Federal Register of Legislation
Banking (restricted word or expression) No. 2 of 2015
Consent regarding "Offshore Banking Unit"
Banking Act 1959 – section 66
SINCE there is no determination in force under section 11 of the Banking Act 1959 (the Act) that section 66 does not apply,
I, Sarah Goodman, a delegate of APRA:
(a) under paragraph 66(2)(c) of the Act REVOKE the Consent to use restricted expression Offshore banking units made on 16 June 2005; and
(b) under paragraph 66(1)(d) of the Act, CONSENT to the assumption or use in Australia of the restricted word or expression "banking" (or words of like import) by the class of persons specified in the schedule in relation to the financial business carried on by each member of the class.
This consent is subject to the conditions I IMPOSE under paragraph 66(2)(a) of the Act, specified in the Schedule.
This instrument commences on the date it is registered in the Federal Register of Legislative Instruments.
Dated 14 September 2015
[Signed]
Sarah Goodman Executive General Manager Policy and Advice
Interpretation
In this instrument
APRA means the Australian Prudential Regulation Authority.
Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.
financial business has the meaning given in subsection 66(4) of the Act.
restricted word or expression has the meaning given in subsection 66(4) of the Act.
Note 1 This instrument is a legislative instrument for the purposes of the Legislative Instruments Act 2003 (the LIA) (see section 5). The requirement in subsection 66(2A) of the Act, for publication of this instrument in the Gazette, is satisfied by registration on the Federal Register of Legislative Instruments (see subsection 56(1) LIA).
Note 2 Under subsection 66(1) of the Act, a person who carries on a financial business is guilty of an offence if the person assumes or uses, in Australia, a restricted word or expression in relation to that financial business, where:
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