Banking Act 1959

Part IIAA - The Banking Executive Accountability Regime  

Division 1 - Obligations under the Banking Executive Accountability Regime  

Subdivision B - Accountable persons  

SECTION 37BB   Exception for responsibilities excluded by APRA  

(1)  
Despite section 37BA , a person is not an accountable person , of an ADI or a subsidiary of an ADI, if each of the person ' s responsibilities that would, apart from this section, cause the person to be an accountable person of the ADI or subsidiary is either:


(a) a responsibility excluded under subsection (2) of this section in relation to that ADI or subsidiary; or


(b) a responsibility excluded under subsection (3) of this section in relation to a class of ADIs or subsidiaries that includes that ADI or subsidiary.

(2)  
APRA may, by written notice given to an ADI or a subsidiary of an ADI, exclude specified responsibilities that would, apart from this section, cause any person who holds a position in, or relating to, the ADI or subsidiary to be an accountable person.

(3)  
APRA may, by legislative instrument, exclude specified responsibilities that would, apart from this section, cause any person who holds a position in, or relating to:


(a) an ADI included in a class of ADIs specified in the instrument; or


(b) a subsidiary an ADI included in a class of such subsidiaries specified in the instrument;

to be an accountable person.




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