Strategic Risk

APRA has finalised changes to Banking Act 1959 section 66 instruments — remaking one restricted-word determination and letting two others sunset — while a broader exemption for foreign bank holding companies stays under review into 2026. Paired with AFCA’s new naming rule for non-compliant firms and the UK PRA’s stricter waiver-by-application regime, it is a reminder that exemptions are governance assets, not legal footnotes.