Document ID: chunk:federal_register_of_legislation:F2018L01477:body:0:p2
Version: federal_register_of_legislation:F2018L01477
Segment Type: other
Provision Reference: 
Character Range: 2605–5230

within the meaning of Division 6 of Part 1.2 of the Corporations Act 2001.

superannuation entity has the meaning given in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.

Note 1 This instrument is a legislative instrument for the purposes of the Legislation Act 2003 (the Legislation Act) (see section 8).  The requirement in subsection 66(2A) of the Act, for publication of this instrument in the Gazette, is satisfied by registration on the Federal Register of Legislation (see subsection 11(4) Legislation Act).

Note 2 Under subsection 66(1) of the Act, a person who carries on a financial business is guilty of an offence if the person assumes or uses, in Australia, a restricted word or expression in relation to that financial business, where:
    (i)            subsections 66(1AB) and 66(1AC) do not apply; and
    (ii)          APRA has not consented to that assumption or use; and
    (iii)        there is no determination in force under section 11 of the Act that subsection 66(1) does not apply to that person.
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(1AA), an offence against subsection 66(1) 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 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.