ASIC and APRA have removed requirements to report key functions under the Financial Accountability Regime and identify accountable persons’ direct reports in accountability maps. The reforms are expected to reduce reporting for all accountable entities and around 4,500 accountable people, while halving map updates. Underlying accountability obligations remain unchanged.
The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have finalized changes to simplify reporting under the Financial Accountability Regime (FAR), effective Nov. 13, 2026. Adopting the changes consulted on in September, the regulators have removed requirements to report key functions for the FAR register and identify who reports directly to an accountable person in accountability maps. The accountability obligations of regulated entities and accountable persons remain unchanged.
The regulators estimate the changes will reduce reporting for all accountable entities and approximately 4,500 accountable people, while halving the number of accountability map updates. Entities should review the final guidance and adjust their reporting processes. Requests for clearer thresholds for notifying the regulators of accountability changes fall outside these reforms but may inform future regulatory or legislative changes.
The Australian Securities and Investments Commission and the Australian Prudential Regulation Authority are consulting on previously signaled changes to simplify Financial Accountability Regime reporting without weakening accountability standards. The proposals would reduce reporting for all accountable entities and about 4,500 accountable…
2026-06-16 Australian Securities & Investments Commission Australia
The Australian Securities and Investments Commission and the Australian Prudential Regulation Authority will consult on easing several Financial Accountability Regime reporting and notification requirements without changing accountability standards. The proposals would remove key functions requirements, lift the threshold for notifying…