Notice of name change of authorised deposit- taking institution
Banking Act 1959
I, Keith Chapman, a delegate of APRA, under paragraph 9B(1)(b) of the Banking Act 1959 (the Act), am satisfied that Queensland Police Credit Union Limited ABN 79 087 651 036, which holds an authority under section 9 of the Act (the Authority), has changed its name to QPCU Limited ABN 79 087 651 036.
Under subsection 9B(3) of the Act, the Authority is taken to have effect, after publication of this Notice in the Gazette, as if it had been granted to QPCU Limited.
Dated 20 January 2016
[Signed]
Keith Chapman
Executive General Manager Specialised Institutions Division
Interpretation Document ID: 220180
In this Notice
APRA means the Australian Prudential Regulation Authority.
7/01/2016
Overview
The Banking Act 1959 was enacted to regulate and oversee the banking industry in Australia, ensuring its stability and integrity. It provides a framework for the authorisation, supervision, and regulation of authorised deposit-taking institutions (ADIs). The Notice of Name Change of Authorised Deposit-Taking Institution is an instrument used to officially recognise and record changes in the names of ADIs, ensuring that all regulatory and legal obligations continue seamlessly under the new name. This notice was issued by Keith Chapman, a delegate of the Australian Prudential Regulation Authority (APRA), to inform the public of the name change of Queensland Police Credit Union Limited to QPCU Limited. The policy objective of this notice is to maintain clarity and continuity in the regulatory oversight of financial institutions by ensuring that all legal and regulatory documents reflect the correct name of the institution.
This notice exemplifies the commitment of APRA to uphold the standards of the Australian banking system, ensuring that any changes in the structure or name of authorised institutions are transparent and well-documented. By publishing this notice in the Gazette, APRA aims to provide clear and accessible information to all stakeholders, including customers, regulatory bodies, and the public, thereby maintaining the trust and confidence in the financial system.
Scope and Application
The notice pertains to the amendment of the name of an authorised deposit-taking institution as per the Banking Act 1959. Keith Chapman, acting as a delegate of the Australian Prudential Regulation Authority (APRA), confirms that Queensland Police Credit Union Limited, which holds an authority under section 9 of the Act, has changed its name to QPCU Limited. The Authority, which was initially granted to Queensland Police Credit Union Limited, is now deemed to be in effect as if it had been granted to QPCU Limited following the publication of this notice in the Gazette. This change of name is significant for regulatory and compliance purposes under the Act, ensuring that the institution remains within the legal framework governing authorised deposit-taking institutions in Australia. The notice applies specifically to QPCU Limited and reflects the institution’s continued authorisation under the Act, thereby ensuring there is no disruption in its operations or regulatory status.
Key Provisions
The primary operative section of this Notice is section 9B(1)(b) of the Banking Act 1959, which allows a delegate of the Australian Prudential Regulation Authority (APRA) to be satisfied that a name change of an authorised deposit-taking institution has occurred. In this instance, Keith Chapman, as a delegate of APRA, has confirmed that Queensland Police Credit Union Limited has changed its name to QPCU Limited. This change will be effective as of the date of publication of the Notice in the Gazette, as stipulated in section 9B(3) of the Act.
The Notice imposes certain obligations and requirements on the parties involved. Specifically, the institution changing its name must notify APRA and comply with any conditions or requirements set forth by APRA in relation to the name change. This includes ensuring that all necessary documentation and communications are updated to reflect the new name. In this case, Queensland Police Credit Union Limited has complied with these obligations by notifying APRA and providing the necessary documentation to support the name change.
There are no specific offences, penalties, or civil/criminal consequences outlined in the Notice for failing to comply with the requirements of the Banking Act 1959 in relation to a name change. However, the Act does provide for a range of enforcement actions that APRA may take if an institution fails to comply with its obligations under the Act. These actions may include fines, public reprimands, or even revocation of the institution's authorisation. The maximum penalties for offences under the Act vary depending on the specific offence and may include fines of up to $1.1 million for individuals and $5.5 million for bodies corporate, as well as imprisonment for certain serious offences.
In summary, the Notice confirms that Queensland Police Credit Union Limited has changed its name to QPCU Limited and will be effective as of the date of publication in the Gazette. The institution has complied with its obligations under the Banking Act 1959 in relation to the name change, and there are no specific penalties outlined in the Notice for non-compliance. However, the Act does provide for a range of enforcement actions that APRA may take if an institution fails to comply with its obligations under the Act.