The Financial Accountability Regime Bill 2023 has still not been passed by the Senate.
The Senate will next sit from 4 to 14 September 2023.
Once passed, the Financial Accountability Regime Bill 2023 commences the day after Royal Assent. The regime will apply to the banking industry six months after the commencement of the Financial Accountability Regime Bill 2023 and to any new entrants beyond that, from the time they become an ADI or a non-operating holding company.
The regime will apply to the insurance and superannuation industries 18 months after the commencement of the Financial Accountability Regime Bill 2023, and to any new entrants beyond that, from the time they become licensed.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
