The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have announced plans to streamline the country’s Financial Accountability Regime (FAR) requirements. According to a joint statement released on June 16, 2026, the regulatory adjustments are expected to cut the number of mandatory reporting updates in half, successfully reducing the administrative burden for all accountable entities and the 4,500 impacted individuals subject to the regime.
The regulators aim to implement these changes by the end of the year. Key modifications include eliminating key functions requirements from the FAR regulator rules, increasing the materiality threshold required to trigger notifications to ASIC and APRA regarding changes in accountability, and removing the requirement to detail an accountable person’s direct reports within accountability maps.
Additionally, ASIC noted that starting in October 2026, it will ease requirements for submitting evidence of competence. This specific adjustment is expected to benefit roughly 2,000 current Australian financial services licensees. Moving forward, both ASIC and APRA will hold consultations regarding these proposed regulatory changes.
Click here for more on Finance and Investing
