Commonwealth legislation

Banking (restricted word or expression) determination No. 1 of 2015

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

This determination controls who can legally use the term 'credit co-operative' in Australia.

Under the Banking Act 1959, certain words and expressions are classified as 'restricted' to stop businesses from misleading people into thinking they are banks or authorized deposit-taking institutions (ADIs — companies officially approved to accept deposits). Only ADIs and entities with special permission from the banking regulator can use restricted terms.

What this determination does:

Revokes the old 2006 determination on the same topic
Adds the expression 'credit co-operative' to the list of restricted expressions
Means that unless you are an authorized deposit-taking institution or have approval from APRA (the Australian Prudential Regulation Authority), you cannot use 'credit co-operative' in your company name, advertising, or business documents

This protects consumers by ensuring only genuine, regulated financial institutions can use terminology suggesting they offer cooperative banking services.

JSON API

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in Banking (restricted word or expression) determination No. 1 of 2015.

Banking (restricted word or expression) determination No. 1 of 2015

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"?>

View image in the official source

Banking (restricted word or expression) determination No. 1 of 2015

Banking Act 1959

I, Wayne Stephen Byres, a delegate of APRA:

(a) under subsection 66(5) of the Banking Act 1959 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901, REVOKE Banking (restricted word or expression) determination No. 1 of 2006 made on 18 January 2006 under subsection 66(5) of the Act; and

(b) under subsection 66(5) of the Banking Act 1959 (the Act) DETERMINE that the expression ‘credit co-operative’ is a restricted expression for the purposes of section 66 of the Act.

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

Dated 6 August 2015

[Signed]

…………………………………

Wayne Stephen Byres

Chair

Interpretation

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 2015

Banking Act 1959

I, Wayne Stephen Byres, a delegate of APRA:

(b) under subsection 66(5) of the Banking Act 1959 (the Act) DETERMINE that the expression ‘credit co-operative’ is a restricted expression for the purposes of section 66 of the Act.

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

Dated 6 August 2015

[Signed]

…………………………………

Wayne Stephen Byres

Chair

Interpretation

In this Determination:

APRA means the Australian Prudential Regulation Authority.