Notice of name change of authorised deposit-taking institution - Investec Bank (Australia) Limited

Overview

The Notice of Name Change of Authorised Deposit-Taking Institution, issued under the Banking Act 1959, was enacted to facilitate the formal transition of an authorised deposit-taking institution's name, ensuring that any regulatory and legal obligations and rights associated with the original name are seamlessly transferred to the new name. This legislative mechanism was introduced to address the practical necessity of updating institutional names without the need for extensive re-application processes, thereby maintaining regulatory clarity and continuity. The Australian Prudential Regulation Authority (APRA), as the relevant body overseeing the banking sector, ensures that the change adheres to the requirements set out in the Act, thereby safeguarding the interests of depositors and the stability of the financial system. The policy objective underpinning this notice is to streamline the process of name changes for authorised institutions, ensuring that any necessary adjustments to the regulatory framework are efficiently and effectively implemented. The Notice was issued by Brandon Kong Leong Khoo, a delegate of APRA, on 1 August 2014, and published in the Gazette. This notification confirms that Investec Bank (Australia) Limited, which previously held an authority under the Act, has legally changed its name to BOQ Specialist Bank Limited. Consequently, the Authority previously granted to Investec Bank is deemed to apply to BOQ Specialist Bank from the date of publication, ensuring a smooth transition and continuity of regulatory oversight.

Scope and Application

The Notice of name change of an authorised deposit-taking institution, as provided under the Banking Act 1959, pertains specifically to Investec Bank (Australia) Limited, which has changed its name to BOQ Specialist Bank Limited. This name change is authorised under the Act by Brandon Kong Leong Khoo, a delegate of the Australian Prudential Regulation Authority (APRA). The authority held by Investec Bank (Australia) Limited under section 9 of the Act is now deemed to have been granted to BOQ Specialist Bank Limited, effective from the date of the notice's publication in the Gazette. The Act applies to entities like Investec Bank (Australia) Limited and BOQ Specialist Bank Limited, which hold an authority under its provisions. The jurisdictional reach of this legislation is at the Commonwealth level, applying nationally across Australia. There are no specific exclusions, exemptions, or thresholds mentioned in this notice. The application of the Act can be extended or restricted through subordinate instruments, but this notice itself does not provide details on such instruments.

Key Provisions

The primary operative sections of the Notice concern the formalisation of a name change for an authorised deposit-taking institution, as governed by the Banking Act 1959 (subsection 9B(3)). Under this provision, the Authority held by Investec Bank (Australia) Limited, ACN 071 292 594, is deemed to be effective as if it had been granted to BOQ Specialist Bank Limited, ACN 071 292 594, following the publication of this Notice in the Gazette. This effectively transfers the regulatory status and permissions associated with the Authority from the former bank to the newly named entity. The authority under section 9 of the Act, which allows the bank to operate as a deposit-taking institution, now applies to BOQ Specialist Bank Limited. The Notice imposes obligations on the entities involved, primarily ensuring that the change of name is formally recognised and communicated. The Australian Prudential Regulation Authority (APRA) must be satisfied that the name change has been properly executed, as stated under paragraph 9B(1)(b) of the Act. The publication of the Notice in the Gazette is a crucial step in this process, formalising the transfer of the Authority to the new entity. Both Investec Bank (Australia) Limited and BOQ Specialist Bank Limited must comply with the regulatory requirements set forth by APRA to ensure the smooth transition of their institutional status and obligations. Should there be any breach of the provisions outlined in the Notice, there could be significant civil or criminal consequences. Although the Notice itself does not specify penalties, breaches of the Banking Act 1959 can lead to severe repercussions, including fines and potential criminal charges. The specific penalties depend on the nature and severity of the breach, but they can be substantial, reflecting the critical nature of maintaining the integrity and stability of the banking sector. Compliance with the Act and the Notice is, therefore, essential to avoid these potential consequences.