On 18 June 2025, the Australian Prudential Regulation Authority (APRA) published a letter to consult on a set of minor proposals on instruments relating to section 66 of the Banking Act 1959.

Under section 66 of the Banking Act, there are restrictions on the use of certain words and expressions within the context of a financial business, such as the use of the word “bank”, “banker” and “banking” and words of similar meaning, unless APRA has consented in writing to a person or class of persons to use those words and expressions. 

Specifically, the letter contains a table that sets out APRA’s proposals pertaining to exemption and determination instruments that are due to sunset later this year, in accordance with the Legislation Act 2003, or that require updating to reflect current practice. This includes Banking exemption No. 1 of 2018 (exemption for foreign banks issuing wholesale securities).

Next steps

The deadline for comments is 15 August 2025.