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It’s about the BEAR

It’s about the BEAR

By Tracey Mylecharane


Could the Banking Executive Accountability Regime be the next important step in corporate law? Snapshot: The federal government has introduced the Banking Executive Accountability Regime (BEAR) in an attempt to increase accountability in Australia’s banking sector. The BEAR’s framework is drawn from the accountability and regulatory framework set out in the UK Senior Managers Regime. It is too early to tell if the BEAR will be a significant development in Australian corporate law history. Corporate law has seen some significant developments over the past 50 years which have been fundamental in shaping the direction of the corporate world in Australia. One such development is the introduction of the Banking Executive Accountability Regime (BEAR), which forms part of the government’s measures designed to facilitate a more accountable and competitive banking system. According to federal Treasurer Scott Morrison’s press release at the time of the announcement, the BEAR is designed to “ensure that banks and their executives are held accountable when they fail to meet expectations”.

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