Banking Act 1959

Part IIAA - The Banking Executive Accountability Regime  

Division 2 - Accountability obligations  

SECTION 37CA   The accountability obligations of an accountable person  

(1)  
The accountability obligations of an accountable person of an ADI, or of a subsidiary of an ADI, are to conduct the responsibilities of his or her position as an accountable person:


(a) by acting with honesty and integrity, and with due skill, care and diligence; and


(b) by dealing with APRA in an open, constructive and cooperative way; and


(c) by taking reasonable steps in conducting those responsibilities to prevent matters from arising that would adversely affect the prudential standing or prudential reputation of the ADI.

(2)  
If more than one of the accountable persons of an ADI or a subsidiary of an ADI have the same responsibility mentioned in section 37BA in relation to the ADI or subsidiary, all of those accountable persons have the accountability obligations jointly in relation to that responsibility.

Note:

Under section 37DB , APRA may direct an ADI to reallocate a responsibility of an accountable person.




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