APRA and ASIC not dragging feet on FAR
The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) are not letting ministerial delays stand in the way of getting started on the Financial Accountability Regime (FAR).
The two regulators have told banks and other institutions subject to the FAR regime that notwithstanding the Assistant Treasurer, Stephen Jones, not having delivered on the rules they should get started on registrations.
The new FAR regime was due to come into force on 15 March but the minister’s office has yet to generate the so-called ‘Minister Rules’ prompting ASIC and APRA to acknowledge that “the industry may require additional time, beyond the commencement date, to finalise compliance with the new FAR requirements.
“Notwithstanding this, given the guidance currently available, we expect entities to submit their registration applications and to make relevant notifications to us as promptly as possible, and by no later than 30 June 2024,” the two regulators said..
“Following release of the Minister Rules, we will release the Regulator Rules, Transitional Rules and reporting form instructions, and provide further details in relation to APRA Connect FAR form availability and FAR entity profile submissions.”