Instrument fixing charges to be paid to APRA No. 3 of 2004 (27/05/2004) (Cth)

This compilation was prepared by the Australian Prudential Regulation Authority on 1 November 2006 taking into account amendments made by Variation of two instruments fixing charges to be paid to APRA dated 15 July 2004 (F2006B01155) and Australian Prudential Regulation Authority instrument fixing charges No. 9 of 2006 dated 30 October 2006 (F2006L03555).

Instrument fixing charges to be paid to APRA No 3 of 2004

Representative offices of foreign banks

Australian Prudential Regulation Authority Act 1998

I, Jim Flaye, a delegate of the Australian Prudential Regulation Authority (APRA), under paragraphs 51(1)(a) and (b) of the Australian Prudential Regulation Authority Act 1998 and subsection 33(3) of the Acts Interpretation Act 1901:

• REVOKE the instrument entitled INSTRUMENT FIXING CHARGES TO BE PAID TO APRA – REPRESENTATIVE OFFICES OF FOREIGN BANKS which was made on 13 May 2002; and

• FIX the charges specified in the Schedule.

Dated 27 May 2004

[signed]

………………………………………..

J Flaye

Chief Financial Officer

Schedule – Charges for applications and services

Column 1 Applications or services for which the charge is imposed	Column 2 Amount of the charge	Column 3 Person required to pay the charge	Column 4 When the charge is to be paid
1	Application for APRA’s consent, under paragraph 67(1)(c) of the Banking Act 1959 (the Banking Act) to the establishment of an office in Australia by a person (the foreign bank) referred to in subsection 67(1) of the Banking Act.	$3,300 (not refundable if the application is refused).	The foreign bank.	On the lodgement of the application.
2	Monitoring by APRA of: (a) the operations of the office, pursuant to APRA’s function in paragraph 67(1)(c) of the Banking Act to consent to the maintenance of the office; and (b) the foreign bank’s compliance with the conditions imposed on the consent pursuant to subsection 67(2) of the Banking Act.	$5,500 per financial year per foreign bank (regardless of the number of offices in Australia). The charge for a financial year shall be pro rated where the foreign bank does not have an office in Australia at the beginning of the financial year but establishes such an office part way through the financial year, so that the foreign bank is only liable to pay a proportion of the charge corresponding to the proportion of the financial year which follows the establishment of an office in Australia of the foreign bank. However, the charge for a financial year shall not be pro rated where the foreign bank ceases to have any offices in Australia before the end of the financial year.	The foreign bank.	Twenty-eight days after receipt of APRA’s invoice for the charge. APRA may invoice the charge: (a) if the foreign bank does not have an office in Australia at the beginning of the financial year – when the foreign bank establishes an office in Australia during the financial year; (b) in every other case – at the beginning of the financial year.

The charges specified in column 2 may be waived by APRA where the foreign bank is a central bank.

Notes to Instrument fixing charges to be paid to APRA No 3 of 2004

Note 1

Instrument fixing charges to be paid to APRA No 3 of 2004 (in force under subsection 51(1) of the Australian Prudential Regulation Authority Act 1998) as shown in this compilation comprises the principal Instrument fixing charges to be paid to APRA No 3 of 2004 (made on 27 May 2004) amended as indicated in the Tables below.

Table of Legislative Instruments

Year and number	Date and place of notification	Date of commencement	Application, saving or transitional provisions
Instrument fixing charges to be paid to APRA No 2 of 2004 (subsequently renumbered as No 3 of 2004)	2 June 2004 (Gazette)	2 June 2004	—
Variation of two instruments fixing charges to be paid to APRA	21 July 2004 (Gazette)	21 July 2004	—
Australian Prudential Regulation Authority instrument fixing charges No. 9 of 2006	30 October 2006 (Federal Register of Legislative Instruments Legislative Instrument F2006L03555)	31 October 2006	—

* From 1 January 2005, the requirement to publish in the Gazette was replaced by a requirement to register on the Federal Register of Legislative Instruments.

Table of Amendments

ad. = added or inserted      am. = amended      rep. = repealed      rs. = repealed and substituted
Provision affected	How affected
Title	am. by omitting “No 2 of 2004” and substituting “No 3 of 2004”
Schedule	ad. after the table “The charges specified in column 2 may be waived by APRA where the foreign bank is a central bank.”