To: all foreign ADIs
APRA has today released a new class approval for foreign ADI disclosure statements to prospective depositors.
In accordance with paragraph 11E(2)(b) of the Banking Act 1959 (the Act), a foreign ADI is required to inform prospective depositors in Australia of the requirements of the Banking Act to which it is not subject, in a manner approved by APRA.
The approved manner of disclosure is currently set out in a class approval dated 4 September 2015.
Changes to the Act over the last year have meant that the 4 September 2015 class approval is now outdated. Foreign ADIs are now subject to certain requirements of Part II, Division 2 of the Act.
The changes to the approved manner of disclosure are largely administrative in nature and consist of minor wording changes. All foreign ADIs must ensure their disclosure statements to prospective depositors in Australia are consistent with the new class approval. The new class approval commences on 1 March 2020.
The new class approval is available at link.
Please contact your Responsible Supervisor if you have any queries in relation to the new class approval.
Executive General Manager (Acting)
Policy and Advice Division