Banking Act 1959

Part IIAA - The Banking Executive Accountability Regime  

Division 5 - Notification obligations  

SECTION 37FC   37FC   Events for which APRA must be notified  


For the purposes of paragraph 37F(1)(c) , the following events must be notified to APRA by an ADI:


(a) a person ceasing to be an accountable person of the ADI or a subsidiary of the ADI;


(b) the dismissal or suspension of an accountable person by the ADI, or subsidiary of the ADI, because the person has failed to comply with his or her accountability obligations under 37CA ;


(c) the reduction of the variable remuneration of a person by the ADI, or subsidiary of the ADI, because the person has failed to comply with his or her accountability obligations under section 37CA ;


(d) the ADI becoming aware of:


(i) a breach by the ADI of its accountability obligations under section 37C ; or

(ii) a breach by an accountable person of the ADI, or of a subsidiary of the ADI, of his or her accountability obligations under section 37CA .



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