Document ID: chunk:federal_register_of_legislation:C2025C00165:section:66:p1
Version: federal_register_of_legislation:C2025C00165
Segment Type: section
Provision Reference: s 66 (pt 1/3)
Character Range: 359653–362211

66  Restriction on use of certain words and expressions
 (1) A person commits an offence if:
 (a) the person carries on a financial business, whether or not in Australia; and
 (b) the person assumes or uses, in Australia, a restricted word or expression in relation to that financial business; and
 (c) neither subsection (1AB) nor subsection (1AC) allows that assumption or use of that word or expression; and
 (d) APRA did not consent to that assumption or use of that word or expression; and
 (e) there is no determination in force under section 11 that this subsection does not apply to the person.
Penalty: 50 penalty units.
Note 1: For the meanings of restricted word or expression, assume or use and financial business, see subsection (4).
Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 3: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
 (1AA) If a person assumes or uses a word or expression in circumstances that give rise to the person committing an offence against subsection (1), the person commits an offence against that subsection in respect of:
 (a) the first day on which the offence is committed; and
 (b) each subsequent day (if any) on which the circumstances that gave rise to the person committing the offence continue (including the day of conviction for any such offence or any later day).
Note: This subsection is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.
 (1AB) It is not an offence against subsection (1) for the Reserve Bank to assume or use the words bank, banker or banking in relation to its financial business.
 (1AC) It is not an offence against subsection (1) for an ADI to assume or use the words bank, banker or banking in relation to the ADI's financial business.
Note: See also section 66AA, which deals with the use of the word bank by ADIs.
 (1B) A consent may be expressed to apply to a particular person or to persons included in a class of persons.
 (2) APRA may, at any time:
 (a) impose conditions, or additional conditions, on a consent; or
 (b) vary or revoke conditions imposed on a consent; or
 (c) revoke a consent.
 (2A) The form of the granting of a consent, or the taking of action under subsection (2) in relation to a consent, is to be as follows:
 (a) if the consent applies to a particular person—notice in writing served