Banking Act 1959

Part II - Provisions relating to the carrying on of banking business

Division 2A - Auditors of ADIs and authorised NOHCs and their subsidiaries

SECTION 16C

16C Auditor may provide information to APRA

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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 an a body mentioned in paragraph (a), (b) or (c)), being a subsidiary that is not incorporated in Australia and carries on business in Australia;

may provide information, or 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 the person considers that the provision of the information, or the production of the books, accounts or documents, to APRA will assist APRA in performing its functions under this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023 .

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History

S 16C amended by No 68 of 2023, s 3 and Sch 1 item 27, by substituting " this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023 " for " this Act or the Financial Sector (Collection of Data) Act 2001 " , effective 15 September 2023. For application, saving and transitional provisions, see note under s 15D(1) .

S 16C substituted by No 116 of 2003, s 3 and Sch 2 item 16, effective 28 November 2003. S 16C formerly read:

SECTION 16C Auditor may provide information to APRA
16C
A person who is, or who has been, an auditor of:

(a) an ADI; or

(b) an authorised NOHC; or

(c) a subsidiary of an ADI or authorised NOHC;
may provide information about the ADI, authorised NOHC or subsidiary to APRA if the person considers that the provision of that information to APRA will assist APRA in performing its functions under this Act or the Financial Sector (Collection of Data) Act 2001 .

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History

S 16C amended by No 121 of 2001, s 3 and Sch 2 item 15, by inserting ``or the Financial Sector (Collection of Data) Act 2001 '', effective 1 July 2002.

Act No 121 of 2001, s 3 and Sch 2 item 18, contained the following application provision:

Application
18(1)
The amendments apply to a financial sector entity (within the meaning of the Financial Sector (Collection of Data) Act 2001 ) that is a body referred to in subitem (2) only on and after the day on which the reporting standards determined under section 13 of that Act begin to apply under section 15 of that Act to a class or kind of financial sector entities in which that body is included.

18(2)
The bodies are:

(a) ADIs; and

(b) authorised NOHCs; and

(c) subsidiaries of ADIs; and

(d) subsidiaries of authorised NOHCs.

18(3)
Expressions used in subitem (2) have the same meanings as in the Banking Act 1959 .

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