Notice of name change of ADI 2023 – Newcastle Permanent Building Society Limited

Overview

The Notice of name change of ADI 2023 – Newcastle Permanent Building Society Limited was gazetted on 21 March 2023. This notice was issued under the authority of the Australian Prudential Regulation Act 1959, specifically by Renée Roberts, who is a delegate of the Australian Prudential Regulation Authority (APRA). The notice confirms that Newcastle Permanent Building Society Limited, which holds a section 9 authority to carry on banking business in Australia, has changed its name to Newcastle Greater Mutual Group Ltd. This change becomes effective upon the publication of the notice, meaning that the authority to conduct banking business will apply to the entity under its new name. The purpose of this notice is to ensure the continuity of regulatory oversight and compliance for the entity operating under its new name, while also providing clarity and transparency to stakeholders and the public.

Scope and Application

The gazetted notice, C2023G00346, pertains to the change of name of Newcastle Permanent Building Society Limited to Newcastle Greater Mutual Group Ltd under the Banking Act 1959. This notification was issued by Renée Roberts, an Executive Director in the Banking Division and a delegate of the Australian Prudential Regulation Authority (APRA). The Act applies to entities that hold a section 9 authority to conduct banking business in Australia, which includes the specified Australian Depository Institution (ADI) involved in this name change. The change of name becomes effective from the date of the notice's publication, signifying that the section 9 authority will apply to the entity under its new name. This gazetted notice ensures compliance with the legislative requirements and maintains transparency in the banking sector by updating the records with the new corporate identity. The scope of this legislation is limited to the specified ADI and its banking operations within Australia, ensuring that the name change is properly recorded and acknowledged under the Banking Act 1959. APRA’s role in publishing this notice in the Gazette and potentially other appropriate mediums reinforces the official status of the name change. The notice does not introduce new legislative requirements but ensures that the legal framework reflects the current corporate structure of the ADI, facilitating continued oversight and regulation by APRA.

Key Provisions

Under the Notice of Name Change of ADI 2023, the primary operative section is the declaration by Renée Roberts, an Executive Director of the Banking Division, who is acting as a delegate of the Australian Prudential Regulation Authority (APRA). Section 9B(1)(b) of the Banking Act 1959 (the Act) empowers Renée Roberts to confirm that Newcastle Permanent Building Society Limited has legally changed its name to Newcastle Greater Mutual Group Ltd. This change is effective from the date of the notice, which was 21 March 2023. The Act imposes specific obligations on entities governed by it, particularly those holding a section 9 authority, which permits them to carry on banking business in Australia. The transition to a new name must be formally notified to APRA and subsequently published in the Gazette. This ensures transparency and compliance with the Act, maintaining the integrity of banking operations under the new corporate identity. In addition to the formal notification, the Act also specifies that the section 9 authority granted to the entity under its previous name remains valid and is automatically transferred to the entity under its new name. This means that Newcastle Greater Mutual Group Ltd continues to operate under the same regulatory conditions and authorisations as its predecessor. There are no direct offences, penalties, or civil/criminal consequences specified in this notice. However, failure to notify APRA of such a name change, or non-compliance with the Act's requirements, could potentially lead to regulatory scrutiny and possible enforcement actions by APRA. The severity of such actions would depend on the specific circumstances and the extent of non-compliance.