16 December 2013
To all Registered Financial Corporations (RFCs)
On 19 April 2013, APRA released a discussion paper setting out proposed changes to the operation of Banking Exemption Order 96, which sets out conditions that RFCs must meet in order to obtain exemption from authorisation under the Banking Act 1959. On 23 September 2013, APRA wrote to RFCs to advise them that in order to allow APRA an adequate opportunity to brief the new Government on its consultations on the RFC Exemption Order, the commencement of any changes to the Exemption Order would be deferred until 1 January 2014.
APRA is currently awaiting information that will enable it to complete the Government’s new compliance costing process for regulatory reforms. Accordingly, APRA will delay the commencement of any changes to the RFC Exemption Order to a date that will be advised to RFCs.
If you have questions in relation to this matter, please contact Gavin Maunder, Policy Adviser on (02) 9210 3461.
Executive General Manager
Policy, Statistics and International Relations