Revocation of NOHC Authority 2023 – Volt Corporation Limited

Administered by Department of the Treasury

Legislation au C2023G01027 In force Gazette

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Revocation of NOHC authority 2023 – Volt Corporation Limited

Banking Act 1959

 

To: Volt Corporation Limited ABN 60 622 084 959 (the body corporate) SINCE:

  1. on 26 August 2022, APRA revoked the body corporates NOHC authority under

subsection 11AA of the Banking Act 1959 (the Act) (the revocation instrument); and

 

B.            the revocation instrument stated that, under subsection 11AB(5A) of the Act, the NOHC authority continues in effect in relation to the matters and periods specified in that instrument, as though the revocation had not happened, for the purposes of the provisions of the Act as specified in that instrument (the existing provisions),

 

I, Renée Roberts, a delegate of APRA, under subsection 11AB(5A) of the Act and subsection 33(3) of the Acts Interpretation Act 1901, VARY the provisions which continue under the revocation instrument by replacing the existing provisions with the provisions specified in the Schedule (the varied provisions).

 

This instrument commences on the day it is made. Dated: 30 August 2023

 

Renée Roberts Executive Director Banking Division

 

Interpretation

In this instrument:

APRA means the Australian Prudential Regulation Authority.

NOHC authority has the meaning given in subsection 5(1) of the Act.

 

Notes

APRA is required to publish notice of the revocation in the Gazette, and may also publish notice of the revocation in other ways.

Schedule – existing provisions

The authority continues in effect in relation to the following matters and periods, as though the revocation had not happened, for the purposes of the following provisions of the Banking Act 1959 (the Act):

 

Investigations

 

  1. in relation to all matters occurring prior to the date of this instrument:

 

(a)          Part VIII ‘Powers of APRA’; and

(b)          section 62E ‘APRA may request information from liquidator’;

Directions

 

2.             for the period from the date of this instrument to the chargeback/reversal sunset date:

 

(a)          section 11CA ‘APRA may give directions in certain circumstances’;

(b)          section 11CD ‘Direction not grounds for denial of obligations’;

(c)           section 11CE ‘Supply of information about issue and revocation of directions’; and

(d)          section 11CG ‘Non-compliance with a direction’;

Auditors

 

3.             in relation to any breach or possible breach of the Act, the Regulations, the applicable prudential standards, or any other law of the Commonwealth or a State or a Territory which has occurred or may have occurred prior to the date of this instrument, section 18 ‘Referring matters to professional associations for auditors’;

 

Proposed appointment of external administrator

 

4.             for the period from the date of this instrument to the chargeback/reversal sunset date, section 62B ‘Involving APRA in proposed appointment of external administrators of ADIs and NOHCs’; and

 

Ancillary provisions

 

5.             in relation to any function or power under the Act which APRA had in relation to the body corporate, its responsible persons, and/or accountable persons prior to the date of this instrument and in relation to any function or power that APRA has retained under this instrument as specified in this Schedule, section 18A ‘Enforceable undertakings’;

 

6.             in relation to any potential transferrable deposit amounts, section 62D ‘Application by APRA for directions’;

 

7.             in relation to any conduct engaged in by the body corporate, its responsible persons and/or accountable persons prior to the chargeback/reversal sunset date, section 65A ‘Injunctions’;

 

8.             in relation to any function or power under the Act which APRA had in relation to the body corporate prior to the date of this instrument and in relation to any function or power that APRA has retained under this instrument as specified in this Schedule, section 65B ‘Civil penalties’;

9.             in relation to any direction made by APRA under section 11CA, section 70AA ‘Protection from liability – directions and secrecy’;

 

10.         in relation to all matters for which APRA has retained its functions and powers under this instrument as specified in this Schedule, section 70B ‘Act has effect despite the Corporations Act’; and

 

11.         in relation to all protected documents and protected information existing at the date of this instrument, section 56 of the Australian Prudential Regulation Authority Act 1998.

 

Interpretation

In this schedule:

approved transfer means the partial voluntary transfer of business from VBL to NAB under the Financial Sector (Transfer and Restructure) Act 1999 approved by APRA on 20 July 2022.

chargeback/reversal means any debit Mastercard transaction made in error or where goods and services are not received by a transferring customer prior to or within 30 days of 21 July 2022, or where the transaction is an unauthorised transaction, that are to be charged as a disputed or unauthorised transaction to the relevant merchant or ATM provider, but which do not compromise any fees or other transactional charges.

chargeback/reversal sunset date means 2 July 2024.

NAB means National Australia Bank Limited ABN 12 004 044 937. prudential matter has the meaning given by section 5(1) of the Act. prudential standard has the meaning given by section 5(1) of the Act.

transferrable deposit amount means any amount forming part of a debt of VBL to a transferring customer (including, without limitation, in respect of any chargeback/reversal) transferrable to NAB in accordance with the approved transfer.

transferring customer means a customer of VBL the subject of the approved transfer.

VBL means Volt Bank Limited ABN 67 622 375 722.

Schedule – varied provisions

The authority continues in effect in relation to the following matters and periods, as though the revocation had not happened, for the purposes of the following provisions of the Banking Act 1959 (the Act):

 

Investigations

 

  1. in relation to all matters occurring prior to the date of this instrument:

 

(a)          Part VIII ‘Powers of APRA’; and

(b)          section 62E ‘APRA may request information from liquidator’;

Directions

 

2.             for the period from the date of this instrument to the chargeback/reversal sunset date:

 

(a)          section 11CA ‘APRA may give directions in certain circumstances’;

(b)          section 11CD ‘Direction not grounds for denial of obligations’;

(c)           section 11CE ‘Supply of information about issue and revocation of directions’; and

(d)          section 11CG ‘Non-compliance with a direction’;

Auditors

 

3.             in relation to any breach or possible breach of the Act, the Regulations, the applicable prudential standards, or any other law of the Commonwealth or a State or a Territory which has occurred or may have occurred prior to the date of this instrument, section 18 ‘Referring matters to professional associations for auditors’;

 

Proposed appointment of external administrator

 

4.             for the period from the date of this instrument to the chargeback/reversal sunset date, section 62B ‘Involving APRA in proposed appointment of external administrators of ADIs and NOHCs’; and

 

Ancillary provisions

 

3.             in relation to any function or power under the Act which APRA had in relation to the body corporate, its responsible persons, and/or accountable persons prior to the date of this instrument and in relation to any function or power that APRA has retained under this instrument as specified in this Schedule, section 18A ‘Enforceable undertakings’;

 

4.             in relation to any potential transferrable deposit amounts, section 62D ‘Application by APRA for directions’;

 

5.             in relation to any conduct engaged in by the body corporate, its responsible persons and/or accountable persons prior to the chargeback/reversal sunset date, section 65A ‘Injunctions’;

 

6.             in relation to any function or power under the Act which APRA had in relation to the body corporate prior to the date of this instrument and in relation to any function or power that APRA has retained under this instrument as specified in this Schedule, section 65B ‘Civil penalties’;

7.             in relation to any direction made by APRA under section 11CA, section 70AA ‘Protection from liability – directions and secrecy’;

 

8.             in relation to all matters for which APRA has retained its functions and powers under this instrument as specified in this Schedule, section 70B ‘Act has effect despite the Corporations Act’; and

 

9.             in relation to all protected documents and protected information existing at the date of this instrument, section 56 of the Australian Prudential Regulation Authority Act 1998.

 

Interpretation

In this schedule:

approved transfer means the partial voluntary transfer of business from VBL to NAB under the Financial Sector (Transfer and Restructure) Act 1999 approved by APRA on 20 July 2022.

chargeback/reversal means any debit Mastercard transaction made in error or where goods and services are not received by a transferring customer prior to or within 30 days of 21 July 2022, or where the transaction is an unauthorised transaction, that are to be charged as a disputed or unauthorised transaction to the relevant merchant or ATM provider, but which do not compromise any fees or other transactional charges.

chargeback/reversal sunset date means 31 August 2023.

NAB means National Australia Bank Limited ABN 12 004 044 937. prudential matter has the meaning given by section 5(1) of the Act. prudential standard has the meaning given by section 5(1) of the Act.

transferrable deposit amount means any amount forming part of a debt of VBL to a transferring customer (including, without limitation, in respect of any chargeback/reversal) transferrable to NAB in accordance with the approved transfer.

transferring customer means a customer of VBL the subject of the approved transfer.

VBL means Volt Limited (formerly known as Volt Bank Limited) ABN 67 622 375 722.

Overview

The Banking Act 1959, enacted by the Commonwealth Parliament of Australia, addresses regulatory oversight and the prudential management of financial institutions. The Act establishes the Australian Prudential Regulation Authority (APRA) to supervise and regulate authorised deposit-taking institutions (ADIs) and non-operating holding companies (NOHCs), aiming to ensure financial stability and protect consumers. The Revocation of NOHC Authority 2023 (Volt Corporation Limited) instrument, issued by Renée Roberts as an APRA delegate, varies the existing provisions under which APRA's authority continues following the revocation of Volt Corporation Limited’s NOHC authority. This revocation was necessitated by the need to ensure continued oversight and regulatory compliance in specific areas such as investigations, directions, auditors, and ancillary provisions, as specified in the Schedule to the instrument. This legislative action ensures that APRA retains necessary powers to oversee critical banking functions and protect stakeholders during the transition.

Scope and Application

The Revocation of NOHC authority 2023, gazetted on 30 August 2023, applies to Volt Corporation Limited, an Australian-based body corporate, as identified by its Australian Business Number (ABN) 60 622 084 959. This instrument stems from the revocation of Volt Corporation Limited's Non-Operating Holding Company (NOHC) authority under the Banking Act 1959 (Cth), which was revoked by the Australian Prudential Regulation Authority (APRA) on 26 August 2022. Despite the revocation, certain functions and powers of APRA remain in effect in relation to the specified matters and periods as if the revocation had not occurred. This includes investigations, directions, auditor referrals, proposed appointments of external administrators, and ancillary provisions, among others. The geographic reach of the Act is national, applying across Australia. The Act does not specify exclusions, exemptions, or thresholds, but the varied provisions are detailed in the Schedule to this instrument. The application of the Act may be extended or restricted through subordinate instruments, as outlined in the Schedule.

Key Provisions

The Revocation of NOHC Authority 2023 (C2023G01027) (the Instrument) made by Renée Roberts, an Executive Director of the Australian Prudential Regulation Authority (APRA) under subsection 11AB(5A) of the Banking Act 1959 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901, varies the provisions that continue in effect under the revocation instrument which revoked Volt Corporation Limited's (the body corporate) non-operating holding company (NOHC) authority on 26 August 2022. The Instrument specifies the provisions that continue in effect under the revocation instrument as though the revocation had not happened, for the purposes of certain provisions of the Act, as detailed in the Schedule to the Instrument. The Instrument commences on the day it is made, which is 30 August 2023. The provisions of the Act that continue in effect under the revocation instrument are specified in the Schedule to the Instrument, and include the authority for APRA to investigate all matters occurring prior to the date of the Instrument (clause 1), the authority for APRA to give directions for the period from the date of the Instrument to the chargeback/reversal sunset date (clause 2), the authority for APRA to refer matters to professional associations for auditors in relation to any breach or possible breach of the Act, the Regulations, the applicable prudential standards, or any other law of the Commonwealth or a State or a Territory which has occurred or may have occurred prior to the date of the Instrument (clause 3), the authority for APRA to be involved in the proposed appointment of external administrators of authorised deposit-taking institutions and NOHCs for the period from the date of the Instrument to the chargeback/reversal sunset date (clause 4), and the authority for APRA in relation to any function or power under the Act which APRA had in relation to the body corporate, its responsible persons, and/or accountable persons prior to the date of the Instrument and in relation to any function or power that APRA has retained under this instrument as specified in the Schedule (clause 5). These provisions continue in effect for the purposes of the provisions specified in the Schedule, as though the revocation had not happened. The obligations and requirements imposed by the Act on the parties it governs include the obligation to comply with the Act, and any directions or requirements made under the Act, and to provide APRA with any information or documents required by APRA in connection with the exercise of its functions and powers under the Act. The obligations and requirements imposed by the Act on the body corporate include the obligation to comply with the Act, and any directions or requirements made under the Act, and to provide APRA with any information or documents required by APRA in connection with the exercise of its functions and powers under the Act. The Act provides for civil and criminal penalties for breach of its provisions. For example, under section 65B of the Act, a person who engages in conduct that constitutes a civil penalty offence is liable to a civil penalty not exceeding the greater of (a) three times the benefit, if any, gained by the person as a result of the conduct, or (b) 10,000 penalty units. Under section 65A of the Act, a person who engages in conduct that constitutes an indictable offence is liable to a fine not exceeding 100,000 penalty units. The Act also provides for the imposition of pecuniary penalties for breach of its provisions, and for the recovery of costs incurred by APRA in connection with the exercise of its functions and powers under the Act.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.