The Australian Prudential Regulation Authority (APRA) has released for consultation a set of minor proposals for instruments relating to section 66 of the Banking Act 1959 (the Banking Act).
Under section 66 of the Banking Act, certain words and expressions are restricted in use within the context of a financial business, such as the use of the word "bank", and words of like import, unless APRA has provided written consent for a person or class of persons to use those words and expressions.
APRA's proposals pertain to section 66 exemption and determination instruments that are due to sunset later this year or that require updating to reflect current practice.
The consultation is open for submissions until 15 August 2025. A letter outlining the proposals and the draft instruments are available at: Banking Act exemptions and section 66 guidelines.
