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Australian Prudential Regulation Authority Instrument fixing charges No. 4 of 2018

Charges to be paid by representative offices of foreign banks in Australia.

Australian Prudential Regulation Authority Act 1998

I, Stephen Matthews, a delegate of APRA

       (i)                 under paragraph 51(1)(a)(b) of the Australian Prudential Regulation Authority Act 1998 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901 REVOKE Instrument Fixing Charges No. 2 of 2013 made on 8 March 2013; and

       (ii)               under paragraph 51(1)(a)(b) of the Act, FIX the charges specified in the attached Schedule.

This Instrument commences on the date of registration on the Federal Register of Legislative Instruments under the Legislation Act 2003.
Dated: 7 June 2018

[Signed]

Stephen Matthews
Executive General Manager (Corporate Services)
Interpretation this Instrument

In this Instrument
APRA means the Australian Prudential Regulation Authority.
foreign bank means a foreign authorised deposit-taking institution (ADI) as defined in Subsection 5(1) of the Banking Act 1959. Section 67 of the Banking Act refers to foreign banks as overseas banks.

 Schedule of charges

Application or service for which the charge is imposed                                                                                                Amount of charge                                                                                                                                                                                                                                                                                                                                                                                                                                        Person required to pay the fee  When the charge is to be paid

                                                                                                                                                      (GST exempt)

Application for APRA's consent, under paragraph 67(1)(c) of the Banking Act 1959, to establish or maintain an office in Australia of a foreign bank.  $10,000                                                                                                                                                                                                                                                                                                                                                                                                                                                 The foreign bank.               On lodgement of the application.

Annual monitoring by APRA of:                                                                                                                         $3,000 per financial year per foreign bank (regardless of the number of offices in Australia).                                                                                                                                                                                                                                                                                                                                                          The foreign bank.               Twenty-eight days after receipt of APRA's invoice for the charge.

(a)     the operations and maintenance of the foreign bank's representative office in Australia; and                                                  The charge for a financial year shall be pro-rated where the foreign bank does not have an office in Australia at the beginning of the financial year but establishes such an office part way through the financial year, so that the foreign bank is only liable to pay a proportion of the charge corresponding to the proportion of the financial year which follows the establishment of a representative office in Australia of the foreign bank.                                  APRA may invoice the charge:
(b)    the foreign bank's compliance with the conditions imposed on the consent pursuant to subsection 67(2) of the Banking Act.
                                                                                                                                                      However, the charge for a financial year shall not be pro-rated where the foreign bank ceases to have any representative offices in Australia before the end of the financial year.                                                                                                                                                                                                                                                                                                      (a)              if the foreign bank does not have an office in Australia at the beginning of the financial year – when the foreign bank establishes an office in Australia during the financial year;
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               (b)              in every other case – at the beginning of the financial