Document ID: chunk:federal_register_of_legislation:C2025C00165:section:11ab:p1
Version: federal_register_of_legislation:C2025C00165
Segment Type: section
Provision Reference: s 11AB (pt 1/2)
Character Range: 57790–60450

11AB  Revocation of authority etc.
 (1) APRA must revoke a NOHC authority granted to a body corporate if:
 (a) the body corporate, by notice in writing to APRA, requests the revocation of the authority; and
 (b) APRA is satisfied that revocation of the authority:
 (i) would not be contrary to the national interest; and
 (ii) would not be contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate.
 (2) APRA may revoke a NOHC authority granted to a body corporate if APRA is satisfied that:
 (aa) 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
 (a) 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;
 (iia) a requirement of the Financial Accountability Regime Act 2023;
 (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 NOHC authority; or
 (b) the body corporate has ceased to be a NOHC of any ADI or ADIs; or
 (c) it would be contrary to the national interest for the authority to remain in force; or
 (ca) it would be contrary to financial system stability in Australia for the authority to remain in force; or
 (d) it would be contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate for the authority to remain in force; or
 (e) 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.
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.
 (3) Subject to subsection (4), APRA must not, under subsection (2), revoke a body corporate's NOHC authority unless:
 (a) APRA has given the body corporate a notice in writing advising the body corporate:
 (i) that APRA is considering revoking the authority for the reasons specified in the notice; and
 (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and
 (iii) of the date by which any submissions