Banking Act 1959

Part IIAA - The Banking Executive Accountability Regime  

Division 1 - Obligations under the Banking Executive Accountability Regime  

Subdivision A - ADIs  

SECTION 37AA   Inconsistency with corresponding foreign laws  

If APRA is satisfied that an ADI would contravene a law of a foreign country if the ADI were to comply with a particular obligation under section 37 , APRA:

(a) may give to the ADI a written notice specifying that obligation; and

(b) may specify in the notice:

(i) the extent to which the ADI need not comply with that obligation; and

(ii) conditions to which the notice is subject.

An ADI is not required to comply with that obligation:

(a) to the extent compliance would result in the ADI contravening that law of a foreign country; or

(b) if the notice specifies the extent to which the ADI need not comply with that obligation - to the extent so specified;

if the conditions (if any) specified in the notice are complied with.

This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.