The Banking Executive Accountability Regime (BEAR) legislation passed the Australian Senate on 7 February 2018, and will come into effect on 1 July 2018. The legislation amends the Banking Act 1959 to impose accountability, remuneration, key personnel and notification obligations on authorised deposit-taking institutions. It is intended to make senior bankers more accountable for management decisions, and includes criminal liability amongst its sanctions.
I was delighted to join today's Centre for Law, Markets & Regulation seminar on the new regime, including APRA Chairman Mr Wayne Byers, former Barclays CEO of Mortgages, Mr Steve Weston, and Cris Parker of the Banking & Finance Oath.
Wayne Byre's speech, "Beyond the BEAR necessities" is available on the APRA website.