Financial Regulator Assessment Authority (Member) Appointment (No. 1) 2022

Overview

The Financial Regulator Assessment Authority (Member) Appointment (No. 1) 2022 instrument, enacted by Josh Frydenberg, the Treasurer, under subsection 24(1) of the Financial Regulator Assessment Authority Act 2021, appoints Fiona Crosbie as a part-time member of the Financial Regulator Assessment Authority for the period beginning on 21 March 2022 and ending on 14 September 2026. The Financial Regulator Assessment Authority Act 2021 was introduced to address the need for an independent assessment of the financial regulator’s performance, thereby ensuring that the financial system is adequately protected and that the public interest is maintained. The policy objective of the Act is to provide a robust framework for the assessment of the financial regulator’s performance, thereby enhancing the effectiveness and efficiency of the financial regulatory system in Australia.

Scope and Application

The Financial Regulator Assessment Authority (Member) Appointment (No. 1) 2022 applies to the appointment of Fiona Crosbie as a member of the Financial Regulator Assessment Authority. This appointment is on a part-time basis, effective from 21 March 2022 until 14 September 2026, and was made by the Treasurer, Josh Frydenberg, under subsection 24(1) of the Financial Regulator Assessment Authority Act 2021. This legislation pertains to a specific individual, Fiona Crosbie, and her role within the Financial Regulator Assessment Authority, ensuring that the appointment is carried out in accordance with the legal framework established by the Act. The authority's jurisdiction likely extends to the Commonwealth level, given the nature of the appointment and the involvement of the Treasurer. There are no exclusions, exemptions, or thresholds specified in this particular notifiable instrument. However, it is important to consider that the Financial Regulator Assessment Authority Act 2021 may include provisions that govern the scope and operation of the Authority, and these could be relevant in understanding the full extent of Fiona Crosbie's role and responsibilities. Subordinate instruments may further elaborate on the operational aspects of the Authority and its members.

Key Provisions

The main operative sections of the Financial Regulator Assessment Authority (Member) Appointment (No. 1) 2022 (the "Instrument") are the provisions that appoint Fiona Crosbie as a member of the Financial Regulator Assessment Authority. Specifically, section 2 appoints Fiona Crosbie on a part-time basis from 21 March 2022 until 14 September 2026. This appointment is made under the authority of subsection 24(1) of the Financial Regulator Assessment Authority Act 2021. The Instrument imposes specific obligations on the parties it governs. For instance, it places a duty on Fiona Crosbie to serve as a member of the Financial Regulator Assessment Authority for the specified period. Additionally, it requires that her role be conducted on a part-time basis, meaning she is expected to fulfil her duties without committing to full-time employment. The Instrument also requires the Financial Regulator Assessment Authority to integrate Ms. Crosbie into its operations and to ensure that she participates in its activities in accordance with the terms of her appointment. Breach of the terms set out in the Instrument could result in certain consequences. While the Instrument does not explicitly state offences or penalties for non-compliance, it is reasonable to infer that any failure to adhere to the terms of the appointment could lead to legal scrutiny or administrative action. Typically, such breaches might be subject to review or disciplinary action by the relevant authorities or the appointing body, potentially including termination of the appointment. The exact nature and extent of any penalties or consequences would depend on the specific circumstances and the governing legislation, such as the Financial Regulator Assessment Authority Act 2021, which might provide further details on handling non-compliance.