Commonwealth legislation

Banking (Exemption) Order No. 82

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

2/10 complexity

This Order lets foreign banks use the word “bank” in Australia without an Australian banking licence when they raise funds in the wholesale capital market (issuing securities to institutional investors).

Qualification requires home‑country banking authorization and Australian securities issuance; offers must be in parcels of at least A$500,000 and documents must state the issuer is not authorised under the Australian Banking Act—facilitating market access while protecting retail investors.

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Current sections

Direct links to the current provisions in Banking (Exemption) Order No. 82.

Banking (Exemption) Order No. 82

COMMONWEALTH OF AUSTRALIA

BANKING ACT 1959

ORDER OF EXEMPTION

I, JAMES ROBERT SHORT, Assistant Treasurer acting for and behalf of the Treasurer, make

the following Order under section 11 on the Banking Act 1959.

Citation

This order may be cited as the Banking (Exemption) Order No. 82.

Application of Order

This order applies to foreign corporations, authorised as banks in their home countries, that

raise funds in the Australian wholesale capital market by way of issuing securities.

Subject to clause 4, each corporation to which this Order applies is exempt from compliance

with section 66 of the Banking Act 1959 to the extent that the section prohibits the corporation from

using the word ‘bank’ or ‘banker’ or ‘banking’ in relation to the business of raising funds in the

Australian wholesale capital market by way of issuing securities.

Conditions

This Order is subject to the following conditions:

(a) the securities being offered and/or traded in parcels of not less than A$500,000; and

(b) it being clearly stated on the securities and any related information memoranda that the

securities are being issued by a bank that is not authorised under the Banking Act 1959.

Dated 23 September 1996

JAMES SHORT

Assistant Treasurer

Source text

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

1 Banking (Exemption) Order No. 82