Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018 (10 of 2018)
Schedule 1 Amendment of the Banking Act 1959
Part 1 Main amendments
Banking Act 1959
16 Subsection 9A(2)
Repeal the subsection, substitute:
(2) APRA may revoke a body corporate's section 9 authority if APRA is satisfied that:
(a) the body corporate has, whether before or after the commencement of this paragraph, provided, in connection with its application for the authority, information that was false or misleading in a material particular; or
(b) the body corporate has failed to comply with any of the following:
(i) a requirement of this Act;
(ii) a requirement of the Financial Sector (Collection of Data) Act 2001;
(iii) a requirement of the regulations or any other instrument made under this Act;
(iv) a requirement of a provision of another law of the Commonwealth, if the provision is specified in the regulations;
(v) a direction under this Act;
(vi) a condition of its section 9 authority; or
(c) it would be contrary to the national interest for the authority to remain in force; or
(d) it would be contrary to financial system stability in Australia for the authority to remain in force; or
(e) it would be contrary to the interests of depositors of the body corporate for the authority to remain in force; or
(f) the body corporate has failed to pay:
(i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or
(ii) an amount of charge fixed under section 51 of the Australian Prudential Regulation Authority Act 1998; or
(g) the body corporate is insolvent and is unlikely to return to solvency within a reasonable period of time; or
(h) the body corporate has ceased to carry on banking business in Australia; or
(j) the body corporate is a foreign corporation within the meaning of paragraph 51(xx) of the Constitution, and:
(i) the body corporate is unlikely to be able to meet its liabilities in Australia and is unlikely to be able to do so within a reasonable period of time; or
(ii) an authority (however described) for the body corporate to carry on banking business in a foreign country has been revoked or otherwise withdrawn in that foreign country.
The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply.