its accountability obligations under Division 2; and

its key personnel obligations under Division 3; and

its deferred remuneration obligations under Division 4; and

its notification obligations under Division 5.

an ADI:

that the Minister has exempted under section 37A; or

that is included in a class of ADIs that the Minister has exempted under section 37A; or

a foreign ADI, except to the extent that it operates a branch of the foreign ADI in Australia.

may give to the ADI a written notice specifying that obligation; and

may specify in the notice:

the extent to which the ADI need not comply with that obligation; and

conditions to which the notice is subject.

to the extent compliance would result in the ADI contravening that law of a foreign country; or

if the notice specifies the extent to which the ADI need not comply with that obligation—to the extent so specified;

either:

in the case of the ADI—holds a position in the ADI or in another body corporate of which the ADI is a subsidiary; or

in the case of a subsidiary of the ADI—holds a position in the subsidiary; and

because of that position, has actual or effective senior executive responsibility:

for management or control of the ADI; or

for management or control of a significant or substantial part or aspect of the operations of the ADI or the relevant group of bodies corporate that is constituted by the ADI and its subsidiaries.

holds a position in, or relating to, the ADI; and

because of that position, has a responsibility, relating to the ADI:

of a kind set out in subsection (3); or

of a kind determined under subsection (4).

responsibility for oversight of the ADI as a member of the Board of the ADI;

senior executive responsibility for carrying out the management of all the business activities of the ADI and its subsidiaries, including:

allocating to accountable persons responsibility for all parts or aspects of the relevant group of bodies corporate that is constituted by the ADI and its subsidiaries; and

reporting directly to the Board of the ADI;

senior executive responsibility for management of the ADI’s financial resources;

senior executive responsibility for overall risk controls and/or overall risk management arrangements of the ADI;

senior executive responsibility for management of the ADI’s operations;

senior executive responsibility for information management, including information technology systems, for the ADI;

senior executive responsibility for management of the ADI’s internal audit function;

senior executive responsibility for management of the ADI’s compliance function;

senior executive responsibility for management of the ADI’s human resources function;

senior executive responsibility for management of the ADI’s anti-money laundering function.

a responsibility excluded under subsection (2) of this section in relation to that ADI or subsidiary; or

a responsibility excluded under subsection (3) of this section in relation to a class of ADIs or subsidiaries that includes that ADI or subsidiary.

an ADI included in a class of ADIs specified in the instrument; or

a subsidiary an ADI included in a class of such subsidiaries specified in the instrument;

may give to the accountable person a written notice specifying that obligation; and

may specify in the notice:

the extent to which the accountable person need not comply with that obligation; and

conditions to which the notice is subject.

to the extent compliance would result in the accountable person contravening that law of a foreign country; or

if the notice specifies the extent to which the accountable person need not comply with that obligation—to the extent so specified;

conduct its business with honesty and integrity, and with due skill, care and diligence; and

deal with APRA in an open, constructive and cooperative way; and

in conducting its business, prevent matters from arising that would adversely affect the ADI’s prudential standing or prudential reputation; and

ensure that each of its accountable persons meets his or her accountability obligations under section 37CA; and

ensure that each of its subsidiaries that is not an ADI complies with paragraphs (a), (b), (c) and (d) as if the subsidiary were an ADI.

by acting with honesty and integrity, and with due skill, care and diligence; and

by dealing with APRA in an open, constructive and cooperative way; and

by taking reasonable steps in conducting those responsibilities to prevent matters from arising that would adversely affect the prudential standing or prudential reputation of the ADI.

appropriate governance, control and risk management in relation to that matter; and

safeguards against inappropriate delegations of responsibility in relation to that matter; and

appropriate procedures for identifying and remediating problems that arise or may arise in relation to that matter.

subject to subsections (2) and (3), to ensure that the responsibilities of the accountable persons of the ADI and its subsidiaries cover:

all parts or aspects of the operations of the relevant group of bodies corporate that is constituted by the ADI and its subsidiaries; and

each of the responsibilities to which subsection 37BA(2) applies; and

to ensure none of the accountable persons of the ADI are prohibited under section 37DA; and

to comply with any directions APRA gives to the ADI under section 37DB; and

to take reasonable steps to ensure that each of the ADI’s subsidiaries that is not an ADI complies with paragraphs (b) and (c) as if the subsidiary were an ADI.

all parts or aspects of the operations of each Australian branch of the ADI; and

for each Australian branch of the ADI, the responsibility to which subsection 37BA(6) applies.

is not registered under Subdivision B of Division 6; or

is disqualified under section 37J.

28 days; or

such other period as is determined under subsection (3) or (4).

to ensure that, in relation to the variable remuneration of an accountable person of the ADI:

the payment of a portion of that variable remuneration is deferred for a period; and

the amount of that portion is at least the amount required under section 37EB; and

that period is at least the period required under section 37EC; and

to have a remuneration policy in force that requires that, if the person has failed to comply with his or her accountability obligations under section 37CA, the person’s variable remuneration is to be reduced by an amount that is proportionate to the failure; and

to ensure that, if the remuneration policy requires the variable remuneration to be reduced because of that failure, the amount of the reduction is not paid to the person; and

to take reasonable steps to ensure that, if:

variable remuneration may become payable to an accountable person of a subsidiary of the ADI; and

the subsidiary is not an ADI;

need not be a reduction of variable remuneration relating to a period in which the failure occurred; and

may be a reduction to zero.

in relation to an accountable person of an ADI—any amount of remuneration that:

is paid or payable to the accountable person by a related body corporate of the ADI; and

if that related body corporate is a non-ADI holding company of the ADI—does not relate only to the accountable person holding a position in the related body corporate; or

in relation to an accountable person of a subsidiary of an ADI—any amount of remuneration that:

is paid or payable to the accountable person by a related body corporate of the subsidiary; and

if that related body corporate is a non-ADI holding company of the subsidiary—does not relate only to the accountable person holding a position in the related body corporate.

means so much of the accountable person’s total remuneration as is conditional on the achievement of objectives; and

includes so much of the accountable person’s total remuneration as is remuneration of a kind determined under paragraph (3)(a) or (4)(a).

remuneration of a particular kind, of one or more accountable persons of the ADI or subsidiary, is variable remuneration; or

remuneration of a particular kind, of one or more accountable persons of the ADI or subsidiary, is not variable remuneration.

remuneration of a particular kind is variable remuneration; or

remuneration of a particular kind is not variable remuneration.

the value worked out, for the accountable person, in the way determined under subsection (3) or (4); or

if no such determination applies in relation to the accountable person—what would have been the value of that remuneration if it had instead been paid to the person at the time the decision to grant it was made.

accountable persons of an ADI included in a specified class of ADIs; or

accountable persons of a subsidiary of an ADI included in a specified class of subsidiaries of ADIs.

4 years; or

a shorter period approved by APRA under subsection (4) in relation to the variable remuneration;

based on the information known at the time of the application, the accountable person has complied with his or her accountability obligations under section 37CA; and

it is unlikely that further information will become known, before the end of the 4 year period mentioned in paragraph (1)(a), that indicates that the accountable person did not comply with those obligations.

either:

the person is no longer an accountable person of the ADI or subsidiary, because of the person’s death, serious incapacity, serious disability or serious illness; or

a circumstance determined under subsection (5) or (6) exists relation to the person; and

the ADI or subsidiary has taken all reasonable steps to satisfy itself of the matters mentioned in paragraphs (3)(a) and (b).

the amount determined under subsection (2); or

if a determination under subsection (2) is not in force—$50,000.

(a) to give to APRA a document complying with accountability statement) for each of its accountable persons, and to ensure that APRA is notified of any change to the accountability statement within the period, after the change, provided under subsection (2); andsection 37FA (an

(b) to give to APRA a document complying with accountability map), and to ensure that APRA is notified of any change to the accountability map within the period, after the change, provided under subsection (2); andsection 37FB (an

to notify APRA of an event mentioned in section 37FC within the period, after the event, provided under subsection (2); and

to take reasonable steps to ensure that each of its subsidiaries that is not an ADI complies with paragraphs (a) and (c) as if the subsidiary were an ADI.

14 days; or

such other period as determined under subsection (3).

the part or aspect of the ADI’s or subsidiary’s operations of which the accountable person has actual or effective responsibility for management or control; and

the responsibilities of the accountable person, including any responsibilities to which paragraph 37D(1)(a) applies or subsection 37D(3) applies, as the case requires; and

the matters determined by APRA under subsection (2).

the names of all of the accountable persons of the ADI and its subsidiaries;

details of the reporting lines and lines of responsibility of those accountable persons;

sufficient information to identify an accountable person for each of the responsibilities to which paragraph 37D(1)(a) applies or subsection 37D(3) applies, as the case requires;

information of a kind determined by APRA under subsection (2).

a person ceasing to be an accountable person of the ADI or a subsidiary of the ADI;

the dismissal or suspension of an accountable person by the ADI, or subsidiary of the ADI, because the person has failed to comply with his or her accountability obligations under 37CA;

the reduction of the variable remuneration of a person by the ADI, or subsidiary of the ADI, because the person has failed to comply with his or her accountability obligations under section 37CA;

the ADI becoming aware of:

a breach by the ADI of its accountability obligations under section 37C; or

a breach by an accountable person of the ADI, or of a subsidiary of the ADI, of his or her accountability obligations under section 37CA.

the ADI contravenes its obligations under this Part (other than this Division); and

the contravention relates to prudential matters.

if the ADI is a large ADI—1,000,000 penalty units; or

if the ADI is a medium ADI—250,000 penalty units; or

if the ADI is a small ADI—50,000 penalty units.

the kinds of ADIs that are large ADIs; and

the kinds of ADIs that are medium ADIs; and

the kinds of ADIs that are small ADIs.

the person’s name; and

the date of the person’s registration as an accountable person; and

the date the person ceases to be an accountable person; and

details of any disqualification of the person under section 21 or 37J; and

details of any variation or revocation of disqualification under section 22 or 37JA; and

details of any direction APRA has given in relation to the person that is:

a direction under section 11CA of a kind mentioned in paragraph 11CA(2)(c) or (d); or

a direction under section 23; and

such other information as APRA considers appropriate.

be in the form approved in writing by APRA; and

contain the information that the form requires; and

include a signed declaration that the ADI is satisfied the person is suitable be an accountable person; and

include the accountability statement for the person under section 37F.

the application meets the requirements of subsection (2); and

the ADI gives to APRA any further information requested under subsection (3) in relation to the application;

the day the application is made; or

if APRA requests the ADI to give further information under subsection (3) in relation to the application—the day the ADI gives the further information to APRA.

(a) the person has not complied with his or her accountability obligations under section 37CA; and

having regard to the seriousness of the non-compliance, the disqualification is justified.

a particular ADI;

a particular subsidiary of an ADI;

a class of ADIs;

a class of subsidiaries of ADIs;

any ADI;

any subsidiary of an ADI.

the person; and

the ADI;

a variation or revocation of a disqualification; or

if the person applied for a disqualification to be varied or revoked—a refusal to vary or revoke the disqualification.

vary a disqualification; or

refuse to vary or revoke a disqualification.

a person is disqualified under section 37J; and

the person is or acts as an accountable person of the ADI or subsidiary; and

the person is disqualified from being or acting as an accountable person in the ADI or subsidiary; and

the ADI or subsidiary allows the person to be or act as an accountable person.

indemnify the ADI against the consequences of breaching an obligation under this Part; or

pay, or agree to pay, a premium for a contract insuring the ADI against the consequences of breaching an obligation under this Part.

indemnify a person who is or was an accountable person of the ADI against the consequences of breaching an obligation under this Part; or

pay, or agree to pay, a premium for a contract insuring such a person against the consequences of breaching an obligation under this Part.

start 3 years after the commencement of this section; and

be completed within 6 months.

(a) the disclosure of protected information or the production of a protected document is to an ADI (within the meaning of the Banking Act 1959); and

(b) the information, or the information contained in the document, as the case may be, is information contained in the register kept under Banking Act 1959.section 37H of the

the disclosure of protected information or the production of a protected document is to an individual; and

the information, or the information contained in the document, as the case may be, is only personal information about the individual; and

(c) the information, or the information contained in the document, as the case may be, is information contained in the register kept under Banking Act 1959.section 37H of the

the disclosure of protected information or the production of a protected document is by APRA; and

the information, or the information contained in the document, as the case may be, is information that discloses:

(i) whether a person is disqualified under Banking Act 1959; orsection 37J of the

a decision made under Subdivision C of Division 6 of Part IIAA of that Act, or the reasons for such a decision.

providing for heightened accountability for banking directors and senior executives through the Banking Executive Accountability Regime; and

(a) an accountable person’s variable remuneration is payable under a contract entered into before the commencement of Banking Act 1959 as inserted by this Act; andPart IIAA of the

apart from this subitem, the application of Division 4 of that Part in relation to the variable remuneration would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph);

a medium ADI;

a small ADI;

an accountable person of a medium ADI;

an accountable person of a small ADI.

(a) an accountable person’s variable remuneration is payable under a contract entered into before the commencement of Banking Act 1959 as inserted by this Act; andPart IIAA of the

apart from this subitem, the application of Division 4 of that Part in relation to the variable remuneration would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph);

the person knows that an investigator is investigating, or is about to investigate, a matter; and

the person:

conceals, destroys, mutilates or alters a book, account or document relating to the matter; or

if a book, account or document relating to the matter is in a particular State or Territory—takes or sends the book, account or document out of that State or Territory or out of Australia; and

the person intended that the investigation or proposed investigation would be delayed or obstructed as a result of that conduct.

to give the investigator all reasonable assistance in connection with the investigation; and

to appear before the investigator for examination.

require the examinee to either take an oath or make an affirmation; and

administer an oath or affirmation to the examinee.

the investigator;

the examinee;

the examinee’s lawyer;

an APRA staff member approved by APRA to be present;

a person directed by the investigator to be present.

is present at an examination; and

is not a person mentioned in subsection (2).

it is qualified or explained by some other statement made at the examination; and

evidence of the other statement is not tendered in the proceeding; and

the person objects to the admission of evidence of the subject statement.

it discloses matter in respect of which the person could claim legal professional privilege in the proceeding if subsection (1) did not apply in relation to the statement; and

the person objects to the admission of evidence of the statement.

if it appears to the court or tribunal that:

the absent witness is dead or is unfit, because of physical or mental incapacity, to attend as a witness;

the absent witness is outside the State or Territory in which the proceeding is being heard and it is not reasonably practicable to secure his or her attendance; or

all reasonable steps have been taken to find the absent witness but he or she cannot be found; or

if it does not so appear to the court or tribunal—unless another party to the proceeding requires the party tendering evidence of the statement to call the absent witness as a witness in the proceeding and the tendering party does not so call the absent witness.

the length of period between the statement and the matter to which the statement relates; and

any reason the person may have had for concealing or misrepresenting a material matter; and

any other circumstances from which it is reasonable to draw an inference about the accuracy of the statement.

evidence that would, if the person had been so called, have been admissible in the proceeding for the purpose of destroying or supporting his or her credibility is so admissible; and

evidence is admissible to show that the statement is inconsistent with another statement that the person has made at any time.

will apply to have admitted in evidence in the proceeding specified statements made at an examination; and

for that purpose, will apply to have evidence of those statements admitted in the proceeding.

stating that the other party objects to specified statements being admitted in evidence in the proceeding; and

specifies, in relation to each of those statements, the grounds of objection.

the notice under subsection (1) and any writing that subsection (2) requires to accompany that notice; and

the notice under subsection (3).

determine the objections as a preliminary point before the hearing of the proceeding begins; or

defer determination of the objections until the hearing.

the other party has, in accordance with subsection (3), objected to the statement being so admitted; or

the court or tribunal gives the other party leave to object to the statement being so admitted.

a copy of a book, account or document with the book, account or document; or

an extract from a book, account or document, with the relevant part of the book, account or document;

a copy of the report has been given to the other party; and

the other party, and the other party’s lawyer, have had a reasonable opportunity to examine that copy and to take its contents into account in preparing the other party’s case.

was concerned in preparing the report or making a finding about a fact or matter that the report states the investigator to have found to exist; or

whether or not pursuant to a requirement made under this Part, gave information, or produced a book, account or document, on the basis of which, or on the basis of matters including which, such a finding was made.

the court or tribunal grants the application or applications made under subsection (2); and

one or more persons to whom the application or any of the applications relates:

are unavailable; or

do not attend to be cross-examined in relation to the report; and

the court or tribunal is of the opinion that to admit the copy under section 61N in the proceeding as evidence against the other party without the other party having the opportunity to cross-examine the other person or persons would unfairly prejudice the other party.

under this Act, a person requires a lawyer;

to give information; or

to produce a book, account or document; and

either:

giving the information would involve disclosing; or

the book, account or document contains;

if the person to whom, or by or on behalf of whom, the communication was made is a body corporate that is under administration or is being would up—the administrator or the liquidator of the body; or

otherwise—the person to whom, or by or on behalf of whom, the communication was made;

if the lawyer knows the name of the person to whom, or by or on behalf of whom, the communication was made—that name and address; and

if subparagraph (1)(a)(i) applies and the communication was made in writing—sufficient particulars to identify the document containing the communication; and

if subparagraph (1)(a)(ii) applies—sufficient particulars to identify the book, account or document, or the part of the book, account or document, containing the communication.