Draft Financial Accountability Regime legislation released for comment

On 16 July, Treasury released Exposure Draft legislation for the Financial Accountability Regime (FAR)(FAR Bill). While the FAR Bill has some similarities to the Banking Executive Accountability Regime (BEAR) in the Banking Act 1959 (Cth), there are some provisions of the FAR Bill which differ to BEAR and which raise concerns about over-regulation and uncertainty. … Read more

FSR GPS: Anti-hawking reforms for financial products

This edition of our ‘FSR GPS’ (Guidelines, Principles and Strategies) series covers the upcoming changes to the anti-hawking regime for financial products in the Corporations Act, with the new regime coming into effect on 5 October 2021. In this article, we outline: our 12 legal principles which go to the heart of the new anti-hawking … Read more

Financial Accountability Regime – OCC, not ‘OTT’

In this article, we address a cryptic pillar of the current Banking Executive Accountability Regime (BEAR) and the proposed Financial Accountability Regime (FAR): the obligation to deal with APRA and ASIC in an open, constructive and cooperative way. What would this obligation require? What would it not require? How can we prepare for it? In … Read more