The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have finalised changes to reporting requirements under the Financial Accountability Regime (FAR).
The measures will remove the need for regulated entities to report key functions for the FAR register.
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It also eliminates the need for accountability maps to identify direct reports to an accountable person.
The changes follow consultation, during which industry supported moves to reduce administrative requirements.
ASIC and APRA estimate that the reforms will reduce reporting obligations for all accountable entities and around 4,500 accountable people.
Additionally, the regulators expect the number of accountability-map updates to decline by about half.
ASIC commissioner Kate O’Rourke said: “Industry strongly supported these changes, which will reduce unnecessary reporting while maintaining clear accountability.
“We are proceeding with the reforms as proposed, delivering on our commitment to simpler regulation and making it easier for industry to meet its obligations.”
ASIC noted that the revised requirements will applicable immediately (13 November 2026). FAR obligations for regulated entities and accountable persons will remain unchanged.
APRA deputy chair Therese McCarthy Hockey explained that the measures were part of APRA’s broader effort to reduce regulatory burden while maintaining access to supervisory information.
McCarthy Hockey said: “These straightforward reforms cut unnecessary reporting, freeing entities to focus on their work.”
Some submissions called for wider revisions, including clearer thresholds for when changes in accountability should be reported to APRA and ASIC.
The regulators said these proposals fell outside the current reforms but could inform future regulatory or legislative changes.
APRA has also consulted on removing reporting requirements in its fit and proper regime where they duplicate FAR-related obligations.
Separately, ASIC has removed the requirement for Australian financial services licensees to submit competence evidence for responsible managers who are also accountable persons. Those changes took effect last month and are expected to affect around 2,000 existing licensees.
