Australian Securities and Investments Commission and Australian Prudential Regulation Authority consult on FAR reporting cuts affecting 4,500 accountable people
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 people, halve accountability map updates and take effect in early 2027 if finalized as planned.
The Australian Securities and Investments Commission and the Australian Prudential Regulation Authority have opened consultation on previously signaled changes to streamline the Financial Accountability Regime while retaining its accountability standards. The regulators estimate the proposals would reduce reporting for all accountable entities and about 4,500 accountable people, and halve the number of updates to accountability maps.
The changes would remove key functions requirements from the FAR regulator rules and end the requirement to include information on accountable persons’ direct reports in accountability maps. Subject to feedback, ASIC and APRA intend to finalize the changes by the end of 2026 and bring them into effect in early 2027.
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…
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…