Notice of name change of ADI 2022 – Islamic Bank Australia Pty Ltd
Banking Act 1959
I, Therese McCarthy Hockey, a delegate of APRA, under paragraph 9B(1)(b) of the Banking Act 1959 (the Act), am satisfied that IBA Group Pty Ltd ABN 37 609 971 280, which holds a section 9 authority to carry on banking business in Australia, has changed its name to Islamic Bank Australia Pty Ltd ABN 37 609 971 280.
Dated: 1 September 2022
Therese McCarthy Hockey Executive Director Banking Division
Interpretation
In this instrument:
APRA means the Australian Prudential Regulation Authority.
ADI has the meaning given in subsection 5(1) of the Act.
section 9 authority has the meaning 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.
The section 9 authority has effect after the publication of this notice as if the authority had been given to the body corporate under its changed name.
Overview
The Banking Act 1959, enacted to regulate and supervise the Australian banking industry, addresses issues such as financial stability, consumer protection, and efficient financial services. The Act was introduced to ensure that the banking sector operates in a manner that safeguards the interests of consumers, depositors, and the broader economy. In exercising its powers under the Banking Act 1959, the Australian Prudential Regulation Authority (APRA) has published a notice in the Gazette on 1 September 2022, acknowledging the name change of IBA Group Pty Ltd to Islamic Bank Australia Pty Ltd. This notice serves as an official record of the name change, ensuring that the section 9 authority granted to the entity remains effective under its new designation. By publishing this notice, APRA aims to maintain transparency and clarity within the banking sector, thereby upholding the policy objectives of the Banking Act 1959.
Scope and Application
The Gazetted Notice of Name Change of ADI 2022 concerning Islamic Bank Australia Pty Ltd pertains to the scope and application of the Banking Act 1959, which is administered by the Australian Prudential Regulation Authority (APRA). This notice applies to IBA Group Pty Ltd, which has undergone a name change to Islamic Bank Australia Pty Ltd, while retaining its Australian Business Number (ABN) 37 609 971 280. The notice confirms that Islamic Bank Australia Pty Ltd holds a section 9 authority to continue operating as a banking institution within Australia. The jurisdictional reach of this Act is Commonwealth-wide, as it applies to authorised deposit-taking institutions (ADIs) across Australia. The notice does not explicitly state any exclusions, exemptions, or thresholds, but rather provides a formal record of the name change for regulatory purposes. The Banking Act 1959 may extend or restrict its application through subordinate instruments, ensuring that the regulatory framework remains comprehensive and adaptable to the evolving financial landscape.
Key Provisions
The Notice of Name Change of ADI 2022 – Islamic Bank Australia Pty Ltd, published in the Gazette under the Banking Act 1959, signifies a formal change of name for a banking institution previously known as IBA Group Pty Ltd. This notice, issued on 1 September 2022, is signed by Therese McCarthy Hockey, who acts as a delegate of the Australian Prudential Regulation Authority (APRA). The change of name to Islamic Bank Australia Pty Ltd, while maintaining the same Australian Business Number (ABN), is effective from the date of publication (sections 1 and 2). The section 9 authority, which allows the entity to carry on banking business in Australia, remains valid and applies to the institution under its new name (section 3).
Under this legislation, the primary requirement is the notification of the name change to the public and relevant authorities, ensuring transparency and continuity in the banking operations. The notice explicitly states that the change of name will be treated as if it had been authorised under the new name from the moment of publication (section 3). The obligations of the parties involved, primarily IBA Group Pty Ltd and APRA, include the formal documentation and publication of the name change in the Gazette, which is mandated by the Banking Act 1959. This ensures that all stakeholders are informed of the change and that the institution continues to operate under the same regulatory framework without interruption (section 3).
The notice does not explicitly detail offences, penalties, or consequences for non-compliance with the name change notification requirements. However, under the broader scope of the Banking Act 1959, failure to comply with regulatory requirements, including timely and accurate notifications, could potentially lead to sanctions. These could range from fines to more severe penalties, depending on the severity and impact of the non-compliance. The Act empowers APRA to take enforcement actions against the institution for any breaches of its obligations, ensuring that the banking sector maintains high standards of compliance and transparency (section 3).
Overall, this notice serves to formalise the name change of Islamic Bank Australia Pty Ltd, ensuring that all legal and regulatory requirements are met. It provides clarity and continuity for the institution’s operations and maintains the trust of the public and regulatory bodies. The detailed notification process underscores the importance of transparency and adherence to legal frameworks in the banking industry.