Document ID: chunk:federal_register_of_legislation:F2015L01473:body:0:p2
Version: federal_register_of_legislation:F2015L01473
Segment Type: other
Provision Reference: 
Character Range: 2600–5231

on which the offence is committed and on each subsequent day that the circumstances giving rise to the offence continue, including the day of conviction or any later day.

Note 3   Under subsection 66(2) of the Act, APRA may at any time impose conditions, or additional conditions, on a consent or vary or revoke conditions imposed on a consent or revoke a consent.

Note 4   Under subsection 66(3) of the Act, a person who has been given a consent under section 66 and who contravenes a condition applicable to the consent (where there is no applicable determination in force under section 11 of the Act) is guilty of an offence. The penalty is 50 penalty units or, in the case of a body corporate, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a penalty of up to 250 penalty units. Under subsection 66(3A) of the Act, an offence against subsection 66(3) is committed on the first day on which the offence is committed and on each subsequent day that the circumstances giving rise to the offence continue, including the day of conviction or any later day.

Note 5   Under subsection 66(2B) of the Act, APRA must notify the Australian Securities and Investments Commission if APRA grants or revokes a consent or imposes, varies or revokes conditions on a consent given under section 66 of the Act.

Schedule

Conditions

Offshore banking unit

   1. An offshore banking unit may use the word banking as part of the expression offshore banking unit, in relation to its offshore banking business, subject to:
       (a) if the offshore banking unit is an ADI – condition 3;
       (b) if the offshore banking unit is not an ADI – conditions 3 to 6.

Body corporate related to an offshore banking unit

   2. A body corporate that is related to an offshore banking unit may use the word banking as part of the expression offshore banking unit, in relation to the offshore banking unit's offshore banking business, subject to condition 1.

Condition applying generally

   3. The offshore banking unit or body corporate related to the offshore banking unit must not use the word or expression, banking or offshore banking unit, in a misleading or deceptive way.

               Example 1: If the offshore banking unit concerned is not an ADI, the word or expression must not be used in such a way as to represent or suggest that the offshore banking unit is an ADI, is otherwise authorised to carry on banking business in Australia, or is supervised by APRA.

               Example 2: If the offshore banking unit concerned is an ADI, the word or expression must not be used in such a way as to represent or