Banking (consent to assume or use restricted word or expression) No. 1 of 2015
Banking Act 1959
 
SINCE there is no determination in force under section 11 of the Banking Act 1959 (the Act) that section 66 of the Act does not apply,
I, Wayne Stephen Byres, a delegate of APRA:
(a)     under paragraph 66(2)(c) of the Act REVOKE the Consent to Use Restricted Expressions – Class Consent: Building Societies and Credit Unions and Trustees of Superannuation Entities made on 19 May 2000; and
(b)     under paragraph 66(1)(d) of the Act, CONSENT to the assumption or use in Australia by the classes of persons specified in Column 2 of Schedule 1, of the restricted words and expressions specified in the same row in Column 1 of Schedule 1 (or words of like import), in relation to the financial business carried on by each member of the class.
This consent is subject to the conditions I IMPOSE under paragraph 66(2)(a) of the Act, specified in Column 3 of Schedule 1.
 
This instrument commences on the date it is registered in the Federal Register of Legislative Instruments.
Dated   6  August 2015                                                                
 
[Signed]
 
………………………
Wayne Stephen Byres
Chair
 
 
Interpretation
In this instrument
ADI has the meaning in subsection 5(1) of the Act.
APRA means the Australian Prudential Regulation Authority.
banking activities means:
(a)      both taking money on deposit (otherwise than as part-payment for identified goods or services) and making advances of money; and
(b)      any other financial activities prescribed by regulations for the purposes of the definition of banking business in subsection 5(1) of the Act; and
(c)      financial activities incidental to the activities mentioned in paragraphs (a) and (b).
Building Society means a body corporate in the class of persons described in Schedule 2.
Credit Union means a body corporate in the class of persons described in Schedule 3.
Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.
financial business has the meaning given in subsection 66(4) of the Act.
holding company, in relation to a body corporate, means a body corporate of which the first-mentioned body corporate is a subsidiary.
related body corporate is:
(a)    a holding company of; or
(b)   a subsidiary of; or
(c)    a subsidiary of a holding company of,
a Building Society or Credit Union.
restricted word or expression has the meaning given in subsection 66(4) of the Act.
subsidiary, in relation to a body corporate, means a subsidiary of the body corporate within the meaning of Division 6 of Part 1.2 of the Corporations Act 2001.
superannuation entity has the meaning in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.
 
Note 1    This instrument is a legislative instrument for the purposes of the Legislative Instruments Act 2003 (the LIA) (see section 5).  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 Legislative Instruments (see subsection 56(1) LIA).
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.
 
Schedule 1 – assumption or use of restricted words or expressions
 
Column 1
Restricted words and expressions
Column 2
Class of Persons
Column 3
Conditions

banker and banking
Building Societies
Credit Unions
A Building Society or Credit Union may use the words banker and banking only in marketing and branding material to describe its banking activities, but must not use those words as part of a registered corporate, business or trading name or internet domain name.

banker and banking
related bodies corporate of a Building Society or Credit Union
A related body corporate of a Building Society or Credit Union may use the words banker and banking only in marketing and branding material to describe the banking activities of its related Building Society or Credit Union, provided that the words are not used in a misleading or deceptive way.
Note: An example of using in a misleading or deceptive way is using to suggest that the related body corporate is authorised to engage in banking activities, where that is not the case.

building society
Building Societies
A Building Society may use the expression building society.

building society
related bodies corporate of a Building Society
A related body corporate of a Building Society may use the expression building society only in relation to the financial business of the Building Society, provided that the expression is not used in a misleading or deceptive way.
Note: An example of using in a misleading or deceptive way is using to suggest that the related body corporate is a building society or authorised to carry on banking business, where that is not the case.

credit union, credit society and credit               co-operative
Credit Unions
A Credit Union may use the expressions credit union, credit society and credit co-operative.

credit union, credit society and credit               co-operative
related bodies corporate of a Credit Union
A related body corporate of a Credit Union may use the expressions credit union, credit society and credit co-operative only in relation to the financial business of the Credit Union, provided that the words or expressions are not used in a misleading or deceptive way.
Note: An example of using in a misleading or deceptive way is using to suggest that the related body corporate is a credit union or authorised to carry on banking business, where that is not the case.

mutual banking
Credit Unions
A Credit Union may use the expression mutual banking only in its marketing and branding material.

mutual banking
Building Societies
A Building Society may use the expression mutual banking only in its marketing and branding material, provided that it has a mutual ownership structure consistent with the Australian Securities & Investments Commission Regulatory Guide 147 on Mutuality – Financial institutions.

bank, banker, banking, building society, credit union, credit society or credit               co-operative
trustees of a superannuation entity of which all members are officers or employees, or former officers or employees, of an ADI (ADI staff fund trustee)
An ADI staff fund trustee may use the restricted words or expressions bank, banker, banking, building society, credit union, credit society or credit co-operative only as part of:
(a)          the trustee’s name; and
(b)          the superannuation entity’s name,
provided that:
(c)          the ADI staff fund trustee assumes or uses the name of an ADI as part of the trustee’s name or the superannuation entity’s name;
(d)         the words or expressions are assumed or used by the ADI as part of its name, and APRA has consented to that assumption or use; and
(e)          the words or expressions are not used in a misleading or deceptive way.
Note 1: An example of using in a misleading or deceptive way is using to suggest that the trustee or the superannuation entity is a bank, building society, credit union, credit society or credit co-operative, where that is not the case.
Note 2: Nothing in this instrument is intended to authorise any act that infringes on a person’s rights under, or contravenes, any other law.

 
 
Schedule 2 – Building Societies
·         B & E Ltd ABN 32 087 652 088
·         Big Sky Building Society Limited ABN 30 087 652 079
·         Greater Building Society Ltd ABN 88 087 651 956
·         IMB Ltd ABN 92 087 651 974
·         Maitland Mutual Building Society Limited ABN 94 087 651 983
·         Newcastle Permanent Building Society Limited ABN 96 087 651 992
·         The Rock Building Society Limited ABN 16 067 765 717
 
 
Schedule 3 – Credit Unions
·         Australian Central Credit Union Ltd (trading as People's Choice Credit Union)
·         Australian Defence Credit Union Limited ABN 48 087 649 741
·         Bananacoast Community Credit Union Ltd ABN 50 087 649 750  
·         Bankstown City Credit Union Ltd ABN 40 087 649 769
·         CAPE Credit Union Limited ABN 78 087 649 929
·         Central Murray Credit Union Limited ABN 69 087 651 812
·         Central West Credit Union Limited ABN 67 087 649 885
·         Coastline Credit Union Limited ABN 88 087 649 910
·         Community Alliance Credit Union Limited ABN 14 087 650 771
·         Community First Credit Union Limited ABN 80 087 649 938
·         Community Mutual Ltd ABN 21 087 650 360
·         Country First Credit Union Ltd ABN 86 087 649 965
·         Credit Union Australia Ltd ABN 44 087 650 959
·         Credit Union SA Ltd ABN 36 087 651 232
·         Dnister Ukrainian Credit Co-operative Limited ABN 59 087 651 394
·         ECU Australia Ltd ABN 50 087 650 986
·         EECU Limited ABN 35 087 650 039
·         Encompass Credit Union Limited ABN 43 087 650 011
·         Family First Credit Union Limited ABN 39 087 650 057
·         Fire Brigades Employees’ Credit Union Limited ABN 41 087 650 066
·         Fire Service Credit Union Limited ABN 17 087 651 152
·         Firefighters & Affiliates Credit Co-operative Limited ABN 68 087 651 429
·         First Choice Credit Union Ltd ABN 63 087 649 867
·         First Option Credit Union Limited ABN 95 087 650 735
·         Ford Co-operative Credit Society Limited ABN 74 087 651 456
·         Gateway Credit Union Ltd ABN 47 087 650 093
·         Goldfields Money Limited ABN 63 087 651 849
·         Goulburn Murray Credit Union Co-operative Limited ABN 87 087 651 509
·         Heritage Isle Credit Union Limited ABN 32 087 651 278
·         Holiday Coast Credit Union Ltd ABN 64 087 650 164
·         Horizon Credit Union Ltd ABN 66 087 650 173
·         Hunter United Employees’ Credit Union Limited ABN 68 087 650 182
·         Intech Credit Union Limited ABN 70 087 650 191
·         Laboratories Credit Union Limited ABN 77 087 650 217
·         Latvian Australian Credit Co-operative Society Limited ABN 95 087 651 545
·         Lithuanian Co-operative Credit Society “Talka” Limited ABN 97 087 651 554
·         Lysaght Credit Union Ltd ABN 79 087 650 226
·         Macarthur Credit Union Ltd ABN 83 087 650 244
·         Macquarie Credit Union Limited ABN 85 087 650 253
·         Manly Warringah Credit Union Limited ABN 81 087 650 299
·         Maritime, Mining & Power Credit Union Limited ABN 11 087 650 315
·         MCU Ltd ABN 52 087 650 995
·         My Credit Union Limited ABN 59 087 650 584
·         Northern Inland Credit Union Limited ABN 36 087 650 422
·         Nova Credit Union Limited ABN 40 087 650 440
·         Old Gold Credit Union Co-operative Limited ABN 27 087 651 634
·         Orange Credit Union Limited ABN 34 087 650 477
·         Police Credit Union Limited ABN 30 087 651 205
·         Pulse Credit Union Limited ABN 35 087 651 670
·         Qantas Staff Credit Union Limited ABN 53 087 650 557
·         Quay Credit Union Ltd ABN 44 087 649 723
·         Queensland Country Credit Union Limited ABN 77 087 651 027
·         Queensland Police Credit Union Limited ABN 79 087 651 036
·         Queensland Professional Credit Union Ltd ABN 81 087 651 045
·         Queenslanders Credit Union Limited ABN 85 087 651 063
·         Railways Credit Union Limited ABN 91 087 651 090
·         Select Credit Union Limited ABN 20 058 538 140
·         Shell Employees’ Credit Union Limited ABN 74 087 650 646
·         South West Slopes Credit Union Ltd ABN 80 087 650 673
·         Southern Cross Credit Union Ltd ABN 82 087 650 682
·         South-West Credit Union Co-Operative Limited ABN 44 087 651 705
·         Summerland Credit Union Limited ABN 23 087 650 806
·         Sutherland Credit Union Ltd ABN 89 087 650 708
·         Sydney Credit Union Ltd ABN 93 087 650 726
·         The Broken Hill Community Credit Union Ltd ABN 12 087 650 762
·         The Capricornian Ltd ABN 54 087 650 940
·         The Gympie Credit Union Ltd ABN 89 087 651 081
·         The University Credit Society Limited ABN 90 087 651 901
·         Traditional Credit Union Limited ABN 50 087 650 922
·         TransComm Credit Co-operative Limited ABN 54 087 651 750
·         Transport Mutual Credit Union Limited ABN 78 087 650 600
·         Warwick Credit Union Ltd ABN 98 087 651 116
·         WAW Credit Union Co-Operative Limited ABN 48 087 651 787
·         Woolworths Employees’ Credit Union Limited ABN 67 087 651 803
·         Wyong Shire Credit Union Ltd ABN 29 087 650 897