Class approval (Cth)

Class approval Foreign ADI disclosure statements

Banking Act 1959

I, Heidi Richards, delegate of APRA:

(a) APPROVE, under paragraph 11E(2)(b) of the Banking Act 1959 (the Act), the manner set out in the Schedule for a foreign ADI to inform a person in Australia, referred to in paragraph 11E(2)(a) of the Act, of the requirements of the Act to which the foreign ADI is not subject; and

(b) REVOKE, under subsection 33(3) of the Acts Interpretation Act 1901, the class approval made under paragraph 11E(2)(b) of the Act on 4 September 2015.

This instrument commences on 1 March 2020.

Dated: 30 October 2019

[signed] Heidi Richards Executive General Manager (Acting) Policy and Advice Division

Interpretation In this Determination:

ADI has the meaning given in section 5 of the Act.

APRA means the Australian Prudential Regulation Authority.

foreign ADI has the meaning given in section 5 of the Act.

Note 1 Under subsection 11E(2) of the Act, a foreign ADI commits an offence if it accepts a deposit from a person in Australia, and, before accepting the deposit, the foreign ADI does not inform the person, in a manner approved by APRA, of the requirements of the Act to which the foreign ADI is not subject because of subsection 11E(1B) of the Act. Note 2 This Approval relates solely to paragraph 11E(2)(b) of the Act. Separately, foreign ADIs must comply with any conditions in relation to the taking of deposits imposed on their authority to carry on banking business in Australia under subsection 9AA(1) of the Act.

Schedule

(a) Prior to the earlier of:

(i) the opening of an account;

(ii) the transfer of an account from another person; or

(iii) the taking of an initial deposit,

a foreign ADI must provide a person with a written disclosure statement (the Statement).