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senate vote 2023-09-05#2
Edited by
mackay staff
on
2023-12-01 09:09:41
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Title
Bills — Financial Accountability Regime Bill 2023, Financial Accountability Regime (Consequential Amendments) Bill 2023; in Committee- Financial Accountability Regime Bill 2023, Financial Accountability Regime (Consequential Amendments) Bill 2023 - in Committee - Accountability
Description
<p class="speaker">Andrew McLachlan</p><p>The committee is considering the Financial Accountability Regime Bill 2023 and a related bill and amendments (1) to (13), on sheet 1913, to the Financial Accountability Regime Bill 2023, moved by Senator McKim. A division was called for after 6.30 pm yesterday and was therefore deferred. The question before the committee is that the amendments on sheet 1913 moved by Senator McKim be agreed to.</p>-
- The majority voted against [amendments](https://www.openaustralia.org.au/senate/?id=2023-09-04.229.1) introduced by Tasmanian Senator [Nick McKim](https://theyvoteforyou.org.au/people/senate/tasmania/nick_mckim) (Greens), which means they failed. The amendments related to civil penalties and indemnities for accountable persons.
- There was one rebel voted, with Queensland Senator [Gerard Rennick](https://theyvoteforyou.org.au/people/senate/queensland/gerard_rennick) (Queensland) voting Yes against the rest of his party.
- ### Amendment text
- > *(1) Clause 4, page 4 (line 7), omit "or by the Regulator through disqualification", substitute "by the Regulator through disqualification, or through civil penalties for non-compliance".*
- >
- > *(2) Clause 14, page 18 (line 12), omit "or disqualification by the Regulator", substitute ", disqualification by the Regulator, or civil penalties for non-compliance".*
- >
- > *(3) Clause 18, page 22 (after line 6), at the end of subclause (1), add:*
- >
- >> *Note: Failure to comply with an obligation under this Chapter is a contravention of a civil penalty provision (see section 80).*
- >
- > *(4) Clause 35, page 42 (line 7), after "disqualified", insert "or liable to a civil penalty".*
- >
- > *(5) Clause 40, page 49 (after line 17), after paragraph (4)(e), insert:*
- >
- >> *(ea) details of any civil penalty order made against the person for a contravention of a civil penalty provision of this Act; and*
- >
- > *(6) Clause 80, page 85 (after line 12), at the end of the clause, add:*
- >
- >> *(3) A person contravenes this subsection if:*
- >>
- >>> *(a) the person is an accountable person of:*
- >>>
- >>>> *(i) an accountable entity that is a medium or large banking entity; or*
- >>>>
- >>>> *(ii) an accountable entity that is not an ADI or an authorised NOHC of an ADI; and*
- >>>
- >>> *(b) the person is subject to an obligation under Chapter 2 in relation to the entity; and*
- >>>
- >>> *(c) the person fails to comply with the obligation.*
- >>>
- >>> *Note: It is generally not necessary to prove a person's state of mind in proceedings for a contravention of a civil penalty provision (see section 94 of the Regulatory Powers Act, which applies because of section 82 of this Act).*
- >>
- >> *(4) A person is liable to a civil penalty if the person contravenes subsection (3).*
- >>
- >> *(5) In this section:*
- >>
- >>> *medium or large banking entity means:*
- >>>
- >>> *(a) an ADI that is, immediately before the day that is 6 months after this Act commences, a medium ADI or large ADI under the Banking Act 1959; or*
- >>>
- >>> *(b) an authorised NOHC of such an ADI.*
- >
- > *(7) Clause 83, page 88 (line 9), omit "Note 1", substitute "Note".*
- >
- > *(8) Clause 83, page 88 (lines 11 and 12), omit note 2 to subclause (3).*
- >
- > *(9) Heading to clause 97, page 102 (line 24), at the end of the heading, add "and accountable persons".*
- >
- > *(10) Clause 97, page 102 (after line 32), after subclause (1), insert:*
- >
- >> *(1A) An accountable entity, or a significant related entity of an accountable entity, must not (whether by agreement or by making a payment, and whether directly or through an interposed entity):*
- >>
- >>> *(a) indemnify a person who is or was an accountable person of:*
- >>>
- >>>> *(i) the accountable entity; or*
- >>>>
- >>>> *(ii) a significant related entity of the accountable entity;*
- >>>>
- >>>> *against the consequences of breaching an obligation under this Act; or*
- >>>
- >>> *(b) pay, or agree to pay, a premium for a contract insuring such a person against the consequences of breaching an obligation under this Act.*
- >
- > *(11) Clause 97, page 103 (line 1), omit "Subsection (1) does not", substitute "Subsections (1) and (1A) do not".*
- >
- > *(12) Clause 97, page 103 (line 4), at the end of subclause (3), add "or (1A)".*
- >
- > *(13) Clause 97, page 103 (lines 6 to 9), omit paragraph (4)(a), substitute:*
- >
- >> *(a) subsections (1) and (1A) apply to a related body corporate (other than a significant related entity) of an accountable entity in the same way as they apply to a significant related entity of the accountable entity; and*
<p></p> -
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