Commonwealth legislation

Banking (Exemption) No. 1 of 2012

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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What this does

This instrument cancels an old regulatory exemption that allowed a specific financial institution to ignore certain rules under the Banking Act 1959.

Key details

The target: It revokes "Banking (Exemption) Order No 104" from August 2005. That earlier order had waived some Banking Act requirements for a particular person or company.
The effect: The entity that held the 2005 exemption must now comply with the full rules that were previously waived.
The authority: The Australian Prudential Regulation Authority (APRA) — the regulator that oversees banks — issued this revocation using its power under section 11 of the Banking Act.

Why it matters

When APRA removes an exemption, it usually means the institution no longer qualifies for special treatment. This could be because its business changed, or because APRA decided that standard safety regulations should now apply to it.

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Current sections

Direct links to the current provisions in Banking (Exemption) No. 1 of 2012.

Banking (Exemption) No. 1 of 2012

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Banking (Exemption) No. 1 of 2012

Banking Act 1959

I, Charles Watts Littrell, a delegate of APRA, under subsection 11(4) of the Banking Act 1959 (the Act), REVOKE Banking (Exemption) Order No 104 made by APRA on 18 August 2005 under subsections 11(1) and (4) of the Act.

This instrument takes effect when it is registered on FRLI.

Dated 31 January 2012

[signed]

………………………

Charles Watts Littrell

Executive General Manager

Policy, Research and Statistics Division

Interpretation

In this instrument

APRA means the Australian Prudential Regulation Authority.

FRLI means the Federal Register of Legislative Instruments established under the Legislative Instruments Act 2003.

Note 1 Under subsection 11(1) of the Act, APRA may, in writing, determine that any or all of the provisions referred to in subsection 11(1) do not apply to a person while the determination is in force.

Note 2 Under subsection 11(4) of the Act, APRA may, in writing, vary or revoke a determination made under section 11.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Banking (Exemption) No. 1 of 2012

Banking (Exemption) No. 1 of 2012

Banking Act 1959

This instrument takes effect when it is registered on FRLI.

Dated 31 January 2012

[signed]

………………………

Charles Watts Littrell

Executive General Manager

Policy, Research and Statistics Division

Interpretation

In this instrument

APRA means the Australian Prudential Regulation Authority.

FRLI means the Federal Register of Legislative Instruments established under the Legislative Instruments Act 2003.

Note 1 Under subsection 11(1) of the Act, APRA may, in writing, determine that any or all of the provisions referred to in subsection 11(1) do not apply to a person while the determination is in force.

Note 2 Under subsection 11(4) of the Act, APRA may, in writing, vary or revoke a determination made under section 11.