Commonwealth legislation

Banking (restricted word or expression) consent No. 1 of 2006

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 instrument replaces a 2003 exemption and authorises authorised deposit-taking institutions that solely issue and process credit cards to use the term “specialist credit card institution” or “SCCI.” It applies only to ADIs that do no other banking business.

It matters because, without this specific permission, those firms would breach the Banking Act’s restrictions on using “bank”‑style words; the change lets them describe their limited business legally and clearly.

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Banking (restricted word or expression) consent No. 1 of 2006

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Banking (restricted word or expression) consent No. 1 of 2006

Banking Act 1959

I, Charles Watts Littrell, a delegate of APRA, under paragraph 66(1)(d) and subsection 66(1B) of the Banking Act 1959 (‘the Act’) and subsection 33(3) of the Acts Interpretation Act 1901:

REVOKE the Consent to Use of Restricted Expressions made on 17 July 2003 under paragraph 66(1)(d) and subsection 66(1B) of the Act; and
CONSENT to the use of the restricted expressions ‘specialist credit card institution’ and ‘SCCI’ by an ADI that carries on credit card issuing and/or credit card acquiring within the meaning of regulation 2(2) of the Banking Regulations 1966 and does not carry on any other form of banking business.

Paragraphs 1 and 2 come into effect upon registration of this consent on the Federal Register of Legislative Instruments.

Dated 18 January 2006

[signed]

…………………………………

Charles Littrell

Executive General Manager

Policy, Research & Statistics Division

In this instrument:

APRA means the Australian Prudential Regulation Authority.

Source text

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

1 Banking (restricted word or expression) consent No. 1 of 2006

Banking (restricted word or expression) consent No. 1 of 2006

Banking Act 1959

I, Charles Watts Littrell, a delegate of APRA, under paragraph 66(1)(d) and subsection 66(1B) of the Banking Act 1959 (‘the Act’) and subsection 33(3) of the Acts Interpretation Act 1901:

REVOKE the Consent to Use of Restricted Expressions made on 17 July 2003 under paragraph 66(1)(d) and subsection 66(1B) of the Act; and
CONSENT to the use of the restricted expressions ‘specialist credit card institution’ and ‘SCCI’ by an ADI that carries on credit card issuing and/or credit card acquiring within the meaning of regulation 2(2) of the Banking Regulations 1966 and does not carry on any other form of banking business.

Paragraphs 1 and 2 come into effect upon registration of this consent on the Federal Register of Legislative Instruments.

Dated 18 January 2006

[signed]

…………………………………

Charles Littrell

Executive General Manager

Policy, Research & Statistics Division

In this instrument:

APRA means the Australian Prudential Regulation Authority.