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Australia regulator lays out guidelines for banks under accountability regime

The Australian Prudential Regulation Authority released guidelines to help banks meet their obligations under the Banking Executive Accountability Regime, or BEAR.

BEAR will apply to all authorized deposit-taking institutions in the country from July 2019. It previously only applied to the country's large banks. The regime established standards of accountability among banks and their most senior executives and directors.

The guidelines clarify APRA's expectations on how banks can implement BEAR on matters such as identifying accountable people, establishing remuneration policies for accountable people and reporting any changes or breaches to the regulator.

APRA said the regulatory regime presented an opportunity for directors and senior management of banks to strengthen their accountability. "By effectively implementing the BEAR, ADIs will genuinely enhance their governance and risk management through much clearer understanding and agreement on individual accountabilities," APRA Chairman Wayne Byres said.