Commonwealth legislation

Banking (restricted word or expression) determination 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This Act has been repealed and is no longer in force. It is retained for historical reference.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

1/10 complexity

What this does:

This instrument adds two specific phrases to Australia's "do not use" list for financial businesses. Only companies properly licensed by APRA (the Australian Prudential Regulation Authority) can legally use:

"specialist credit card institution"
"SCCI" (the acronym)

Why it matters:

Under the Banking Act 1959, certain words are "restricted" — meaning unlicensed businesses cannot use them in their name or advertising. This prevents operators from misleading customers into thinking they're dealing with a properly regulated financial institution.

This determination specifically stops unlicensed entities from implying they are a special type of regulated credit card provider unless APRA has actually authorized them to operate as one.

Who it affects:

Any business considering these terms for marketing, branding, or company names. If you're not licensed by APRA, using "specialist credit card institution" or "SCCI" could constitute a legal offence.

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Current sections

Direct links to the current provisions in Banking (restricted word or expression) determination No. 1 of 2006.

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

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

Banking Act 1959

I, Charles Watts Littrell, a delegate of APRA, under subsection 66(5) of the Banking Act 1959 (the ‘Act’) DETERMINE that the expressions ‘specialist credit card institution’ and ‘SCCI’ are restricted expressions for the purposes of section 66 of the Act.

This determination comes into effect upon registration on the Federal Register of Legislative Instruments.

Dated 18 January 2006

[signed]

…………………………………

Charles Littrell

Executive General Manager

Policy, Research & Statistics Division

In this determination:

APRA means the Australian Prudential Regulation Authority

Source text

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

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8 meta-generator: Aspose.Words for .NET 20.2

?xml version="1.0" encoding="utf-8" standalone="no"?>

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

Banking Act 1959

This determination comes into effect upon registration on the Federal Register of Legislative Instruments.

Dated 18 January 2006

[signed]

…………………………………

Charles Littrell

Executive General Manager

Policy, Research & Statistics Division

In this determination:

APRA means the Australian Prudential Regulation Authority