Authority to carry on banking business 2026 – Taipei Fubon Commercial Bank Co., Ltd.
Banking Act 1959
To: Taipei Fubon Commercial Bank Co., Ltd. ABN 68 643 817 690 (the body corporate)
SINCE the body corporate has applied for an authority to carry on banking business in Australia,
I, Peter Diamond, a delegate of APRA:
- under subsection 9(3) of the Banking Act 1959 (the Act), GRANT the body corporate an authority to carry on banking business in Australia (the section 9 authority); and
- under paragraph 9AA(1)(a) of the Act, IMPOSE conditions on the section 9 authority, as specified in the schedule.
This instrument commences on the day it is made.
Dated: 13 July 2026
Peter Diamond
Executive Director
General Insurance and Banking Division
Interpretation
In this instrument:
APRA means the Australian Prudential Regulation Authority.
banking business and section 9 authority have their respective meanings given in subsection 5(1) of the Act.
Notes
APRA is required to publish this instrument in the Gazette, and may also publish this instrument in any other way that APRA considers appropriate.
A decision to impose conditions on a section 9 authority is a decision to which Part VI of the Act applies. You may request APRA reconsider the decision in accordance with subsection 51B(1) of the Act. The request for reconsideration must be made in writing, must state the reasons for the request, and must be given to APRA within 21 days after the day on which you first received notice of this decision, or within such further period as APRA allows. If you are dissatisfied with the outcome of APRA’s reconsideration of the decision, you may, subject to the Administrative Review Tribunal Act 2024, apply to the Administrative Review Tribunal for review of the reconsidered decision. The address where written notice may be given to APRA is Level 12, 1 Martin Place, Sydney NSW 2000.
Schedule – conditions on the section 9 authority
The body corporate, as a foreign ADI carrying on banking business in Australia, must not accept deposits or other funds for amounts which are less than $250,000 from any source other than from:
- incorporated entities;
- persons or unincorporated entities that are not residents of Australia;
- its own employees; or
- persons or non-incorporated entities with an initial balance with the foreign ADI of at least $250,000.
Interpretation
In this schedule:
foreign ADI has the meaning given in subsection 5(1) of the Act.
Overview
The Authority to carry on banking business 2026 – Taipei Fubon Commercial Bank Co., Ltd. is a legislative instrument made under the Banking Act 1959. Enacted by the Australian Prudential Regulation Authority (APRA), the instrument grants Taipei Fubon Commercial Bank Co., Ltd. an authority to conduct banking business in Australia. The legislation was introduced to ensure that foreign banks operating within Australia adhere to certain regulatory standards and conditions, thereby maintaining financial stability and protecting consumers. The policy objective is to impose specific conditions on foreign Authorised Deposit-taking Institutions (ADIs) to mitigate risks associated with their operations in Australia. This instrument is significant in providing a framework for foreign banks to operate under, ensuring they comply with Australian banking regulations.
Scope and Application
The Authority to carry on banking business 2026 – Taipei Fubon Commercial Bank Co., Ltd. issued under the Banking Act 1959 applies specifically to Taipei Fubon Commercial Bank Co., Ltd., a foreign authorised deposit-taking institution (ADI) with an Australian Business Number (ABN) of 68 643 817 690. This authorisation grants the bank the right to conduct banking business within Australia. The authority is subject to conditions imposed by the Australian Prudential Regulation Authority (APRA) to ensure the bank adheres to regulatory standards while operating in the Australian market. These conditions include restrictions on the acceptance of deposits or other funds, specifying that the bank cannot accept deposits or other funds for amounts less than $250,000 from certain sources, such as individual non-residents or unincorporated entities that are not residents of Australia, unless the initial balance meets the specified threshold. This legislative instrument has a national reach within Australia and is subject to the oversight and regulatory framework established by the Commonwealth under the Banking Act 1959. The imposition of conditions on the section 9 authority is governed by the Act, and the decision to impose these conditions is subject to review processes as outlined in the Act and the Administrative Review Tribunal Act 2024.
Key Provisions
Under the Banking Act 1959, the Australian Prudential Regulation Authority (APRA) has granted Taipei Fubon Commercial Bank Co., Ltd. (ABN 68 643 817 690) an authority to carry on banking business in Australia, referred to as the section 9 authority (subsection 9(3)). This authority is granted under the authority of Peter Diamond, an Executive Director and delegate of APRA. As part of this authority, specific conditions have been imposed (paragraph 9AA(1)(a)) on the bank's operations, outlined in the accompanying schedule.
The conditions imposed on the bank pertain to the acceptance of deposits and other funds. Taipei Fubon Commercial Bank Co., Ltd. is restricted from accepting deposits or other funds for amounts less than $250,000 from certain sources. These sources include unincorporated entities, persons or unincorporated entities that are not residents of Australia, the bank's own employees, or persons or unincorporated entities with an initial balance of at least $250,000 with the bank. The bank must adhere to these conditions to ensure compliance with the regulatory framework governing foreign authorised deposit-taking institutions (ADIs) in Australia.
Failure to comply with the conditions imposed on the section 9 authority could result in significant consequences for Taipei Fubon Commercial Bank Co., Ltd. While the specific civil or criminal penalties for breach are not detailed in the provided text, it is noted that a decision to impose such conditions is subject to Part VI of the Act. Should the bank be dissatisfied with APRA's decision, it may request reconsideration within 21 days of receiving notice of the decision, as per subsection 51B(1) of the Act. If the reconsideration process does not resolve the issue, the bank may seek further review by the Administrative Review Tribunal, as outlined in the Administrative Review Tribunal Act 2024. The notice of any such request should be addressed to APRA at Level 12, 1 Martin Place, Sydney NSW 2000.