The Australian Prudential Regulation Authority has launched a consultation on minor proposals to update regulatory instruments linked to section 66 of the Banking Act 1959, which restricts the use of certain words and expressions in connection with a financial business unless APRA gives written consent. The proposals cover section 66 exemption and determination instruments that are scheduled to sunset later in 2025 or that APRA proposes to update to reflect current practice. Submissions are open until 15 August 2025, with a proposal letter and draft instruments published alongside the consultation.
Australian Prudential Regulation Authority2025-06-18
Australian Prudential Regulation Authority consults on minor updates to Banking Act section 66 exemption and determination instruments
The Australian Prudential Regulation Authority has initiated a consultation on minor updates to regulatory instruments under section 66 of the Banking Act 1959, concerning the use of specific terms in financial business. Submissions are due by 15 August 2025, with a proposal letter and draft instruments available for review.