Banking Act 1959

Part IIAA - The Banking Executive Accountability Regime  

Division 1 - Obligations under the Banking Executive Accountability Regime  

Subdivision B - Accountable persons  

SECTION 37BC   Inconsistency with corresponding foreign laws  

If APRA is satisfied that an accountable person, of an ADI or a subsidiary of an ADI, would contravene a law of a foreign country if he or she were to comply with a particular obligation under section 37B , APRA:

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

(b) may specify in the notice:

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

(ii) conditions to which the notice is subject.

An accountable person is not required to comply with that obligation:

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

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

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

APRA must give a copy of the notice to the ADI or subsidiary.


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