On 19 April 2013 APRA released a discussion paper setting out proposed changes to the operation of Banking Exemption Order 96 that sets out conditions which RFCs must meet in order to obtain exemption from authorisation under the Banking Act 1959. This was followed by a letter on 24 May regarding proposed modified transition arrangements.
Originally, APRA had intended that any changes to the Exemption Order would take effect from 1 July 2013. APRA is currently refining the details of the changes, but the decision has been made to delay commencement of any changes to the Exemption Order until 1 October 2013. Details of those changes will be released in the coming weeks.
If you have questions in relation to this matter, please contact Gavin Maunder, Policy Advisor on (02) 9210 3461.