APRA expands section 66 exemption for foreign bank wholesale debt
APRA expanded the section 66 exemption covering foreign banks issuing debt securities in Australian wholesale capital markets.
APRA resolved the outstanding policy issue from its 2025 consultation by broadening the exemption for foreign banks using restricted banking terms when issuing wholesale debt in Australia. This reduces friction for offshore issuers accessing Australian capital markets.
Impacts foreign bank access to Australian wholesale debt markets and clarifies permissible use of banking terminology in offering documents.
Action Required
Foreign banks issuing AUD wholesale debt should review disclosure and naming practices against the expanded exemption scope.
Directly affects foreign bank wholesale debt issuance conditions in Australia, a material capital markets access issue.
Review debt issuance documentation and marketing materials for foreign bank programs to confirm alignment with APRA's expanded section 66 exemption for wholesale issuers.
“APRA is expanding the current exemption to include foreign banks that issue debt securities in Australian wholesale capital markets, following its 2025 consultation on section 66 of the Banking Act.”
Published: 2026-07-23