OBS_VALUE: Foreign banks may apply to establish locally incorporated subsidiaries or branches to carry on banking business in Australia (foreign banks authorised by APRA to carry on banking business in Australia through branches are referred to as ’foreign ADIs’ under the Act). There are no restrictions on the number or size of operations of foreign banks in the Australian market. Where a foreign bank simultaneously holds an authority to operate as a foreign ADI and is the parent of a locally incorporated subsidiary authorised as an ADI, each operation is required to conduct its business in Australia in a way which recognises, and makes clear to others, its separate legal status and authorisation.