Financial Accountability Regime (Consequential Amendments) Act 2023 (Cth)

Financial Accountability Regime (Consequential Amendments) Act 2023 No. 68, 2023 An Act to deal with consequential amendments and transitional matters arising from the enactment of the Financial Accountability Regime Act 2023, and for related purposes Contents 1 Short title 2 Commencement 3 Schedules Schedule 1—Consequential amendments Part 1—Amendments for the start of the financial accountability regime Australian Prudential Regulation Authority Act 1998 Australian Securities and Investments Commission Act 2001 Banking Act 1959 Corporations Act 2001 Financial Regulator Assessment Authority Act 2021 Financial Sector (Transfer and Restructure) Act 1999 Insurance Act 1973 Life Insurance Act 1995 National Consumer Credit Protection Act 2009 Payment Systems and Netting Act 1998 Private Health Insurance (Prudential Supervision) Act 2015 Superannuation Industry (Supervision) Act 1993 Part 2—Amendments for the end of the banking executive accountability regime Australian Prudential Regulation Authority Act 1998 Banking Act 1959 Schedule 2—Application, saving and transitional provisions Part 1—Preliminary Part 2—Banking sector Division 1—Key personnel obligations Division 2—Deferred remuneration obligations Division 3—Notification obligations Division 4—Regulatory powers and enforcement Part 3—Other sectors Division 1—Key personnel obligations Division 2—Deferred remuneration obligations Division 3—Insurance Division 4—Life insurance Division 5—Private health insurance Division 6—Superannuation Part 4—APRA and ASIC Division 1—Transition from the BEAR Division 2—Application of the FAR Part 5—Transitional rules Financial Accountability Regime (Consequential Amendments) Act 2023 No. 68, 2023 An Act to deal with consequential amendments and transitional matters arising from the enactment of the Financial Accountability Regime Act 2023, and for related purposes [Assented to 14 September 2023] The Parliament of Australia enacts: 1 Short title This Act is the Financial Accountability Regime (Consequential Amendments) Act 2023. 2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms. Commencement information Column 1 Column 2 Column 3 Provisions Commencement Date/Details 1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table The day after this Act receives the Royal Assent. 15 September 2023 2. Schedule 1, Part 1 At the same time as the Financial Accountability Regime Act 2023 commences. 15 September 2023 However, the provisions do not commence at all if that Act does not commence. 3. Schedule 1, Part 2 The day that is 6 months after the Financial Accountability Regime Act 2023 commences. 15 March 2024 However, the provisions do not commence at all if that Act does not commence. 4. Schedule 2 At the same time as the Financial Accountability Regime Act 2023 commences. 15 September 2023 However, the provisions do not commence at all if that Act does not commence. Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act. (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act. 3 Schedules Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. Schedule 1—Consequential amendments Part 1—Amendments for the start of the financial accountability regime Australian Prudential Regulation Authority Act 1998 1 Subsection 3(1) (after paragraph (b) of the definition of prudential regulation framework law) Insert: (ba) the Financial Accountability Regime Act 2023; (bb) the Financial Accountability Regime (Consequential Amendments) Act 2023; 2 Section 48 Omit "Under", substitute "(1) Under". 3 At the end of section 48 Add: (2) Subsection (1) does not apply to an appointment made under, or for the purposes of, the Financial Accountability Regime Act 2023. 4 Paragraph 53(1)(d) Repeal the paragraph, substitute: (d) amounts of any fees, charges or penalties paid to APRA, on behalf of the Commonwealth, under section 51 or any other law of the Commonwealth except the following: (i) Part 3A of the Financial Institutions Supervisory Levies Collection Act 1998; (ii) the Financial Accountability Regime Act 2023; 5 Subsection 56(1) (after paragraph (cb) of the definition of protected document) Insert: or (cc) a person in relation to whom information is, or was, required to be given under the Financial Accountability Regime Act 2023; 6 Subsection 56(1) (after paragraph (d) of the definition of protected document) Insert: (da) a document given or produced to ASIC under, or for the purposes of, a provision of the Financial Accountability Regime Act 2023, other than a document given or produced to ASIC by APRA; or 7 Subsection 56(1) (after paragraph (cb) of the definition of protected information) Insert: or (cc) a person in relation to whom information is, or was, required to be given under the Financial Accountability Regime Act 2023; 8 Subsection 56(1) (after paragraph (d) of the definition of protected information) Insert: (da) information given or produced to ASIC under, or for the purposes of, a provision of the Financial Accountability Regime Act 2023, other than information given or produced to ASIC by APRA; or 9 Paragraph 56(2)(c) Omit "or (7F)", substitute ", (7F), (7G), (7H), (7J), (7K) or (7L)". 10 After subsection 56(7F) Insert: (7G) It is not an offence if: (a) the disclosure of protected information or the production of a protected document is to an accountable entity (within the meaning of the Financial Accountability Regime Act 2023); and (b) the information, or the information contained in the document, as the case may be, is information contained in the register kept under section 40 of the Financial Accountability Regime Act 2023. Note: A defendant bears an evidential burden in relation to the matters in subsection (7G) (see subsection 13.3(3) of the Criminal Code). (7H) It is not an offence if: (a) the disclosure of protected information or the production of a protected document is to an individual; and (b) 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 section 40 of the Financial Accountability Regime Act 2023. Note: A defendant bears an evidential burden in relation to the matters in subsection (7H) (see subsection 13.3(3) of the Criminal Code). (7J) It is not an offence if: (a) the disclosure of protected information or the production of a protected document is by APRA; and (b) 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 section 42 of the Financial Accountability Regime Act 2023; or (ii) a decision made under Division 2 of Part 3 of Chapter 3 of that Act (which is about disqualification of accountable persons), or the reasons for such a decision. Note: A defendant bears an evidential burden in relation to the matters in subsection (7J) (see subsection 13.3(3) of the Criminal Code). (7K) It is not an offence if the disclosure of protected information or the production of a protected document by a person is in accordance with section 39 of the Financial Accountability Regime Act 2023. Note: A defendant bears an evidential burden in relation to the matters in subsection (7K) (see subsection 13.3(3) of the Criminal Code). (7L) It is not an offence if: (a) the disclosure of protected information or the production of a protected document is by ASIC, for the purposes of the performance of ASIC's functions, or the exercise of ASIC's powers; and (b) the protected information was disclosed previously to ASIC, or the protected document was produced previously to ASIC, in accordance with section 39 of the Financial Accountability Regime Act 2023. Note: A defendant bears an evidential burden in relation to the matters in subsection (7L) (see subsection 13.3(3) of the Criminal Code). 11 Paragraph 56(12)(a) Omit "and (7F)", substitute ", (7F), (7G), (7H), (7J), (7K) and (7L)". 12 At the end of subsection 58(4) Add: ; (d) section 101 or 102 of the Financial Accountability Regime Act 2023. 13 After paragraph 59(2)(ba) Insert: (bb) information about investigations (including joint investigations) conducted by APRA under Division 1 of Part 4 of Chapter 3 of the Financial Accountability Regime Act 2023 during the period; 14 After subsection 59(3) Insert: (4) Paragraph (2)(bb) does not authorise the inclusion in the annual report of information with respect to the affairs of a particular person. Australian Securities and Investments Commission Act 2001 15 Subsection 12A(1) Omit "Acts". 16 At the end of subsection 12A(1) Add: ; (m) the Financial Accountability Regime Act 2023; (n) the Financial Accountability Regime (Consequential Amendments) Act 2023. 17 After subsection 127(6) Insert: (7) A person (the officer) commits an offence if: (a) the officer is or has been: (i) a member of ASIC; or (ii) a staff member; or (iii) a Commonwealth officer within the meaning of the Crimes Act 1914; and (b) the officer intentionally or recklessly, and directly or indirectly: (i) discloses information to any person or to a court; or (ii) produces a document to any person or to a court; and (c) if subparagraph (b)(i) applies—the information is protected information disclosed to, or obtained by, ASIC for the purposes of a function (a FAR‑related function) conferred on ASIC by: (i) the Financial Accountability Regime Act 2023; or (ii) the Financial Accountability Regime (Consequential Amendments) Act 2023; and (d) if subparagraph (b)(ii) applies—the document: (i) is protected information and was given or produced to ASIC for the purposes of a FAR‑related function; or (ii) contains protected information disclosed to, or obtained by, ASIC for the purposes of a FAR‑related function; and (e) the officer acquired the information, or has or had access to the document, as the case may be, in the course of the officer's duties as a member of ASIC, a staff member or a Commonwealth officer within the meaning of the Crimes Act 1914. Penalty: Imprisonment for 2 years. (7A) Subsection (7) does not apply if the disclosure or production constitutes authorised disclosure of the protected information for the purposes of subsection (1). Note: A defendant bears an evidential burden in relation to the matter in this subsection (see subsection 13.3(3) of the Criminal Code). (8) A document is an exempt document for the purposes of section 38 of the Freedom of Information Act 1982 if the document: (a) is protected information and was given or produced to ASIC; or (b) contains protected information disclosed to, or obtained by, ASIC; for the purposes of a function conferred on ASIC by: (c) the Financial Accountability Regime Act 2023; or (d) the Financial Accountability Regime (Consequential Amendments) Act 2023. 18 After paragraph 136(1)(da) Insert: (db) information about investigations (including joint investigations) conducted by ASIC under Division 1 of Part 4 of Chapter 3 of the Financial Accountability Regime Act 2023 during the period; 19 After subsection 136(2A) Insert: (3) Paragraph (1)(db) does not authorise the inclusion in the annual report of information with respect to the affairs of a particular person. 20 In the appropriate position Insert: Part 38—Transitional provisions relating to the Financial Accountability Regime (Consequential Amendments) Act 2023 340 Application—confidentiality The amendment of section 12A made by Part 1 of Schedule 1 to the Financial Accountability Regime (Consequential Amendments) Act 2023, so far as it relates to the definition of protected information in subsection 127(9) of this Act, applies in relation to any use or disclosure of information after the commencement of that Part, whether ASIC obtained the information before or after that commencement. 341 Information to be included in ASIC's annual report The amendment of section 136 made by Part 1 of Schedule 1 to the Financial Accountability Regime (Consequential Amendments) Act 2023 applies to reports on ASIC's investigations during the financial year ending on 30 June 2024, and later financial years. Banking Act 1959 21 After subparagraph 9A(2)(b)(ii) Insert: (iia) a requirement of the Financial Accountability Regime Act 2023; 22 After subparagraph 11AB(2)(a)(ii) Insert: (iia) a requirement of the Financial Accountability Regime Act 2023; 23 Paragraph 15D(1)(a) After "the Financial Sector (Collection of Data) Act 2001", insert "or the Financial Accountability Regime Act 2023". 24 Paragraph 15D(1)(b) Omit "that Act", substitute "those Acts". 25 At the end of subsection 16B(1) Add "or the Financial Accountability Regime Act 2023". 26 Subparagraph 16BA(6)(a)(i) Omit "the regulations or the Financial Sector (Collection of Data) Act 2001", substitute "the regulations, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 27 Section 16C Omit "this Act or the Financial Sector (Collection of Data) Act 2001", substitute "this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 28 Paragraph 17(2)(a) Omit "this Act or the prudential standards", substitute "this Act, the prudential standards or the Financial Accountability Regime Act 2023". 29 After subparagraph 20(1)(a)(ii) Insert: (iia) the Financial Accountability Regime Act 2023; or 30 Section 69BA Omit "this Act or the Financial Sector (Collection of Data) Act 2001", substitute "this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". Corporations Act 2001 31 After subparagraph 1317AA(5)(c)(iii) Insert: (iiia) the Financial Accountability Regime Act 2023; Financial Regulator Assessment Authority Act 2021 32 Subparagraph 40(3)(a)(iv) Omit "or". 33 At the end of paragraph 40(3)(a) Add: (v) subsection 72(1) or section 73 of the Financial Accountability Regime Act 2023; or Financial Sector (Transfer and Restructure) Act 1999 34 At the end of paragraph 36B(1A)(a) Add: (iv) section 64 of the Financial Accountability Regime Act 2023; Insurance Act 1973 35 After subparagraph 15(1)(a)(ii) Insert: (iiaa) a requirement of the Financial Accountability Regime Act 2023; or 36 After subparagraph 21(1)(a)(ii) Insert: (iiaa) a requirement of the Financial Accountability Regime Act 2023; or 37 After subparagraph 25(1)(a)(ii) Insert: (iia) the Financial Accountability Regime Act 2023; or 38 After paragraph 43(2)(a) Insert: (aa) has failed to comply with a requirement of the Financial Accountability Regime Act 2023; or 39 After subparagraph 44(1)(a)(i) Insert: (ia) the person has failed to comply with a requirement of the Financial Accountability Regime Act 2023; 40 Paragraph 44(4)(a) Omit "this Act and the prudential standards", substitute "this Act, the prudential standards and the Financial Accountability Regime Act 2023". 41 After subparagraphs 48(1)(a)(i) and (2)(a)(i) Insert: (ia) the Financial Accountability Regime Act 2023; or 42 At the end of subsection 49(1) Add "or the Financial Accountability Regime Act 2023". 43 Subparagraph 49A(6)(a)(iv) Omit "this Act or a requirement under the Financial Sector (Collection of Data) Act 2001", substitute "this Act, a requirement under the Financial Sector (Collection of Data) Act 2001 or a requirement of the Financial Accountability Regime Act 2023". 44 Section 49B Omit "this Act or the Financial Sector (Collection of Data) Act 2001", substitute "this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 45 After subparagraph 62M(1)(a)(iv) Insert: (ivaa) the general insurer has failed to comply with a requirement of the Financial Accountability Regime Act 2023; or 46 Subsection 62W(1) Repeal the subsection, substitute: (1) None of the matters mentioned in subsection (2) affect: (a) the continued operation of other Parts of this Act in relation to a general insurer; or (b) the operation of the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023 in relation to a general insurer; or (c) the obligation of a general insurer to comply with those other Parts and those Acts. 47 Subsection 62ZOY(1) Repeal the subsection, substitute: (1) None of the matters mentioned in subsection (2) affect: (a) the continued operation of other provisions of this Act in relation to a body corporate; or (b) the operation of the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023 in relation to a body corporate; or (c) the obligation of a body corporate to comply with those other provisions and those Acts. 48 Section 129AA Omit "this Act or the Financial Sector (Collection of Data) Act 2001", substitute "this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". Life Insurance Act 1995 49 Paragraph 21(3)(e) Omit "this Act or the Financial Sector (Collection of Data) Act 2001", substitute "this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 50 After subparagraph 26(1)(a)(ii) Insert: (iia) a requirement of the Financial Accountability Regime Act 2023; or 51 After subparagraph 28C(1)(a)(ii) Insert: (iiaa) a requirement of the Financial Accountability Regime Act 2023; or 52 After paragraph 85(1)(b) Insert: (ba) the person has failed to comply with a requirement of the Financial Accountability Regime Act 2023; or 53 Paragraph 88(1)(a) Omit "this Act or the Financial Sector (Collection of Data) Act 2001", substitute "this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 54 Subparagraph 88(3)(a)(i) Omit "this Act or the Financial Sector (Collection of Data) Act 2001", substitute "this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 55 Section 88A Omit "this Act or under the Financial Sector (Collection of Data) Act 2001", substitute "this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 56 Subsection 88B(1) Omit "this Act or the Financial Sector (Collection of Data) Act 2001", substitute "this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 57 Paragraph 89(2)(a) Omit "this Act or the Financial Sector (Collection of Data) Act 2001", substitute "this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 58 After paragraph 94(1)(b) Insert: (ba) the person has failed to comply with a requirement of the Financial Accountability Regime Act 2023; or 59 Paragraph 98(1)(a) Omit "this Act or the Financial Sector (Collection of Data) Act 2001", substitute "this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 60 Subparagraph 98(3)(a)(i) Omit "this Act or the Financial Sector (Collection of Data) Act 2001", substitute "this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 61 Section 98A Omit "this Act or under the Financial Sector (Collection of Data) Act 2001", substitute "this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 62 Subsection 98B(1) Omit "this Act or the Financial Sector (Collection of Data) Act 2001", substitute "this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 63 Paragraph 99(2)(a) After "this Act", insert "or the Financial Accountability Regime Act 2023". 64 Paragraph 125A(2)(c) Omit "the regulations or the Financial Sector (Collection of Data) Act 2001", substitute "the regulations, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 65 Subsection 166(1) Repeal the subsection, substitute: (1) None of the matters mentioned in subsection (2) affect: (a) the continued operation of other Parts of this Act in relation to a life company; or (b) the operation of the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023 in relation to a life company; or (c) the obligation of a life company to comply with those other Parts and those Acts. 66 Subsection 179AY(1) Repeal the subsection, substitute: (1) None of the matters mentioned in subsection (2) affect: (a) the continued operation of other provisions of this Act in relation to a body corporate; or (b) the operation of the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023 in relation to a body corporate; or (c) the obligation of a body corporate to comply with those other provisions and those Acts. 67 Paragraph 245(1)(a) Omit "this Act or the Life Insurance Act 1945", substitute "this Act, the repealed Life Insurance Act 1945 or the Financial Accountability Regime Act 2023". 68 Subsection 248(2) Omit "this Act or the Financial Sector (Collection of Data) Act 2001", substitute "this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". National Consumer Credit Protection Act 2009 69 Subsection 5(1) (definition of large ADI) Omit "has the same meaning as in the Banking Act 1959", substitute "means an ADI of a kind determined under subsection (1A)". 70 After subsection 5(1) Insert: (1A) The Minister may, by legislative instrument, determine the kinds of ADIs that are large ADIs. Payment Systems and Netting Act 1998 71 Section 5 (after paragraph (b) of the definition of direction stay provision) Insert: (baa) subsection 77(2) of the Financial Accountability Regime Act 2023; 72 Section 5 (before paragraph (fc) of the definition of specified provisions) Insert: (fca) subsections 77(3) and (4) of the Financial Accountability Regime Act 2023; 73 Section 5 (after paragraph (e) of the definition of specified stay provision) Insert: (eaa) subsection 77(2) of the Financial Accountability Regime Act 2023; Private Health Insurance (Prudential Supervision) Act 2015 74 After subsection 21(1) Insert: (1A) APRA may, in writing, cancel the registration of a private health insurer if APRA is satisfied that the private health insurer has failed to comply with a requirement of the Financial Accountability Regime Act 2023. 75 Subsections 84(1) and (2) Omit "or of the Private Health Insurance Act 2007", substitute "the Private Health Insurance Act 2007 or the Financial Accountability Regime Act 2023". 76 After paragraph 107(2)(c) Insert: ; and (d) the Financial Accountability Regime Act 2023. 77 Subsection 107(2) (note 2) Omit "paragraphs (b) and (c)", substitute "paragraphs (b), (c) and (d)". 78 Paragraph 110(1)(a) Omit "the Private Health Insurance Act 2007 or the Financial Sector (Collection of Data) Act 2001", substitute "the Private Health Insurance Act 2007, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 79 Subparagraph 110(5)(a)(i) Omit "the Private Health Insurance Act 2007 or the Financial Sector (Collection of Data) Act 2001", substitute "the Private Health Insurance Act 2007, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 80 Subsections 111(1) and 112(1) Omit "the Private Health Insurance Act 2007 or the Financial Sector (Collection of Data) Act 2001", substitute "the Private Health Insurance Act 2007, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 81 Paragraph 113(2)(a) Omit "the Private Health Insurance Act 2007 or the Financial Sector (Collection of Data) Act 2001", substitute "the Private Health Insurance Act 2007, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 82 After subparagraph 119(1)(a)(iii) Insert: (iiia) the Financial Accountability Regime Act 2023; or 83 After subparagraph 120(4)(b)(iii) Insert: (iiia) the Financial Accountability Regime Act 2023; 84 Subsection 168(1) (after table item 3) Insert: 3A to cancel the registration of a private health insurer subsection 21(1A) Superannuation Industry (Supervision) Act 1993 85 Subsection 10(1) (after paragraph (c) of the definition of RSE licensee law) Insert: (ca) the Financial Accountability Regime Act 2023; and 86 Section 38A (before paragraph (ab) of the definition of regulatory provision) Insert: (aba) a provision of the Financial Accountability Regime Act 2023; or 87 Paragraph 126H(3)(a) Omit "this Act or the Financial Sector (Collection of Data) Act 2001", substitute "this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 88 Subparagraph 129(1)(a)(ii) After "Financial Sector (Collection of Data) Act 2001", insert "or the Financial Accountability Regime Act 2023". 89 Section 130A Omit "the prudential standards or the Financial Sector (Collection of Data) Act 2001", substitute "the prudential standards, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 90 At the end of paragraph 130D(4)(a) Add: (iv) any duties required to be performed under the Financial Accountability Regime Act 2023; or 91 Paragraph 131AA(2)(c) Omit "the prudential standards or the Financial Sector (Collection of Data) Act 2001", substitute "the prudential standards, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023". 92 At the end of paragraph 131A(1)(a) Add: (iv) any duties required to be performed under the Financial Accountability Regime Act 2023; or 93 Subparagraph 313(1)(a)(ii) Omit "this Act or under the Financial Sector (Collection of Data) Act 2001", substitute "this Act, or under the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023,". Part 2—Amendments for the end of the banking executive accountability regime Australian Prudential Regulation Authority Act 1998 94 Subsection 56(1) (paragraph (cb) of the definition of protected document) Repeal the paragraph. 95 Subsection 56(1) (paragraph (cb) of the definition of protected information) Repeal the paragraph. 96 Paragraph 56(2)(c) Omit "(7D), (7E), (7F),". 97 Subsections 56(7D), (7E) and (7F) Repeal the subsections. 98 Paragraph 56(12)(a) Omit "(7D), (7E), (7F),". Banking Act 1959 99 Paragraph 2A(2)(e) Repeal the paragraph. 100 Subsection 5(1) (definition of accountable person) Repeal the definition. 101 Subsection 5(1) (paragraph (g) of the definition of direction under this Act) Omit "31F;", substitute "31F.". 102 Subsection 5(1) (paragraph (h) of the definition of direction under this Act) Repeal the paragraph. 103 Subsection 5(1) Repeal the following definitions: (a) definition of large ADI; (b) definition of medium ADI; (c) definition of non‑ADI holding company; (d) definition of remuneration; (e) definition of small ADI; (f) definition of variable remuneration. 104 Subsection 11AF(1AC) Repeal the subsection. 105 Paragraphs 11CG(1)(b) and (2)(a) Omit ", 29 or 37DB", substitute "or 29". 106 Subsection 11CG(2A) Omit ", 29 or 37DB", substitute "or 29". 107 Part IIAA Repeal the Part. Schedule 2—Application, saving and transitional provisions Part 1—Preliminary 1 Definitions (1) In this Schedule: banking start time means the time when Part 2 of Schedule 1 commences. BEAR means: (a) Part IIAA of the old Banking Act; and (b) any instruments made under that Part as in force immediately before the banking start time; and (c) any sections of the old Banking Act that apply in relation to a provision of that Part. FAR Act means the Financial Accountability Regime Act 2023. FAR start time for a body corporate that is an accountable entity under subsection 9(3) of the FAR Act means the time when the body corporate starts to be an accountable entity, as determined under subsection 9(4) of the FAR Act. old Banking Act means the Banking Act 1959, and any instruments made under that Act, as in force immediately before the banking start time. (2) Expressions used in this Schedule that are defined for the purposes of the FAR Act, and used in relation to that Act, have the same meaning as in that Act. (3) Expressions used in this Schedule that were defined for the purposes of the old Banking Act, and are used in relation to that Act, have the same meaning as in that Act. 2 Section 7 of the Acts Interpretation Act 1901 This Schedule does not limit the effect of section 7 of the Acts Interpretation Act 1901 as it applies in relation to the repeals made by this Act. 3 Compensation for acquisition of property (1) If the operation of the old Banking Act, or of this Act or the FAR Act as it applies under this Act, 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 Commonwealth is liable to pay a reasonable amount of compensation to the person. (2) Subitem (1) applies whether the acquisition of property occurred before or occurs after the commencement of this Part. (3) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in: (a) the Federal Court of Australia; or (b) the Supreme Court of a State or Territory; for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines. Part 2—Banking sector Division 1—Key personnel obligations 4 Persons registered under BEAR When this item applies (1) This item applies in relation to a person and an ADI if, immediately before the banking start time: (a) the person is an accountable person of the ADI, or of a subsidiary of the ADI, under the old Banking Act; and (b) the person is registered under section 37HA of the old Banking Act. Accountable persons taken to be registered under FAR (2) If, at the banking start time, the person is an accountable person of the ADI or the subsidiary under section 10 of the FAR Act, then the person is taken from the banking start time to be registered under the FAR Act as an accountable person in respect of the ADI or the subsidiary. Note 1: If the person was an accountable person of a subsidiary of the ADI, and the subsidiary is not a significant related entity of the ADI under the FAR Act, then the person may not be an accountable person of the ADI or the subsidiary under the FAR Act. Note 2: See also item 13 (old accountability statement taken to be new accountability statement). Persons ceasing to be accountable persons (3) If, at the banking start time, the person is not an accountable person of the ADI or the subsidiary under section 10 of the FAR Act, then: (a) the person is taken to have ceased to be an accountable person of the ADI or the subsidiary for t