Summary
Amends the:
Banking Act 1959
to: establish the Banking Executive Accountability Regime (BEAR) to impose accountability, remuneration, key personnel and notification obligations on authorised deposit-taking institutions and persons in director and senior executive roles; and provide the Australian Prudential Regulation Authority (APRA) with additional powers to investigate potential breaches of the BEAR and extend these powers to APRA’s other supervisory functions; and
Australian Prudential Regulation Authority Act 1998
and
Banking Act 1959
to make consequential amendments.