Notice of name change of authorised deposit-taking institution - SGE Credit Union Limited to SGE Mutual Limited

Overview

The Notice of Name Change of Authorised Deposit-Taking Institution, published under the Banking Act 1959, was enacted to facilitate the transition of SGE Credit Union Limited to SGE Mutual Limited. This change was authorised by Brandon Kong Leong Khoo, a delegate of the Australian Prudential Regulation Authority (APRA), ensuring the continuity of the institution's regulatory status and operations under the new name. The Act was introduced to provide a clear and streamlined process for authorised deposit-taking institutions to update their names, maintaining the integrity and transparency of financial institutions within the Australian regulatory framework. This legislative action was taken to address the need for a formal notification mechanism in the event of a name change, ensuring that all stakeholders are promptly and accurately informed about such modifications.

Scope and Application

The notice regarding the name change of an authorised deposit-taking institution under the Banking Act 1959 applies to SGE Credit Union Limited, which has altered its name to SGE Mutual Limited. This change is significant for those who engage with the institution, as it now operates under the new name while retaining the same Australian Business Number (ABN). The Banking Act 1959 provides the legal framework for this name change, ensuring that the institution's authority remains unaffected by the transition. The Act applies to authorised deposit-taking institutions within Australia, and the name change follows the formal requirements set out in the legislation, specifically under subsection 9B(3) of the Act. This change becomes effective upon publication of the notice in the Gazette, thereby ensuring that the institution's operations continue without interruption. The Australian Prudential Regulation Authority (APRA) oversees this process, confirming that the institution’s authority remains in place despite the name alteration.

Key Provisions

The Notice issued under section 9B(1)(b) of the Banking Act 1959 (the Act) confirms that SGE Credit Union Limited, previously holding an authority under section 9 of the Act (the Authority), has legally changed its name to SGE Mutual Limited. This name change is effective from the date of publication of this Notice in the Gazette, as outlined in subsection 9B(3) of the Act. The Authority, initially granted to SGE Credit Union Limited, is deemed to be in effect as if it had been granted directly to SGE Mutual Limited from the moment of publication. The obligations under this Act primarily revolve around the notification and transition process of the name change. The Australian Prudential Regulation Authority (APRA), represented by Brandon Kong Leong Khoo, confirms that SGE Mutual Limited is now the legal entity holding the Authority previously held by SGE Credit Union Limited. This transition ensures that all legal and regulatory requirements associated with the Authority continue seamlessly under the new name. Entities governed by this Act must comply with the provisions that mandate the notification of such changes to APRA and ensure that all records, documents, and communications reflect the new name. This includes updating any relevant regulatory filings and public disclosures to maintain accuracy and compliance with the Act. The Act does not specify any offences or penalties directly related to the name change notification itself, but failure to comply with other regulatory requirements under the Act could result in various civil or criminal consequences. These could include fines, enforcement actions, or even revocation of the Authority, depending on the nature and severity of the non-compliance. The specific penalties are not detailed within this Notice but would be governed by the broader provisions of the Banking Act 1959.