Overview

The Banking Act 1959, enacted by the Commonwealth Parliament, establishes a regulatory framework for authorised deposit-taking institutions (ADIs) in Australia, aiming to ensure the stability and integrity of the financial system. This legislative instrument, issued under the authority of the Act, addresses the need for formal notification and approval of changes in the names of authorised ADIs. The policy objective is to maintain transparency and clarity in the financial sector, ensuring that the public and other stakeholders are adequately informed of such changes. In this instance, the notice confirms the change of name of Sydney Credit Union Ltd to Australian Mutual Bank Ltd, reflecting the institution's restructuring or rebranding efforts while maintaining its regulatory compliance and oversight by the Australian Prudential Regulation Authority (APRA).

Scope and Application

The notice of name change of authorised deposit-taking institution under the Banking Act 1959 applies to Sydney Credit Union Ltd, an entity holding an authority under section 9 of the Act, which has legally changed its name to Australian Mutual Bank Ltd. This notification, issued by Suzanne Smith, the Executive General Manager and a delegate of the Australian Prudential Regulation Authority (APRA), signifies that the institution now operates under its new name, Australian Mutual Bank Ltd, with the same Australian Business Number (ABN). The change is purely nomenclatural and does not affect the institution's legal status or operational authority under the Act. The geographic and jurisdictional reach of this notification is limited to the Commonwealth of Australia, and the change in name is effective from the date of the notice, 9 October 2019. There are no stated exclusions, exemptions, or thresholds affecting this name change, and the application of the Act is not extended or restricted through any subordinate instruments in this instance.

Key Provisions

The primary sections of this Gazette (C2019G00928) inform that Sydney Credit Union Ltd has legally changed its name to Australian Mutual Bank Ltd, under the authority granted by section 9 of the Banking Act 1959. Suzanne Smith, the Executive General Manager of the Specialised Institutions Division and a delegate of the Australian Prudential Regulation Authority (APRA), has confirmed this change under paragraph 9B(1)(b) of the Act. This notification is dated 9 October 2019 and includes the signatures of Suzanne Smith as a testament to the official acknowledgment of the name change. The Banking Act 1959 imposes several obligations on entities like Sydney Credit Union Ltd, now known as Australian Mutual Bank Ltd, to ensure they comply with the legal requirements for a name change. This includes providing formal notification to APRA, which oversees authorised deposit-taking institutions in Australia. The Act requires that any changes, such as a name change, are documented and communicated clearly to maintain transparency and regulatory compliance. Additionally, the institution must update all relevant records and communications to reflect the new name, ensuring no confusion or misrepresentation occurs in the banking sector. Failure to comply with the provisions of the Banking Act 1959 regarding name changes or other regulatory requirements can result in significant consequences. While the specific penalties for non-compliance are not detailed in the Gazette, the Act generally provides for both civil and criminal penalties. Civil penalties may include fines, while criminal penalties could involve imprisonment or substantial fines, depending on the severity and intent of the breach. These measures are intended to enforce adherence to banking regulations and protect consumers and the financial system. The exact penalties are specified in the Banking Act 1959 and should be reviewed by legal professionals to understand the full scope of potential consequences.