to APRA, on behalf of the Commonwealth, under section 51 or any other law of the Commonwealth except the following:
Part 3A of the Financial Institutions Supervisory Levies Collection Act 1998;
the Financial Accountability Regime Act 2023;
5 Subsection 56(1) (after paragraph (cb) of the definition of protected document)
Insert:
or (cc) a person in relation to whom information is, or was, required to be given under the Financial Accountability Regime Act 2023;
6 Subsection 56(1) (after paragraph (d) of the definition of protected document)
Insert:
a document given or produced to ASIC under, or for the purposes of, a provision of the Financial Accountability Regime Act 2023, other than a document given or produced to ASIC by APRA; or
7 Subsection 56(1) (after paragraph (cb) of the definition of protected information)
Insert:
or (cc) a person in relation to whom information is, or was, required to be given under the Financial Accountability Regime Act 2023;
8 Subsection 56(1) (after paragraph (d) of the definition of protected information)
Insert:
information given or produced to ASIC under, or for the purposes of, a provision of the Financial Accountability Regime Act 2023, other than information given or produced to ASIC by APRA; or
9 Paragraph 56(2)(c)
Omit “or (7F)”, substitute “, (7F), (7G), (7H), (7J), (7K) or (7L)”.
10 After subsection 56(7F)
Insert:
It is not an offence if:
the disclosure of protected information or the production of a protected document is to an accountable entity (within the meaning of the Financial Accountability Regime Act 2023); and
the information, or the information contained in the document, as the case may be, is information contained in the register kept under section 40 of the Financial Accountability Regime Act 2023.
A defendant bears an evidential burden in relation to the matters in subsection (7G) (see subsection 13.3(3) of the Criminal Code).
It is not an offence if:
the disclosure of protected information or the production of a protected document is to an individual; and
the information, or the information contained in the document, as the case may be, is only personal information about the individual; and
the information, or the information contained in the document, as the case may be, is information contained in the register kept under section 40 of the Financial Accountability Regime Act 2023.
A defendant bears an evidential burden in relation to the matters in subsection (7H) (see subsection 13.3(3) of the Criminal Code).
It is not an offence if:
the disclosure of protected information or the production of a protected document is by APRA; and
the information, or the information contained in the document, as the case may be, is information that discloses:
whether a person is disqualified under section 42 of the Financial Accountability Regime Act 2023; or
a decision made under Division 2 of Part 3 of Chapter 3 of that Act (which is about disqualification of accountable persons), or the reasons for such a decision.
A defendant bears an evidential burden in relation to the matters in subsection (7J) (see subsection 13.3(3) of the Criminal Code).
It is not an offence if the disclosure of protected information or the production of a protected document by a person is in accordance with section 39 of the Financial Accountability Regime Act 2023.
A defendant bears an evidential burden in relation to the matters in subsection (7K) (see subsection 13.3(3) of the Criminal Code).
It is not an offence if:
the disclosure of protected information or the production of a protected document is by ASIC, for the purposes of the performance of ASIC’s functions, or the exercise of ASIC’s powers; and
the protected information was disclosed previously to ASIC, or the protected document was produced previously to ASIC, in accordance with section 39 of the Financial Accountability Regime Act 2023.
A defendant bears an evidential burden in relation to the matters in subsection (7L) (see subsection 13.3(3) of the Criminal Code).
11 Paragraph 56(12)(a)
Omit “and (7F)”, substitute “, (7F), (7G), (7H), (7J), (7K) and (7L)”.
12 At the end of subsection 58(4)
Add:
; (d) section 101 or 102 of the Financial Accountability Regime Act 2023.
13 After paragraph 59(2)(ba)
Insert:
information about investigations (including joint investigations) conducted by APRA under Division 1 of Part 4 of Chapter 3 of the Financial Accountability Regime Act 2023 during the period;
14 After subsection 59(3)
Insert:
Paragraph (2)(bb) does not authorise the inclusion in the annual report of information with respect to the affairs of a particular person.
Australian Securities and Investments Commission Act 2001
15 Subsection 12A(1)
Omit “Acts”.
16 At the end of subsection 12A(1)
Add:
; (m) the Financial Accountability Regime Act 2023;
the Financial Accountability Regime (Consequential Amendments) Act 2023.
17 After subsection 127(6)
Insert:
A person (the officer) commits an offence if:
the officer is or has been:
a member of ASIC; or
a staff member; or
a Commonwealth officer within the meaning of the Crimes Act 1914; and
the officer intentionally or recklessly, and directly or indirectly:
discloses information to any person or to a court; or
produces a document to any person or to a court; and
if subparagraph (b)(i) applies—the information is protected information disclosed to, or obtained by, ASIC for the purposes of a function (a FAR‑related function) conferred on ASIC by:
the Financial Accountability Regime Act 2023; or
the Financial Accountability Regime (Consequential Amendments) Act 2023; and
if subparagraph (b)(ii) applies—the document:
is protected information and was given or produced to ASIC for the purposes of a FAR‑related function; or
contains protected information disclosed to, or obtained by, ASIC for the purposes of a FAR‑related function; and
the officer acquired the information, or has or had access to the document, as the case may be, in the course of the officer’s duties as a member of ASIC, a staff member or a Commonwealth officer within the meaning of the Crimes Act 1914.
Penalty: Imprisonment for 2 years.
Subsection (7) does not apply if the disclosure or production constitutes authorised disclosure of the protected information for the purposes of subsection (1).
A defendant bears an evidential burden in relation to the matter in this subsection (see subsection 13.3(3) of the Criminal Code).
A document is an exempt document for the purposes of section 38 of the Freedom of Information Act 1982 if the document:
is protected information and was given or produced to ASIC; or
contains protected information disclosed to, or obtained by, ASIC;
for the purposes of a function conferred on ASIC by:
the Financial Accountability Regime Act 2023; or
the Financial Accountability Regime (Consequential Amendments) Act 2023.
18 After paragraph 136(1)(da)
Insert:
information about investigations (including joint investigations) conducted by ASIC under Division 1 of Part 4 of Chapter 3 of the Financial Accountability Regime Act 2023 during the period;
19 After subsection 136(2A)
Insert:
Paragraph (1)(db) does not authorise the inclusion in the annual report of information with respect to the affairs of a particular person.
20 In the appropriate position
Insert:
The amendment of section 12A made by Part 1 of Schedule 1 to the Financial Accountability Regime (Consequential Amendments) Act 2023, so far as it relates to the definition of protected information in subsection 127(9) of this Act, applies in relation to any use or disclosure of information after the commencement of that Part, whether ASIC obtained the information before or after that commencement.