Further to our alert in May 2017 (which can be found here), the Government has now released a Consultation Paper on the Banking Executive Accountability Regime (the Regime). We have summarised the key details of the Regime below:
|1||Institutions to be covered by the Regime|| |
|2||Increased responsibility and accountability of directors and senior executives|| |
|4||Increased power of APRA and new penalties|| |
|5||Expectations under the Regime|| |
|7||Civil Penalties|| |
Whilst the particular details of the Regime have not been determined, the Consultation Paper reveals that the Government is envisaging the Regime to be similar to the Senior Managers and Certification Regime (SMCR) that applies in the United Kingdom. Further information about the SMCR can be found here.
Interested parties have been invited by the Government to make comment on the issues and options in the Consolation Paper by 3 August 2017. Please contact Dentons if you would like assistance with this process.