Commonwealth legislation

Consent to use restricted expressions - Class consent - providers of purchased payment facilities - Banking Act 1959 (16/11/2005)

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 class consent from APRA lets all authorised deposit-taking institutions (ADIs) use the business titles "purchased payment facility provider" and "PPF provider" without seeking individual permission. It matters because those terms would otherwise be restricted under the Banking Act; the consent clears the way for ADIs offering prepaid/loaded payment services (e.g., stored-value cards, digital wallets) to describe their business.

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Current sections

Direct links to the current provisions in Consent to use restricted expressions - Class consent - providers of purchased payment facilities - Banking Act 1959 (16/11/2005).

Consent to use restricted expressions - Class consent - providers of purchased payment facilities - Banking Act 1959 (16/11/2005)

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Consent to use restricted expressions

Class consent – providers of purchased payment facilities

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) CONSENT to the use of the restricted expressions ‘purchased payment facility provider’ and ‘PPF provider’ by an authorised deposit-taking institution.

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

Dated 16 November 2005

[Signed]

……………………………..

Charles Littrell

Executive General Manager

Policy, Research and Statistics Division

Interpretation

In this Notice

authorised deposit-taking institution has the meaning given in subsection 5(1) of the Act.

APRA means the Australian Prudential Regulation Authority.

Source text

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