I was delighted to join the Centre for Law, Markets & Regulation seminar on the new Banking Executive Accountability Regime regime, responding to APRA Chairman Mr Wayne Byres, former Barclays CEO of Mortgages, Mr Steve Weston, and Ms Cris Parker of the Banking & Finance Oath.
The BEAR legislation passed the Australian Senate on 7 February 2018, and comes 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.
Wayne Byre's speech, "Beyond the BEAR necessities" is available on the APRA website.