Authority to be a NOHC
11AA Authority to be a NOHC
A body corporate may apply in writing to APRA for an authority under this section. The authority operates as an authority in relation to the body corporate and any ADIs that are subsidiaries of the body corporate from time to time.
The body corporate may want the authority:
because APRA refuses or may refuse to grant a subsidiary of the body corporate a section 9 authority unless the body corporate holds a NOHC authority (see subsection 9(3A)); or
for a purpose connected with the Financial Sector (Shareholdings) Act 1998.
The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998.
APRA may grant the authority if it considers it is appropriate to do so.
For APRA's power to revoke the authority, see section 11AB.
APRA may, at any time, by notice in writing given to the body corporate:
impose conditions, or additional conditions, on the authority; and
vary or revoke conditions imposed on the authority.
The conditions must relate to prudential matters.
A condition may be expressed to have effect despite anything in the prudential standards or the regulations.
The body corporate must comply with any conditions to which the authority is subject.
If APRA:
grants an authority under subsection (2); or
imposes, varies or revokes conditions under subsection (3);
APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way that it considers appropriate.
A failure to comply with subsection (6) does not affect the validity of the action concerned.
This Act’s bill:Second reading speech
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