SYDNEY, July 30 -- Australian Prudential Regulation Authority issued the following media release:
The Australian Prudential Regulation Authority (APRA) has proposed changes to its bank licensing framework aimed at simplifying and speeding up the licensing process and better supporting new entrants to the banking sector.
APRA is responsible for licensing new banks, credit unions and building societies - collectively known as authorised deposit-taking institutions (ADIs). In doing so, APRA seeks to strike the right balance between supporting new entry and competition while upholding robust regulatory standards that safeguard financial safety and stability.
In 2018, APRA revised the ADI licensing framework to encourage competition and inno...