Document ID: chunk:federal_register_of_legislation:C2018A00010:clause:1_16
Version: federal_register_of_legislation:C2018A00010
Segment Type: clause
Provision Reference: sch 1 cl 16
Character Range: 9472–11753

16  Subsection 9A(2)
Repeal the subsection, substitute:
 (2) APRA may revoke a body corporate's section 9 authority if APRA is satisfied that:
 (a) the body corporate has, whether before or after the commencement of this paragraph, provided, in connection with its application for the authority, information that was false or misleading in a material particular; or
 (b) the body corporate has failed to comply with any of the following:
 (i) a requirement of this Act;
 (ii) a requirement of the Financial Sector (Collection of Data) Act 2001;
 (iii) a requirement of the regulations or any other instrument made under this Act;
 (iv) a requirement of a provision of another law of the Commonwealth, if the provision is specified in the regulations;
 (v) a direction under this Act;
 (vi) a condition of its section 9 authority; or
 (c) it would be contrary to the national interest for the authority to remain in force; or
 (d) it would be contrary to financial system stability in Australia for the authority to remain in force; or
 (e) it would be contrary to the interests of depositors of the body corporate for the authority to remain in force; or
 (f) the body corporate has failed to pay:
 (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or
 (ii) an amount of charge fixed under section 51 of the Australian Prudential Regulation Authority Act 1998; or
 (g) the body corporate is insolvent and is unlikely to return to solvency within a reasonable period of time; or
 (h) the body corporate has ceased to carry on banking business in Australia; or
 (j) the body corporate is a foreign corporation within the meaning of paragraph 51(xx) of the Constitution, and:
 (i) the body corporate is unlikely to be able to meet its liabilities in Australia and is unlikely to be able to do so within a reasonable period of time; or
 (ii) an authority (however described) for the body corporate to carry on banking business in a foreign country has been revoked or otherwise withdrawn in that foreign country.
The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply.