The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have finalised two reductions in reporting under the Financial Accountability Regime (FAR). Accountable entities no longer need to report key functions for the FAR register or identify who reports directly to accountable persons in accountability maps. 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.

The changes implement the proposals consulted on in September 2026 and are in force ahead of the early 2027 start originally envisaged. Key function fields remain on APRA Connect reporting forms, but providing that information is voluntary. Underlying accountability obligations for entities and accountable persons remain unchanged. Entities should review the final guidance and update their reporting processes accordingly.

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