Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018 (10 of 2018)

Schedule 1 Amendment of the Banking Act 1959

Insert:

11AAA Conditions on an authority

(1) APRA may, at any time, by giving written notice to a body corporate:

(a) impose conditions, or additional conditions, on the body corporate's NOHC authority; or

(b) vary or revoke conditions imposed on the body corporate's NOHC authority.

The conditions must relate to prudential matters.

(2) A condition may be expressed to have effect despite anything in the prudential standards or the regulations.

(3) If APRA imposes, varies or revokes the conditions on a body corporate's NOHC authority, APRA must:

(a) give written notice to the body corporate; and

(b) ensure that notice that the action has been taken is published in the Gazette.

(4) The taking of an action is not invalid merely because of a failure to comply with subsection (3).

(5) Part VI applies to the following decisions made under this section:

(a) a decision to impose conditions, or additional conditions, on a body corporate's NOHC authority;

(b) a decision to vary conditions imposed on a body corporate's NOHC authority.

11AAB Breach of authority conditions

(1) A body corporate commits an offence if:

(a) the body corporate does an act or fails to do an act; and

(b) doing the act or failing to do the act results in a contravention of a condition of the body corporate's NOHC authority; and

Penalty: 300 penalty units.

(2) If an individual:

(a) commits an offence against subsection (1) because of Part 2.4 of the Criminal Code; or

(b) commits an offence under Part 2.4 of the Criminal Code in relation to an offence against subsection (1);

he or she is punishable, on conviction, by a fine not exceeding 60 penalty units.

(3) An offence against this section is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.