APRA Releases Paper to Assist Banks to Meet Obligations Under BEAR
APRA released an information paper to assist authorized deposit-taking institutions to meet their obligations under the Banking Executive Accountability Regime (BEAR). BEAR, which establishes heightened standards of accountability among deposit-taking institutions and their most senior executives and directors, came into force for the largest banks from July 01, 2018. It will apply to all other authorized deposit-taking institutions from July 01, 2019.
BEAR was established under legislation and is administered and enforced by APRA. The information paper, based on the experience of APRA in implementing the regime for the largest banks, is intended to assist all other authorized deposit-taking institutions to prepare to implement BEAR and to helping the largest authorized deposit-taking institutions refine and embed the regime. It clarifies expectations about of how an authorized deposit-taking institution can effectively implement the accountability regime on matters including the following:
-
Identifying and registering accountable persons
-
Creating and submitting an accountability statement for each accountable person and an accountability map for the authorized deposit-taking institution
-
Establishing a remuneration policy requiring that a portion of accountable persons’ variable remuneration be deferred for a minimum of four years and reduced commensurate with any failure to meet their obligations
-
Notifying APRA of any accountability-related changes or breaches of accountability obligations
The information paper also includes questions and answers based on some of the issues commonly raised by authorized deposit-taking institutions during implementation. APRA will address enforcement-related issues, including the disqualification of accountable persons and civil penalties under the BEAR, in a subsequent paper.
Related Links
Keywords: Asia Pacific, Australia, Banking, BEAR, Governance, Accountability Regime, APRA
Previous Article
BCBS Issues Final Stress Testing Principles for BanksNext Article
SRB Chair Speaks About Work Priorities for 2019Related Insights
|
News
US Agencies Propose Revisions to FFIEC Reports 031, 041, 051, and 101US Agencies (FDIC, FED, and OCC) propose to extend for three years, with revision, FFIEC 031, FFIEC 041, FFIEC 051, and FFIEC 101.
February 21, 2019
WebPage
Regulatory News
|
|
News
OFR Adopts Data Collection Rule on Centrally Cleared Repo TransactionsOFR adopted a final rule to establish a data collection covering centrally cleared funding transactions in the U.S. repurchase agreement (repo) market.
February 20, 2019
WebPage
Regulatory News
|
|
News
FHFA Finalizes Rule on Federal Home Loan Bank Capital RequirementsFHFA published, in Federal Register, the final rule to adopt, as its own, portions of the regulations of the Federal Housing Finance Board pertaining to the capital requirements for the Federal Home Loan Banks.
February 20, 2019
WebPage
Regulatory News
|
|
News
PRA Publishes PS4/19 on Loss-Absorbency Mechanism Under Solvency IIPRA published a policy statement (PS4/19) that provides feedback on responses to the consultation paper (CP27/18) on adjusting for the reduction of loss absorbency where own fund instruments are taxed on write down under Solvency II.
February 20, 2019
WebPage
Regulatory News
|
|
News
SRB Publishes Framework for Performing Valuations in ResolutionThe framework provides independent valuers and the general public with an indication of the expectations of SRB on the principles and methodologies for valuation reports, as set out in the legal framework.
February 19, 2019
WebPage
Regulatory News
|
|
News
BIS Paper on Effect of Securities Lending on OTC Market LiquidityBIS published a working paper that studies how securities lending affects over-the-counter market (OTC) liquidity.
February 19, 2019
WebPage
Regulatory News
|
|
News
US Agencies Extend Consultation Period for the Proposed SA-CCRUS Agencies (FDIC, FED, and OCC) extended the comment period for a proposed rule to update their standards for how firms measure counterparty credit risk posed by derivative contracts.
February 18, 2019
WebPage
Regulatory News
|
|
News
FED Extends Consultation Period for Stress Testing RuleFED has published in the Federal Register a notice proposing amendments to the company run and supervisory stress test rules.
February 15, 2019
WebPage
Regulatory News
|
|
News
EBA Single Rulebook Q&A: Third Update for February 2019EBA published answers to two questions under the Single Rulebook question and answer (Q&A) updates for this week.
February 15, 2019
WebPage
Regulatory News
|
|
News
SEC Proposes Rule on Risk Mitigation Techniques for Uncleared SBSSEC proposed a rule that would require the application of specific risk-mitigation techniques to portfolios of security-based swaps (SBS) that are not submitted for clearing.
February 15, 2019
WebPage
Regulatory News
|
