Notice of name change of authorised deposit-taking institution - MyState Financial Limited

Overview

The Notice of name change of authorised deposit-taking institution issued under the Banking Act 1959, which was enacted to regulate the Australian banking industry and protect depositors, addresses the formal change of name of an authorised deposit-taking institution. The notice, published in the Gazette on 13 October 2014, was issued by Brandon Kong Leong Khoo, a delegate of the Australian Prudential Regulation Authority (APRA). This notice formalises the transition of the institution's authority under the Act from MyState Financial Limited to MyState Bank Limited, reflecting the institution's new name as per subsection 9B(3) of the Act. This change is effective upon the publication of the notice, ensuring that all regulatory and legal references align with the institution's updated name.

Scope and Application

The Notice of Name Change of Authorised Deposit-taking Institution under the Banking Act 1959 applies to MyState Financial Limited, which has changed its name to MyState Bank Limited. This change is significant as it affects the institution's formal identity under the regulatory framework established by the Act. The Act governs the operations of authorised deposit-taking institutions in Australia, ensuring that these institutions comply with prudential standards and other regulatory requirements. The name change is effective as of the publication of this Notice in the Gazette, thereby updating the institution's designation under the Authority granted by the Act. The application of this Notice is confined to the Commonwealth of Australia and is specifically tailored to the institution's operations as an authorised deposit-taking institution. There are no stated exclusions or exemptions in this particular Notice, and the change in name does not alter the scope or application of the Banking Act 1959 to the institution. Subordinate instruments may further define or extend the application of the Act to specific circumstances or additional requirements.

Key Provisions

The key provision of this Notice, detailed in section 9B(1)(b) of the Banking Act 1959, confirms the satisfaction of a delegate of the Australian Prudential Regulation Authority (APRA) regarding the name change of MyState Financial Limited to MyState Bank Limited. This satisfaction is based on the entity's compliance with the requirements set out under the Act, which allows for the granting of an authority to authorised deposit-taking institutions. The Authority, referenced in section 9 of the Act, is effectively transferred to MyState Bank Limited following the publication of this Notice in the Gazette, as outlined in subsection 9B(3) of the Act. The Act imposes certain obligations and requirements on MyState Financial Limited, now known as MyState Bank Limited, to ensure that the name change is executed correctly and that the new entity continues to meet the criteria for holding an authority under the Act. The obligations include the need to comply with all relevant provisions of the Banking Act 1959 and any other applicable legislation, as well as maintaining the necessary authorisations and approvals from APRA. The entity must also ensure that all stakeholders, including customers and regulatory bodies, are adequately informed about the name change. Failure to comply with the provisions of the Act can result in various legal consequences. Offences under the Banking Act 1959 may lead to both civil and criminal penalties. Civil penalties can include fines up to a maximum of $210,000 for a corporation, as prescribed under the Act. Criminal penalties may also apply, with maximum penalties varying depending on the specific offence and jurisdiction. These penalties serve as a deterrent to non-compliance and ensure that authorised deposit-taking institutions adhere to the regulatory framework designed to protect the financial system and consumers.