Document ID: chunk:federal_register_of_legislation:C2006C00145:clause:2_11ab:p1
Version: federal_register_of_legislation:C2006C00145
Segment Type: clause
Provision Reference: sch 2 cl 11AB (pt 1/2)
Character Range: 50325–52922

11AB  Revocation of authority

 (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:
 (a) the body corporate has failed to comply with:
 (i) a requirement of this Act or the regulations; or
 (ii) a direction under Division 1BA; or
 (iii) 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
 (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 must be made (being a date at least 90 days after the giving of the notice); and
 (b) APRA has considered any submissions that were made by the body corporate by the specified date.

 (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be:
 (a) contrary to the national interest; or
 (b) contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate.

 (5) A revocation of a body corporate's NOHC authority under subsection (1) or (2) must be in writing, and