The Australian Prudential Regulation Authority has launched a consultation on minor proposals to update instruments relating to section 66 of the Banking Act 1959, which restricts the use of certain words and expressions, including “bank”, in connection with a financial business unless APRA gives written consent. The proposals focus on section 66 exemption and determination instruments that are due to sunset later this year or need updating to reflect current practice, with a letter and draft instruments published alongside the consultation. Submissions are open until 15 August 2025.
Australian Prudential Regulation Authority 2025-06-18
Australian Prudential Regulation Authority consults on updates to Banking Act section 66 restricted-words exemption and determination instruments
The Australian Prudential Regulation Authority has initiated a consultation on minor updates to instruments under section 66 of the Banking Act 1959, which limits the use of specific terms like "bank" in financial business contexts without APRA's consent. The updates address exemption and determination instruments set to sunset or require alignment with current practices.