Notice of name change of authorised deposit-taking institution - Coöperatieve Rabobank U.A.

Overview

The Banking Act 1959, enacted by the Australian Parliament, was introduced to provide a framework for the regulation and supervision of banking institutions in Australia. This legislation addresses the need for a structured approach to managing and overseeing the operations of authorised deposit-taking institutions, ensuring financial stability and consumer protection. The Notice of name change of authorised deposit-taking institution, published on 22 February 2016, serves to update the status of Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. which has legally changed its name to Coöperatieve Rabobank U.A. The document is issued by Brandon Kong Leong Khoo, a delegate of the Australian Prudential Regulation Authority (APRA), under the authority of the Banking Act. This official notification ensures that the institution's authorisation remains valid under the new name, thereby maintaining continuity in regulatory oversight.

Scope and Application

The Notice of name change of authorised deposit-taking institution issued under the Banking Act 1959 applies specifically to Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., an institution holding an authority under section 9 of the Act, which has undergone a name change to Coöperatieve Rabobank U.A. This notification, issued by Brandon Kong Leong Khoo as a delegate of the Australian Prudential Regulation Authority (APRA), signifies that the institution's authorisation remains in effect post-name change, as per subsection 9B(3) of the Act. The scope of this legislation is confined to the banking sector and concerns the formal recognition of the institution's name change within the legal framework of the Commonwealth of Australia. This act ensures that the institution's authority and operations remain uninterrupted despite the name change, and the notice serves to inform the public and relevant stakeholders of this transition. There are no exclusions, exemptions, or thresholds specified in the notice itself, and any further details or conditions related to the institution's operations would be governed by the broader provisions of the Banking Act 1959 and any relevant subordinate instruments issued by APRA.

Key Provisions

The Notice of name change of authorised deposit-taking institution under the Banking Act 1959 (section 9B(1)(b)) details the name change of Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. to Coöperatieve Rabobank U.A. This change, approved by Brandon Kong Leong Khoo, a delegate of the Australian Prudential Regulation Authority (APRA), signifies that the financial institution, previously known by one name, has officially adopted a new name. This change is effective upon publication in the Gazette, as outlined in subsection 9B(3) of the Act. The Authority granted under section 9 of the Act now applies to the institution under its new name. Under the Act, the obligations imposed on Coöperatieve Rabobank U.A. include compliance with all regulatory requirements and maintaining the standards set forth by APRA. The institution must ensure that all documentation, including official records and communications, reflect the new name to maintain clarity and avoid confusion. This change necessitates updating all relevant records and notifications to accurately represent the institution's current identity. Failure to comply with the provisions of the Act, including the proper notification and documentation of the name change, can lead to significant legal and financial repercussions. Under the Banking Act 1959, breaches may result in enforcement actions, fines, or other penalties as deemed appropriate by the regulatory authorities. The specific penalties are not detailed in this notice but are generally outlined in other sections of the Act, which may include substantial financial penalties or other regulatory sanctions. It is crucial for Coöperatieve Rabobank U.A. to adhere to the Act's requirements to avoid these potential consequences and maintain its status as a compliant authorised deposit-taking institution.