Notice of name change of authorised deposit- taking institution - Gateway Credit Union Ltd

Overview

The Banking Act 1959, enacted by the Parliament of Australia, was established to regulate the operations of banks and authorised deposit-taking institutions, ensuring financial stability and protecting consumers. The Act provides a framework for the authorisation and supervision of these institutions, aiming to maintain confidence in the banking system. This particular notice, issued under the authority of the Australian Prudential Regulation Authority (APRA), addresses the procedural requirements when an authorised deposit-taking institution changes its name. By updating the name in the relevant statutory records and Gazette, the Act ensures continuity of regulation and oversight for the institution, reflecting its new identity while maintaining the same regulatory framework. This notice was introduced to formalise the transition from Gateway Credit Union Ltd to Gateway Bank Ltd, ensuring that the institution’s regulatory authority remains uninterrupted and appropriately reflects its new name.

Scope and Application

This Notice under the Banking Act 1959, published on 2 March 2018, informs that the Australian Prudential Regulation Authority (APRA) has accepted the name change of Gateway Credit Union Ltd to Gateway Bank Ltd. The Act applies to authorised deposit-taking institutions, which are entities holding an authority under the Act, such as Gateway Credit Union Ltd, now Gateway Bank Ltd. The change in name takes effect upon publication of this Notice in the Gazette, as per the provisions of the Act. The Authority held by Gateway Credit Union Ltd is thereby treated as if it had been granted to Gateway Bank Ltd. The Act's scope is limited to the banking sector and its regulatory framework, without any specific exclusions or exemptions mentioned in this Notice. Subordinate instruments may extend or restrict the application of the Act, though such details are not provided in this particular Notice.

Key Provisions

The notice of name change for an authorised deposit-taking institution, issued under section 9B(1)(b) of the Banking Act 1959, formally recognises the change of name for Gateway Credit Union Ltd to Gateway Bank Ltd. This change, as per subsection 9B(3), takes effect following the publication of this notice in the Gazette. The Authority previously held by Gateway Credit Union Ltd under section 9 of the Act is thereby deemed to be granted to Gateway Bank Ltd. This notification, signed by Mark Adams, a delegate of APRA, signifies that the necessary regulatory approval has been granted for the institution to operate under its new name. The obligations imposed by the Act on the parties it governs include ensuring that any changes in the name of an authorised deposit-taking institution are communicated to the relevant authorities and the public. The institution, in this case Gateway Credit Union Ltd, must notify the Australian Prudential Regulation Authority (APRA) of its intention to change its name. Once APRA is satisfied that the change complies with the requirements of the Act, it will issue a notice of the name change. This process ensures that the institution's regulatory status and its Authority remain intact while operating under its new name. The Banking Act 1959 includes provisions for potential consequences if the stipulated procedures for name changes are not followed. Although the notice itself does not explicitly outline penalties for non-compliance, breaches of the Act may result in enforcement actions by APRA, including fines or other regulatory sanctions. The severity of these penalties would depend on the nature and extent of the breach, as well as the regulatory framework governing financial institutions at the time. Compliance with the notice is crucial to maintaining the institution's legal standing and operational authority.