On 3 September, APRA released Banking exemption No. 2 of 2018 (Exemption). The Exemption replaces Banking exemption No. 1 of 2015, and involves a determination that section 8 of the Banking Act 1959 (which generally states that only the Reserve Bank and ADI’s may carry on banking business) does not apply to a registered entity that complies with the conditions specified in the attached Schedule.
The Exemption takes effect upon registration on the Federal Register of Legislation.