Banking Act 1959

Part IIAA - The Banking Executive Accountability Regime  

Division 3 - Key personnel obligations  

SECTION 37D   The key personnel obligations of an ADI  

(1)  
The key personnel obligations of an ADI are:


(a) subject to subsections (2) and (3), to ensure that the responsibilities of the accountable persons of the ADI and its subsidiaries cover:


(i) all parts or aspects of the operations of the relevant group of bodies corporate that is constituted by the ADI and its subsidiaries; and

(ii) each of the responsibilities to which subsection 37BA(2) applies; and


(b) to ensure none of the accountable persons of the ADI are prohibited under section 37DA ; and


(c) to comply with any directions APRA gives to the ADI under section 37DB ; and


(d) to take reasonable steps to ensure that each of the ADI ' s subsidiaries that is not an ADI complies with paragraphs (b) and (c) as if the subsidiary were an ADI.

(2)  
Paragraph (1)(a) does not apply in relation to a responsibility excluded by APRA under subsection 37BB(2) or (3) .

(3)  
If the ADI is a foreign ADI, the ADI ' s obligation under paragraph (1)(a) is taken to be an obligation to ensure that the responsibilities of the ADI ' s accountable persons cover:


(a) all parts or aspects of the operations of each Australian branch of the ADI; and


(b) for each Australian branch of the ADI, the responsibility to which subsection 37BA(6) applies.




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