Notice of name change of authorised deposit-taking institution - Wide Bay Australia Ltd to Auswide Bank Ltd

Overview

The Banking Act 1959 was enacted to regulate and supervise the operations of authorised deposit-taking institutions (ADIs) in Australia, ensuring the stability and integrity of the banking system. The Act provides a framework for the regulation of ADIs, including the granting and monitoring of authorities, prudential standards, and other financial obligations. One of the key mechanisms in this legislative framework is the provision for changes in the names of authorised institutions, which is managed by the Australian Prudential Regulation Authority (APRA). The Notice of name change of authorised deposit-taking institution, published on 8 April 2015, exemplifies this regulatory function by notifying the public of a name change from Wide Bay Australia Ltd to Auswide Bank Ltd, reflecting the institution’s compliance with the provisions of the Act and APRA’s oversight. This notification ensures that the Authority previously granted to Wide Bay Australia Ltd is now effectively transferred to Auswide Bank Ltd, maintaining regulatory continuity and public confidence in the institution.

Scope and Application

This notice pertains to the application of the Banking Act 1959 concerning the name change of an authorised deposit-taking institution. Specifically, it addresses the change in the name of Wide Bay Australia Ltd to Auswide Bank Ltd, both of which hold an authority under section 9 of the Act. This notification is issued by Keith Chapman, a delegate of the Australian Prudential Regulation Authority (APRA), who is authorised under the Act to make such declarations. The notice indicates that the Authority previously granted to Wide Bay Australia Ltd will now apply to Auswide Bank Ltd following the publication of this notice in the Gazette, as per the provisions of subsection 9B(3) of the Act. The application of this Act is limited to entities that hold an authority under section 9, and in this case, the notice explicitly refers to the named entity Wide Bay Australia Ltd changing its name to Auswide Bank Ltd. The jurisdictional reach of this Act is national, administered by APRA, a federal authority, thereby ensuring consistency and regulatory oversight across the country. There are no exclusions, exemptions, or thresholds mentioned in this specific notice, and the Act’s broader application may be extended or restricted through subordinate instruments, though these are not detailed in the notice itself.

Key Provisions

The primary operative sections of the Notice of Name Change of Authorised Deposit-Taking Institution under the Banking Act 1959 (the Act) are section 9B(1)(b) and subsection 9B(3). Section 9B(1)(b) allows a delegate of the Australian Prudential Regulation Authority (APRA) to be satisfied that an authorised deposit-taking institution has changed its name. Subsection 9B(3) provides that once the Notice of the name change is published in the Gazette, the existing authorisation under the Act will be deemed to have been granted to the new name. This ensures that the institution’s legal status and operations remain uninterrupted despite the name change. The Notice imposes certain obligations and requirements on the parties involved. Firstly, it mandates that the institution, in this case Wide Bay Australia Ltd, must formally notify APRA of the name change. Secondly, the delegate of APRA, Keith Chapman, must review the change and be satisfied that all legal and procedural requirements have been met. Once satisfied, the delegate must then issue the Notice of the name change and publish it in the Gazette. This process ensures that the name change is properly recorded and recognised by the regulatory body and the public. Breach of the provisions outlined in the Notice could result in serious consequences. Although specific offences and penalties are not detailed in the Notice itself, under the Banking Act 1959, failure to notify APRA of a name change or other significant changes can result in regulatory action, including fines or revocation of the institution’s authorisation. The severity of the penalties can depend on the nature and extent of the non-compliance, with potential maximum penalties being significant under the Act. Ensuring compliance with these provisions is critical to maintaining the institution’s operational legitimacy and regulatory standing.