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Administered by: Treasury
Published Date 12 Jun 2019

 

Banking (consent to assume or use restricted word or expression) No. A5 of 2019

 


Banking Act 1959

 

To:    Novatti IBA Pty Limited ACN 631 284 396 (the person)

Level 12, 456 Lonsdale Street MELBOURNE VIC 3000 (address)

 

SINCE there is no determination in force under section 11 of the Banking Act 1959 (the Act) determining that section 66 of the Act does not apply,

 

I, Rob Johnson, a delegate of APRA, under paragraph 66(1)(d) of the Act, CONSENT to the assumption or use in Australia by the person, of the restricted word “bank”, in relation to the financial business carried on by the person.

 

This consent is subject to the conditions I IMPOSE under subsection 66(2) of the Act, specified in the attached Schedule.

 

This consent commences on the day it is signed.

 

 

Dated 3 June 2019

 

  [Signed]

Rob Johnson

General Manager (Acting) Licencing

APRA



 

Interpretation

In this instrument

APRA means the Australian Prudential Regulation Authority.

banking business has the meaning given in subsection 5(1) of the Act. financial business has the meaning given in subsection 66(4) of the Act. restricted word has the meaning given in subsection 66(4) of the Act.

Note 1             Under subsection 66(1) of the Act, a person who carries on a financial business is guilty of an offence if the person assumes or uses, in Australia, a restricted word or expression in relation to that financial business, where:

(i)               subsection 66(1AB) or 66(1AC) do not apply; and

(ii)             APRA has not consented to that assumption or use; and

(iii)            there is no determination in force under section 11 of the Act determining that subsection 66(1) does not apply to that person.

The maximum penalty is 50 penalty units or, in the case of a body corporate, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 250 penalty units. Under subsection 66(1AA), an offence against subsection 66(1) is committed on the first day on which the offence is committed and on each subsequent day that the circumstances giving rise to the offence continue, including the day of conviction or any later day.

 

Note 2             Under subsection 66(2) of the Act, APRA may at any time impose conditions, or additional conditions, on a consent or vary or revoke conditions imposed on a consent or revoke a consent.

 

Note 3             Under subsection 66(3) of the Act, a person who has been given a consent under section 66 and who contravenes a condition applicable to the consent (where there is no applicable determination in force under section 11 of the Act) is guilty of an offence. The maximum penalty is 50 penalty units or, in the case of a body corporate, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 250 penalty units. Under subsection 66(3A) of the Act, an offence against subsection 66(3) is committed on the first day on which the offence is committed and on each subsequent day that the circumstances giving rise to the offence continue, including the day of conviction or any later day.

 

Note 4             Under subsection 66(2B) of the Act, APRA must notify the Australian Securities and Investments Commission if APRA grants or revokes a consent or imposes, varies or revokes conditions on a consent given under section 66 of the Act.


Schedule – conditions

 

A.      the use of the word ‘bank’ by the person is confined to those acts necessary to apply for and obtain reservation of the company name and intellectual property relating to ‘International Bank of Australia Pty Limited’ (the company name) with the Australian Securities and Investments Commission (ASIC) and IP Australia;

 

B.       the person must notify APRA promptly upon obtaining reservation of the company name with ASIC and intellectual property rights with IP Australia;

 

C.       the person must not trade under the company name or otherwise assume or use the restricted word ‘bank’ in Australia in relation to its financial business unless APRA grants the person an authority to carry on banking business in Australia under subsection 9(3) of the Act; and

 

D.      if the person’s application to APRA for an authority under subsection 9(3) of the Act is unsuccessful, then the person must request ASIC to deregister the company name within 21 days of receiving notification from APRA that its application has been unsuccessful.