Notice of name change of authorised deposit- taking institution - The Rock Building Society Limited to MyState Queensland Ltd

Overview

The Notice of Name Change of Authorised Deposit-Taking Institution published in the Gazette on 15 October 2015 pertains to The Rock Building Society Limited, which has changed its name to MyState Queensland Ltd. This notification is issued under the Banking Act 1959, administered by the Australian Prudential Regulation Authority (APRA). The Act was enacted to regulate the operations of authorised deposit-taking institutions, ensuring financial stability and consumer protection within the banking sector. The primary purpose of this specific notice is to inform stakeholders and the public of the institutional name change, ensuring that the legal authority granted to The Rock Building Society Limited under the Act now applies to MyState Queensland Ltd. Keith Chapman, a delegate of APRA, has confirmed the validity of this name change, which officially takes effect following its publication in the Gazette.

Scope and Application

The Notice of name change of authorised deposit-taking institution under the Banking Act 1959 applies specifically to authorised deposit-taking institutions that undergo a name change, as demonstrated in the case of The Rock Building Society Limited changing its name to MyState Queensland Ltd. This Act pertains to entities holding an authority under section 9 of the Banking Act 1959 and mandates that any changes in the name of such institutions must be formally notified and recognised. Keith Chapman, as a delegate of the Australian Prudential Regulation Authority (APRA), has affirmed the name change and the corresponding update to the institution's authority, ensuring compliance with the legislative requirements set forth in the Act. This notification extends to the Commonwealth level, affecting entities operating within Australia’s regulatory framework for banking institutions. There are no specific exclusions or thresholds mentioned in the notice, and any further details or conditions are to be found in the subordinate instruments of the Act.

Key Provisions

The key provision of this notice (C2015G01710) is the notification under subsection 9B(3) of the Banking Act 1959 that The Rock Building Society Limited, which holds an authority under section 9 of the Act, has changed its name to MyState Queensland Ltd. This change is effective following the publication of this Notice in the Gazette. The authority previously held by The Rock Building Society Limited is now deemed to be granted to MyState Queensland Ltd, maintaining continuity and ensuring the new entity is recognised under the Act. The notice imposes certain obligations on MyState Queensland Ltd, primarily that it must continue to comply with all conditions and requirements of the authority originally granted to The Rock Building Society Limited. This includes adherence to all regulatory frameworks and standards set by the Australian Prudential Regulation Authority (APRA) and as outlined in the Banking Act 1959. Furthermore, MyState Queensland Ltd must ensure that all relevant stakeholders and regulatory bodies are informed of the name change to avoid any confusion or operational disruptions. Breach of any conditions stipulated in the authority, whether under the former or the current name, could result in significant legal consequences. Under the Banking Act 1959, non-compliance with the authority's terms could lead to penalties. The specific penalties for breaches are not detailed in the notice but generally, such breaches can result in substantial fines or even the revocation of the authority. Criminal offences under the Act could lead to imprisonment, while civil penalties can include fines up to the maximum prescribed by law. These penalties serve as a deterrent to ensure that authorised deposit-taking institutions operate within the legal framework set by the Act.