Publication
Regulation Around the World: Open Finance
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Australia | Publication | September 2023
After a somewhat tumultuous legislative journey, the Financial Accountability Regime Bill 2023 (Cth) (the Bill) passed through Federal Parliament this week. Along with an accompanying consequential changes and transitional arrangements bill, the legislation implements the Financial Accountability Regime (FAR), one of the final outstanding reforms recommended by the Financial Services Royal Commission.
The FAR will replace the current Banking Executive Accountability Regime (BEAR), and extend the framework to also cover APRA-regulated insurers and registrable superannuation entity (RSE) licensees. The Bill commences the day after it receives Assent, with application of the FAR varying depending on the industry:
We have been closely monitoring the development of these long-awaited reforms, including the previous attempts to legislate the changes by both the former and current governments. See our commentary on the previous bills, including in particular the obligations applicable to superannuation trustees and insurers.
The Bill remains virtually unchanged from its previous iterations. Notably, Parliament ultimately decided against the proposal to attach individual civil penalties to accountable persons for breaches of accountability obligations.
To ensure a smooth transition, banks, insurers and RSEs should be preparing now for the commencement of the FAR. This should include engaging with relevant stakeholders, analysing existing organisational structures, systems and processes for compliance and understanding new or amended obligations.
With APRA and ASIC having recently consulted on proposed Regulator Rules applicable to authorised deposit-taking institutions, further consultation can be expected in due course. This includes on instruments such as Ministerial rules and additional Regulator rules. Banks, insurers and RSEs should remain alert to these developments and the practical implications under the FAR.
Publication
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Publication
Most incidents handled by our Norton Rose Fulbright cyber team originate from the customer’s service provider. In many cases it is the service provider’s systems, infrastructure and environment which proves to be the most vulnerable to cyber breaches and security issues.
Publication
Canada and the European Union signed a Security and Defence Partnership (SDP), which formalizes a mutual intent to foster closer ties by establishing a framework for dialogue and cooperation across the full security and defence spectrum.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2025