Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 16B

Duty to give information when required

             (1)  APRA may, by notice in writing, require a person who is, or has been, an auditor of:

                     (a)  an ADI; or

                     (b)  an authorised NOHC; or

                     (c)  a subsidiary of an ADI or authorised NOHC; or

                     (d)  if an ADI is a subsidiary of a foreign corporation (whether or not the ADI is itself a foreign ADI):

                              (i)  another subsidiary (a relevant Australian-incorporated subsidiary ) of the foreign corporation (other than a body mentioned in paragraph (a), (b) or (c)), being a subsidiary that is incorporated in Australia; or

                             (ii)  another subsidiary (a relevant foreign-incorporated subsidiary ) of the foreign corporation (other than a body mentioned in paragraph (a), (b) or (c)), being a subsidiary that is not incorporated in Australia and carries on business in Australia;

to provide information, or to produce books, accounts or documents, to APRA about the ADI, authorised NOHC, subsidiary of the ADI or authorised NOHC, or relevant Australian-incorporated subsidiary, or about the Australian operations of the relevant foreign-incorporated subsidiary, if APRA considers that the provision of the information , or the production of the books, accounts or documents, will assist APRA in performing its functions under this Act.

          (1A)  A person is guilty of an offence if:

                     (a)  under subsection (1), APRA requires the person to provide information or to produce books, accounts or documents; and

                     (b)  the person fails to comply with the requirement.

Penalty:  Imprisonment for 6 months.

Note 1:       Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:       Subsection 4B(2) of the Crimes Act 1914 allows a court to impose a fine instead of, or in addition to, a term of imprisonment. The maximum fine a court may impose is worked out as provided in that subsection.

Note 3:       If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the maximum fine worked out as mentioned in Note 2.