Financial Sector (Transfer and Restructure) Regulations 2018

made under the

Financial Sector (Transfer and Restructure) Act 1999

Compilation No. 1

Compilation date:   18 December 2019

Includes amendments up to: F2019L01641

Registered:    15 January 2020

About this compilation

This compilation

This is a compilation of the Financial Sector (Transfer and Restructure) Regulations 2018 that shows the text of the law as amended and in force on 18 December 2019 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

1 Name

3 Authority

5 Definitions

6 Relationship of the Act with the Administrative Decisions (Judicial Review) Act 1977

7 Relationship of the Act with the Banking Act 1959

8 Relationship of the Act with the Financial Sector (Shareholdings) Act 1998

9 Relationship of the Act with certain other laws

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

1  Name

  This instrument is the Financial Sector (Transfer and Restructure) Regulations 2018.

3  Authority

  This instrument is made under the Financial Sector (Transfer and Restructure) Act 1999.

5  Definitions

  In this instrument:

Act means the Financial Sector (Transfer and Restructure) Act 1999.

restructure means a restructure that takes effect, or may take effect, under the Act.

transfer of business means a transfer of business that takes effect, or may take effect, under the Act.

transfer of shares means a transfer of shares that takes effect, or may take effect, under the Act.

6  Relationship of the Act with the Administrative Decisions (Judicial Review) Act 1977

  For the purposes of subsection 43(4) of the Act, the Administrative Decisions (Judicial Review) Act 1977 applies in relation to a transfer of business, a transfer of shares or a restructure, as if paragraph 5(1)(a) of that Act were omitted.

7  Relationship of the Act with the Banking Act 1959

  For the purposes of subsection 43(4) of the Act, the Banking Act 1959 applies in relation to a transfer of business, a transfer of shares or a restructure.

8  Relationship of the Act with the Financial Sector (Shareholdings) Act 1998

  For the purposes of subsection 43(4) of the Act, the Financial Sector (Shareholdings) Act 1998:

 (a) apply in relation to a transfer of shares or a restructure; and

 (b) apply in relation to a transfer of business as if the following section was inserted after section 13 of that Act:

13A  Application for approval to hold business to be transferred under the Financial Sector (Transfer and Restructure) Act 1999

 (1) This section applies to a financial sector company to which more than 20% of the gross assets and liabilities of another financial sector company (the transferring business) is to be transferred under the Financial Sector (Transfer and Restructure) Act 1999.

 (2) The company must apply to the Treasurer for approval to hold the transferring business.

 (3) This Division applies to the application as if the transferring business were a separate financial sector company.

9  Relationship of the Act with certain other laws

  For the purposes of subsection 43(4) of the Act, the provisions of the following Acts apply in relation to a transfer of business, a transfer of shares or a restructure:

 (a) the Foreign Acquisitions and Takeovers Act 1975;

 (b) the Insurance Acquisitions and Takeovers Act 1991.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history