The Government is seeking stakeholder views on the Minister Rules for the Financial Accountability Regime (FAR). The Government introduced the Financial Accountability Regime Bill 2022 (the FAR Bill) on 8 September 2022 to establish the FAR, which will implement recommendations 3.9, 4.12, 6.6, 6.7 and 6.8 of the Financial Services Royal Commission.
The Minister Rules support the FAR Bill and would prescribe:
- particular responsibilities and positions which cause a person to be subject to the FAR in the banking, insurance and superannuation sectors
- the enhanced notification threshold, which is the total asset size above which an entity is required to comply with additional notification obligations and
- the way that a written record can be authenticated in a proceeding as prima facie evidence of the statement it records.