Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) APRA may suspend or revoke the approval of an RSA institution by written notice given to the RSA institution.
(2) Without limiting subsection (1), APRA may suspend or revoke an approval under that subsection if APRA is satisfied, on reasonable grounds, that:
(a) the RSA institution has requested in writing that the approval be suspended or revoked; or
(b) the RSA institution ceases to be an ADI or a life insurance company or prescribed financial institution; or
(c) there has been a contravention of any condition to which the approval is subject; or
(d) the RSA institution can no longer be relied on to conduct RSAs in compliance with this Act and the regulations.
(3) Except in a case covered by paragraph (2)(a), APRA must not make a decision under subsection (1) without consulting with the prescribed regulatory agency, if any, and obtaining the written consent of the Minister.
(4) APRA may lift a suspension of an approval of an RSA institution by written notice given to the RSA institution.