Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If an application that satisfies section 23 is made, APRA must, in writing, approve an applicant as an RSA institution for the purposes of this Act unless APRA is satisfied that the applicant cannot be relied on to conduct RSAs in accordance with this Act and the regulations.
(2) APRA must consult with the prescribed regulatory agency, if any, before it can be satisfied that the applicant cannot be relied on to conduct RSAs in accordance with this Act and the regulations.
(3) If APRA is so satisfied, it must, in writing, refuse the application.
(4) The approval is subject to any conditions specified in the instrument of approval.
(5) If APRA refuses the application, APRA must set out the reasons for the refusal in the instrument of refusal.
(6) APRA must cause the applicant to be given a copy of the instrument of approval or refusal.