Banking Act 1959

Part VIII - Powers of APRA  

Division 1 - Investigations  

SECTION 61   APRA may conduct investigations  

(1)  
APRA may appoint a person to investigate and report on prudential matters in relation to:


(a) a body corporate that is:


(i) an DI; or

(ii) an authorised NOHC; or

(iii) a subsidiary of an ADI or of an authorised NOHC; or


(b) if a body corporate that is an ADI is a subsidiary of a foreign corporation (whether or not the ADI is itself a foreign ADI):


(i) another subsidiary of the foreign corporation (other than a body mentioned in paragraph (a)), being a subsidiary that is incorporated in Australia; or

(ii) the Australian operations of another subsidiary of the foreign corporation (other than a body mentioned in paragraph (a)), being a subsidiary that is not incorporated in Australia and carries on business in Australia;

if it is satisfied that such a report is necessary. The appointment must be in writing and must specify the prudential matters that are to be the subject of the investigation and report.

(2)  
If APRA has appointed a person under this section to investigate and report on prudential matters in relation to a body corporate, the body corporate must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation and produce the report.

(3)  


A body corporate commits an offence if:


(a) under subsection (1), APRA has appointed a person to investigate and report on prudential matters in relation to the body corporate; and


(b) the body corporate:


(i) does not give the person access to its books, accounts and documents; or

(ii) fails to comply with a requirement made under subsection (2) for the provision of information or facilities.


(c) (Repealed by No 154 of 2007)

Penalty: 50 penalty units.

Note:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

(4)  
(Repealed by No 154 of 2007)

(5)  
If a body corporate does or fails to do an act in circumstances that give rise to the body corporate committing an offence against subsection (3), the body corporate commits an offence against that subsection in respect of:


(a) the first day on which the offence is committed; and


(b) each subsequent day (if any) on which the circumstances that gave rise to the body corporate committing the offence continue (including the day of conviction for any such offence or any later day).

Note:

This subsection is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.

(6)  
Nothing in this section is intended to limit the operation of any other provision of this Act.

(7)  


To avoid doubt, this section applies to a body corporate that is, or becomes, a Chapter 5 body corporate (within the meaning of the Corporations Act 2001 ) in the same way as this section applies to any other body corporate.



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