Notice of name change of authorised deposit-taking institution - Mizuho Bank

Overview

The Banking Act 1959 was enacted to regulate the activities of authorised deposit-taking institutions in Australia, ensuring stability and integrity in the banking sector. This legislative framework was introduced to address the need for robust regulation and oversight of banks and similar financial institutions to protect depositors and maintain confidence in the financial system. The Act grants the Australian Prudential Regulation Authority (APRA) the power to supervise and regulate these institutions, aiming to ensure they operate in a safe and sound manner. The Notice of name change of authorised deposit-taking institution issued on 12 September 2013 by Keith David Chapman, a delegate of APRA, is an example of the Act's application in updating the records to reflect changes in the names of authorised institutions, thereby maintaining the accuracy and currency of regulatory oversight. This action supports the overarching policy objective of the Act, which is to provide a stable and secure banking environment conducive to economic growth and public trust.

Scope and Application

The notice under the Banking Act 1959 pertains to the formal change of name of an authorised deposit-taking institution, Mizuho Corporate Bank, Ltd., which now operates under the name Mizuho Bank, Ltd. This change has been authorised by Keith David Chapman, a delegate of the Australian Prudential Regulation Authority (APRA), under the provisions of the Banking Act 1959. This Act applies to all authorised deposit-taking institutions operating within Australia, including banks, credit unions, and authorised non-bank deposit-taking companies. The jurisdictional reach of the Act is nationwide, governing institutions across the Commonwealth of Australia, including states and territories. The notice confirms that the change in name does not alter the institution's Australian Business Number (ABN) and that the banking authority previously held by Mizuho Corporate Bank, Ltd. is now applicable to Mizuho Bank, Ltd. after the publication of this notice in the Gazette. The Act does not specify exclusions or exemptions in this context, and any additional regulatory requirements or conditions are managed through subordinate instruments issued by APRA.

Key Provisions

The main operative sections of this Notice pertain to the name change of an authorised deposit-taking institution under the Banking Act 1959. Section 9B(1)(b) of the Act provides the basis for the delegate of the Australian Prudential Regulation Authority (APRA) to be satisfied that the institution, Mizuho Corporate Bank, Ltd., has changed its name to Mizuho Bank, Ltd. This change is formally acknowledged in subsection 9B(3) of the Act, which states that the authority held by Mizuho Corporate Bank, Ltd. will be deemed to apply to Mizuho Bank, Ltd. following the publication of this Notice in the Gazette. This Act imposes several obligations on the parties involved. Firstly, Mizuho Corporate Bank, Ltd. must have formally notified APRA of the name change. Secondly, APRA must review the notification and be satisfied that the change is legitimate and complies with the requirements of the Banking Act 1959. Finally, once APRA issues the Notice of name change, the authority held by the institution is effectively transferred to the new name, Mizuho Bank, Ltd. There are no explicit offences, penalties, or consequences mentioned within this Notice for failing to comply with the requirements of the Banking Act 1959 regarding the name change. However, any failure to notify APRA of a name change or to obtain the necessary approval could potentially lead to regulatory scrutiny and enforcement actions under other provisions of the Act. These could include the imposition of fines or other penalties as deemed appropriate by APRA, depending on the specific circumstances and the impact of the non-compliance on the institution's operations and the broader financial system. The exact nature and severity of these consequences would be determined in accordance with the relevant sections of the Banking Act 1959 and any other applicable legislation.