Financial Sector Legislation Amendment Act (No. 1) 2003 (116 of 2003)

Schedule 2   Banking Act 1959

13   Subsection 16B(1)

Repeal the subsection, substitute:

Duty to give information when required

(1) APRA may, by notice in writing, require a person who is, or has been, an auditor of:

(a) an ADI; or

(b) an authorised NOHC; or

(c) a subsidiary of an ADI or authorised NOHC; or

(d) if an ADI is a subsidiary of a foreign corporation (whether or not the ADI is itself a foreign ADI):

(i) another subsidiary (a relevant Australian-incorporated subsidiary) of the foreign corporation (other than a body mentioned in paragraph (a), (b) or (c)), being a subsidiary that is incorporated in Australia; or

(ii) another subsidiary (a relevant foreign-incorporated subsidiary ) of the foreign corporation (other than a body mentioned in paragraph (a), (b) or (c)), being a subsidiary that is not incorporated in Australia and carries on business in Australia;

to provide information, or to produce books, accounts or documents, to APRA about the ADI, authorised NOHC, subsidiary of the ADI or authorised NOHC, or relevant Australian-incorporated subsidiary, or about the Australian operations of the relevant foreign-incorporated subsidiary, if APRA considers that the provision of the information, or the production of the books, accounts or documents, will assist APRA in performing its functions under this Act.