Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) APRA must revoke a body corporate's section 9 authority if:
(a) the body corporate, by notice in writing to APRA, requests the revocation of the authority; and
(b) APRA is satisfied that the 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 the body corporate.
(2) APRA may revoke a body corporate's section 9 authority if APRA is satisfied that:
(a) 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
(b) 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 section 9 authority; or
(c) it would be contrary to the national interest for the authority to remain in force; or
(d) it would be contrary to financial system stability in Australia for the authority to remain in force; or
(e) it would be contrary to the interests of depositors of the body corporate for the authority to remain in force; or
(f) 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 ; or
(g) the body corporate is insolvent and is unlikely to return to solvency within a reasonable period of time; or
(h) the body corporate has ceased to carry on banking business in Australia; or
(j) the body corporate is a foreign corporation within the meaning of paragraph 51(xx) of the Constitution, and:
(i) the body corporate is unlikely to be able to meet its liabilities in Australia and is unlikely to be able to do so within a reasonable period of time; or
(ii) an authority (however described) for the body corporate to carry on banking business in a foreign country has been revoked or otherwise withdrawn in that foreign country;
(k) if the section 9 authority is to cease to have effect on a day specified in the authority--it is unlikely to be appropriate, at or before that day, to grant the body corporate a section 9 authority that is not subject to a time limit.
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 section 9 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; and
(b) APRA has considered any submissions that were made by the body corporate by the specified date.
(3A) The date mentioned in subparagraph (3)(a)(iii) must be:
(a) at least 90 days after the notice under paragraph (3)(a) of this section was given; or
(b) if the section 9 authority is to cease to have effect on a day specified in the authority--at least 21 days after the notice under paragraph (3)(a) of this section was given.
(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 with the body corporate.
(5) A revocation of a body corporate's section 9 authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority.
(5A) The notice of revocation of the authority may state that the authority continues in effect in relation to a specified matter or specified period, as though the revocation had not happened, for the purposes of:
(a) a specified provision of this Act or the regulations; or
(b) a specified provision of another law of the Commonwealth that is administered by APRA; or
(c) a specified provision of the prudential standards;
and the statement has effect accordingly.
(6) If APRA revokes a body corporate's section 9 authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette . APRA may also cause notice of the revocation to be published in any other way it considers appropriate.
(7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation.
(8) Part VI applies to the following decisions under this section:
(a) a decision to refuse to revoke a body corporate's section 9 authority;
(b) a decision to revoke a body corporate's section 9 authority, unless:
(i) APRA has determined, under subsection (4), that the procedures in subsection (3) do not apply; or
(ii) the section 9 authority is an authority that is to cease to have effect on a day specified in the authority.