SYDNEY, June 16 -- Australian Prudential Regulation Authority issued the following media release:
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) will streamline aspects of the Financial Accountability Regime (FAR) to reduce regulatory burden without lowering accountability standards.
Under the regulators' proposed changes, APRA and ASIC will remove key functions requirements from the FAR regulator rules; raise the materiality threshold for notifying APRA and ASIC of changes in accountability; and no longer require information on accountable persons' direct reports in accountability maps.
APRA and ASIC estimate that the changes will reduce reporting f...