Banking Act 1959

Part IIAA - The Banking Executive Accountability Regime  

Division 3 - Key personnel obligations  

SECTION 37DA   People prohibited from being an accountable person  

A person is prohibited from being an accountable person if the person:

(a) is not registered under Subdivision B of Division 6 ; or

(b) is disqualified under section 37J .

However, if a person becomes an accountable person of an ADI, or a subsidiary of an ADI, by filling a temporary vacancy or a vacancy that was not foreseen at the time it arose, paragraph (1)(a) does not apply to the person until the person has been an accountable person for:

(a) 28 days; or

(b) such other period as is determined under subsection (3) or (4).

APRA may, by written notice given to an ADI, determine a period for the purposes of paragraph (2)(b) in relation to the ADI or a subsidiary of the ADI.

APRA may, by legislative instrument, determine a period for the purposes of paragraph (2)(b).


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