The Government has released for consultation the draft Financial Accountability Regime (Consequential Amendments and Transitional Provisions) Bill 2021 (the Bill).
The Bill follows the consultation on the draft Financial Accountability Regime Bill 2021 and:
- makes consequential amendments to various Commonwealth laws to establish the FAR; and
- provides for transitional arrangements relating to the repeal of the Banking Executive Accountability Regime under the Banking Act 1959.
The Bill supports the Financial Accountability Regime, which constitutes the Government’s implementation of Recommendations 3.9, 4.12, 6.6, 6.7 and 6.8 of the Financial Services Royal Commission.
You can submit responses to this consultation up until 17 September 2021. Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
Address written submissions to:
Regulatory Powers and Accountability Unit
Financial System Division
Parkes ACT 2600