Guidelines for names relating to financial institutions
Names relating to financial institutions for use of which consent is required from APRA under Part 5 of Schedule 6 of the Corporations Regulations 2001
|AUTHORISED DEPOSIT-TAKING INSTITUTION||FRIENDLY SOCIETY
(in relation to the conduct of a financial business)
The use of a word, expression or letter listed in the table above (specified word) included in a proposed name for a company, either as part of another word or in combination with other words (whether or not in English), requires consent from the Australian Prudential Regulation Authority (APRA) prior to application to ASIC register the company name or the name of the foreign company or registrable body.
(Does not apply to the letters "ADI" where ADI is used as part of another word. Example, the letters adi appear in the word traditional. [Reg 2B.6.02(3)])
This requirement to seek APRA approval applies to a Friendly Society even if the entity does not intend to use the name that includes the words 'Friendly Society' in relation to the conduct of a financial business.
Process for consideration of a name
Step one: APRA approval
An applicant for a company or body corporate name that includes a specified word is required to obtain approval from APRA for use of the name before applying to ASIC for registration of the name, subject to availability.
APRA has published guidelines that set out the factors by which it exercises its powers under the Banking Act 1959 concerning the use of a specified word in body corporate names - you can download the guidelines here. Please contact APRA for the complete guidelines and further information on how to obtain approval from APRA.
- Phone: 1300 55 88 49
- Email: APRAinfo@apra.gov.au
- Mail: PO Box 9836 in your capital city
- Website: www.apra.gov.au
Step two: ASIC approval
Once APRA approval has been obtained, an applicant for a company or body corporate name that includes a specified word is required to apply to ASIC for registration of the name. The application must include a copy of APRA's written approval for the use of the name. Info Sheet 61 Starting a company contains further information on how to register a company.
ASIC will assess the name with respect to its availability and against the requirements contained in Schedule 6 of the Corporations Regulations 2001. Schedule 6 Availability of names (PDF) contains the rules for ascertaining whether names are identical, unacceptable for registration or restricted. ASIC reserves the right to reject a name.
This information sheet should not be taken as a presentation of legal advice by ASIC.