Notice of name change of authorised deposit- taking institution
Banking Act 1959
I, John Lonsdale, a delegate of APRA, under paragraph 9B(1)(b) of the Banking Act 1959 (the Act), am satisfied that Community CPS Australia Limited ABN 15 087 651 143, which holds an authority under section 9 of the Act (the Authority), has changed its name to Beyond Bank Australia Limited ABN 15 087 651 143.
Under subsection 9B(3) of the Act, the Authority is taken to have effect, after publication of this Notice in the Gazette, as if it had been granted to Beyond Bank Australia Limited .
Dated: 18 July 2019
[Signed]
John Lonsdale Deputy Chair APRA
Interpretation Document ID: 234844
In this Notice
APRA means the Australian Prudential Regulation Authority.
Overview
The Notice of Name Change of Authorised Deposit-Taking Institution is a formal announcement made under the Banking Act 1959, indicating a change in the name of an institution authorised to take deposits. Enacted by the Commonwealth of Australia, the Banking Act 1959 was introduced to regulate and supervise the operations of authorised deposit-taking institutions, ensuring their soundness and stability within the financial system. The policy objective is to maintain public confidence in the banking sector by facilitating transparency and clarity in the names of institutions authorised to operate under the Act. This particular notice, issued by John Lonsdale, a delegate of the Australian Prudential Regulation Authority (APRA), confirms that Community CPS Australia Limited has legally changed its name to Beyond Bank Australia Limited, effective from the date of publication in the Gazette. This change is intended to ensure that the institution's authorisation and regulatory obligations are accurately reflected under its new name.
Scope and Application
The Notice of name change of authorised deposit-taking institution under the Banking Act 1959 applies to Community CPS Australia Limited, which has changed its name to Beyond Bank Australia Limited. This change is pursuant to the authorisation granted under section 9 of the Act, and as per the authority of John Lonsdale, a delegate of APRA. This Notice signifies that the Authority previously held by Community CPS Australia Limited is now deemed to have been granted to Beyond Bank Australia Limited, effective from the date of this Notice's publication in the Gazette. The Notice adheres to subsection 9B(3) of the Act, ensuring that the transition of the name does not affect the operational validity of the authorisation. The jurisdictional scope of this Notice is national, operating under the Commonwealth, thereby impacting all related financial transactions and operations conducted by Beyond Bank Australia Limited within Australia. There are no exclusions or exemptions specified in this Notice, and it directly applies to the authorised deposit-taking institution in question. Any further application or restrictions would be delineated through subordinate instruments as needed.
Key Provisions
This notice pertains to a significant change in the name of an authorised deposit-taking institution under the Banking Act 1959 (the Act). According to the notice, Community CPS Australia Limited, which has an existing authority under section 9 of the Act, has legally changed its name to Beyond Bank Australia Limited (section 9B(1)(b)). This change is effective from the moment the notice is published in the Gazette (subsection 9B(3)). Essentially, this means that the banking authority originally granted to Community CPS Australia Limited is now legally attributed to Beyond Bank Australia Limited, maintaining the continuity of regulatory oversight and banking operations under the new name.
The Banking Act 1959 imposes certain obligations and requirements on authorised deposit-taking institutions, which now apply to Beyond Bank Australia Limited following the name change. These obligations include maintaining sufficient capital, ensuring liquidity, and adhering to prudential standards set by the Australian Prudential Regulation Authority (APRA). Beyond Bank Australia Limited must also comply with other statutory requirements such as consumer protection laws, anti-money laundering regulations, and other relevant financial services legislation.
Breaching any of the obligations or requirements imposed by the Banking Act 1959 can result in significant legal consequences. The Act provides for both civil and criminal penalties for non-compliance. For instance, under section 12AH of the Act, an authorised deposit-taking institution that fails to comply with a direction or requirement under the Act may be subject to substantial fines. The maximum penalty for an individual can be up to $1.5 million, while the maximum penalty for a corporation can be up to $7.5 million. Additionally, officers or directors of the institution can face personal fines and imprisonment for serious breaches, reinforcing the importance of strict adherence to the regulatory framework. These penalties underscore the seriousness with which the Act treats compliance and the protection of the financial system.