Notice of name change of authorised deposit-taking institution - Police Financial Services Limited

Overview

The Notice of Name Change of Authorised Deposit-Taking Institution is a document issued under the Banking Act 1959. Enacted by the Australian Parliament, this Act governs the operations of authorised deposit-taking institutions (ADIs) in Australia. The policy objective of the Act is to ensure the stability and soundness of the banking system by providing a framework for the regulation and supervision of ADIs. The Notice serves to formalise the change of name for an institution holding an authority under the Act, ensuring that the legal documentation reflects the new identity of the institution. In this instance, the document notifies that Police Association Credit Co-operative Limited has changed its name to Police Financial Services Limited, with the Authority under the Act now applying to the latter entity. This formal notification is issued by a delegate of the Australian Prudential Regulation Authority (APRA) and published in the Gazette to effect the change officially.

Scope and Application

The Notice of Name Change of Authorised Deposit-Taking Institution under the Banking Act 1959 pertains to Police Association Credit Co-operative Limited, which has undergone a name change to Police Financial Services Limited. This legislative notice, issued by Stephen Edward Glenfield, a delegate of the Australian Prudential Regulation Authority (APRA), indicates that the change in name is recognised and effective following the publication of the notice in the Gazette. The authorisation held by Police Association Credit Co-operative Limited, which operates under section 9 of the Banking Act 1959, is now deemed to be granted to Police Financial Services Limited. The scope of the Act applies to entities that hold an authority as an authorised deposit-taking institution under the Act. The jurisdictional reach of this Act is Commonwealth, as it is administered by APRA, an authority under the Australian Government. There are no stated exclusions or exemptions in the Notice itself, although the Act may include such provisions. The application of the Act may be extended or restricted through subordinate instruments issued by APRA.

Key Provisions

The main operative sections of the Gazette Notice (C2012G00427) under the Banking Act 1959 include sections 9, 9B(1)(b), and 9B(3). Section 9 of the Act refers to the Authority that the Police Association Credit Co-operative Limited originally held. Section 9B(1)(b) allows a delegate of the Australian Prudential Regulation Authority (APRA) to be satisfied that a name change has occurred, and Section 9B(3) stipulates that the Authority is taken to be granted to the new entity, Police Financial Services Limited, upon the publication of this Notice in the Gazette. This legislative update ensures that the new name reflects the legal entity holding the Authority. The obligations and requirements imposed by the Act on the parties involved are primarily administrative and notification-based. The delegate of APRA, in this case, Stephen Edward Glenfield, must verify that the authorised deposit-taking institution has indeed changed its name and that all necessary steps have been followed according to the provisions of the Act. Once satisfied, the delegate must issue a formal notice, as seen in the Gazette, which informs the public and relevant authorities of this change. The new entity, Police Financial Services Limited, must also ensure that all records, communications, and legal documents reflect the updated name to maintain compliance with banking regulations. In terms of potential breaches and consequences, the Act does not explicitly outline specific offences or penalties for failure to comply with the name change notification process. However, failure to update records and communicate the name change accurately could result in regulatory scrutiny and potential penalties for non-compliance with broader banking regulations. While the Act itself does not specify maximum penalties for this particular notice, breaches of other related provisions could lead to substantial fines or other enforcement actions by APRA. It is essential for entities to adhere strictly to the notification requirements to avoid any regulatory repercussions.