Financial Sector Reform (ACT) Act 1999 (ACT)

Financial Sector Reform (ACT) Act 1999   

A1999-33

Republication No 6

Effective:  16 November 2025

Republication date: 16 November 2025

Last amendment made by A2025‑29

About this republication

The republished law

This is a republication of the Financial Sector Reform (ACT) Act 1999 (including any amendment made under the Legislation Act 2001, part 11.3 (Editorial changes)) as in force on 16 November 2025.  It also includes any commencement, amendment, repeal or expiry affecting this republished law to 16 November 2025. 

The legislation history and amendment history of the republished law are set out in endnotes 3 and 4.

Kinds of republications

The Parliamentary Counsel’s Office prepares 2 kinds of republications of ACT laws (see the ACT legislation register at type="disc">

authorised republications to which the Legislation Act 2001 applies

unauthorised republications.

The status of this republication appears on the bottom of each page.

Editorial changes

The Legislation Act 2001, part 11.3 authorises the Parliamentary Counsel to make editorial amendments and other changes of a formal nature when preparing a law for republication. Editorial changes do not change the effect of the law, but have effect as if they had been made by an Act commencing on the republication date (see Legislation Act 2001, s 115 and s 117). The changes are made if the Parliamentary Counsel considers they are desirable to bring the law into line, or more closely into line, with current legislative drafting practice.

This republication does not include amendments made under part 11.3 (see endnote 1).

Uncommenced provisions and amendments

If a provision of the republished law has not commenced, the symbol  U  appears immediately before the provision heading.  Any uncommenced amendments that affect this republished law are accessible on the ACT legislation register ( For more information, see the home page for this law on the register.

Modifications

If a provision of the republished law is affected by a current modification, the symbol  M  appears immediately before the provision heading.  The text of the modifying provision appears in the endnotes.  For the legal status of modifications, see the Legislation Act 2001, section 95.

Penalties

At the republication date, the value of a penalty unit for an offence against this law is $160 for an individual and $810 for a corporation (see Legislation Act 2001, s 133).

Financial Sector Reform (ACT) Act 1999

Contents

Page

Part 1      Preliminary

1            Short title  2

3            Dictionary  2

4            Act binds all persons  2

Part 2      Conferral of functions and powers on APRA and ASIC

5            Conferral of functions and powers on APRA  3

6            Conferral of functions and powers on ASIC  3

Part 3      Authorised deposit-taking institutions—transfer of business

7           Words defined in FS (TR) Act  4

8            Authorised APRA officer  4

9            Voluntary transfers  4

10          Compulsory transfers  5

11          Certificates evidencing operation of pt 3  7

12          Certificates about land and interests in land  7

13          Certificates about other assets  8

14          Documents purporting to be certificates  8

15          Relationship of pt 3 with other laws  8

Part 6      Miscellaneous

48          Consequential and transitional regulations  10

Dictionary11

Endnotes

1            About the endnotes  12

2            Abbreviation key  12

3            Legislation history  13

4            Amendment history  15

5            Earlier republications  19

Financial Sector Reform (ACT) Act 1999

An Act to make provision for the reform of the financial sector, and for other purposes

Part 1Preliminary

1. Short title

   This Act may be cited as the Financial Sector Reform (ACT) Act 1999.

2. Dictionary

   The dictionary at the end of this Act is part of this Act.

   Note 1The dictionary at the end of this Act defines certain terms used in this Act.

   Note 2A definition in the dictionary applies to the entire Act unless the definition, or another provision of the Act, provides otherwise or the contrary intention otherwise appears (see Legislation Act, s 155 and s 156 (1)).

3. Act binds all persons

   This Act binds all persons so far as the legislative power of the Territory permits.

Part 2Conferral of functions and powers on APRA and ASIC

1. Conferral of functions and powers on APRA

   (1)APRA has the functions and powers conferred or expressed to be conferred on it under this Act.

   (2)APRA has power to do acts in the ACT in the performance or exercise of a function or power conferred or expressed to be conferred on APRA by or under a law of another jurisdiction corresponding to this Act.

2. Conferral of functions and powers on ASIC

   (1)ASIC has the functions and powers conferred or expressed to be conferred on it under this Act.

   (2)ASIC has power to do acts in the ACT in the performance or exercise of a function or power conferred or expressed to be conferred on ASIC by or under a law of another jurisdiction corresponding to this Act.

Part 3Authorised deposit-taking institutions—transfer of business

1. Words defined in FS (TR) Act

   Words defined in the FS (TR) Act have the same respective meanings in this part.

2. Authorised APRA officer

   (1)APRA may, in writing, authorise a person who is an APRA board member, or an APRA staff member, to perform or exercise the functions or powers of an authorised APRA officer under a particular provision of this part.

   (2)The functions and powers necessary for this section are conferred on APRA.

3. Voluntary transfers

   (1)The purpose of this section is to facilitate voluntary transfers of business under the FS (TR) Act, part 3 for regulated bodies.

   (2)This section applies when a certificate of transfer issued under the FS (TR) Act, section 18 comes into force under that Act, part 3, division 3.

   (3)The receiving body is taken to be the successor in law of the transferring body, to the extent of the transfer.

   (4)In particular—

   (a)    if the transfer is a total transfer—all the assets and liabilities of the transferring body become the assets and liabilities of the receiving body without any transfer, conveyance or assignment; and

   (b)    if the transfer is a partial transfer—all the assets and liabilities of the transferring body included in the list of assets and liabilities specified in the statement of detail become assets and liabilities of the receiving body without any transfer, conveyance or assignment; and

   (c)    to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring body apply to the receiving body.

   (5)If there is an approved section 20 statement in relation to the transfer that specifies—

   (a)    that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with the statement; or

   (b)    a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.

4. Compulsory transfers

   (1)The purpose of this section is to facilitate compulsory transfers of business under the FS (TR) Act, part 4 for regulated bodies.

   (2)This section applies when a certificate of transfer issued under the FS (TR) Act, section 33 comes into force under that Act, part 4, division 3.

   (3)The receiving body is taken to be the successor in law of the transferring body, to the extent of the transfer.

   (4)In particular—

   (a)    if the transfer is a total transfer—all the assets and liabilities of the transferring body become assets and liabilities of the receiving body without any transfer, conveyance or assignment; and

   (b)    if the transfer is a partial transfer, all the assets and liabilities of the transferring body that are included in the list, referred to in the FS (TR) Act, section 33 (2) (c), included in, or attached to, the certificate of transfer become assets and liabilities of the receiving body without any transfer, conveyance or assignment; and

   (c)    to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring body apply to the receiving body.

   (5)If the certificate of transfer includes provisions of a kind referred to in the FS (TR) Act, section 33 (3) specifying—

   (a)    that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with those provisions; or

   (b)    a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.

   (6)If there is an approved section 30 statement in relation to the transfer that specifies—

   (a)    that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with the statement; or

   (b)    a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.

5. Certificates evidencing operation of pt 3

   (1)An authorised APRA officer may, by a written certificate signed by the officer, certify anything relating to the effect of this part, and, in particular may certify that—

   (a)    a particular asset of a transferring body has become a transferred asset of a receiving body; or

   (b)    a particular liability of a transferring body has become a transferred liability of a receiving body.

   (2)For all purposes and in all proceedings, a certificate under subsection (1) is evidence of the matters certified.

6. Certificates about land and interests in land

   (1)This section applies if—

   (a)    a receiving body becomes, under this part, the owner of land, or an interest in land, situated in the ACT; and

   (b)    there is lodged with the registrar-general a certificate that—

   (i)   is signed by an authorised APRA officer; and

   (ii)   identifies the land or interest; and

   (iii)   states the receiving body has, under this part, become the owner of that land or interest.

   (2)The registrar general may—

   (a)    register or record the matter in the same way as dealings in land or interests in land of that kind are registered or recorded; and

   (b)    deal with, and give effect to, the certificate.

7. Certificates about other assets

   (1)This section applies if—

   (a)    an asset, other than land or an interest in land, becomes, under this part, an asset of a receiving body; and

   (b)    there is lodged with the entity who has, under the law, responsibility for keeping a register or record relating to assets of that kind a certificate that—

   (i)   is signed by an authorised APRA officer; and

   (ii)   identifies the asset; and

   (iii)   states the asset has, under this part, become an asset of the receiving body.

   (2)The entity may—

   (a)    register or record the matter in the same way as transactions relating to assets of that kind are registered or recorded; and

   (b)    deal with, and give effect to, the certificate.

   (3)This section does not affect the operation of the Corporations Act.

8. Documents purporting to be certificates

   A document purporting to be a certificate mentioned in section 12 or 13 is taken to be a certificate of that type unless the contrary is established.

9. Relationship of pt 3 with other laws

   (1)This part has effect despite anything in a contract, deed, undertaking, agreement or other instrument.

   (2)Nothing done under this part—

   (a)    places a receiving body, a transferring body or another person in breach of contract or confidence or otherwise makes any of them guilty of a civil wrong; or

   (b)    places a receiving body, a transferring body or another person in breach of—

   (i)   a territory law; or

   (ii)   a contractual provision prohibiting, restricting or regulating the assignment or transfer of an asset or liability or the disclosure of information; or

   (c)    releases a surety, wholly or partly, from all or any of the surety’s obligations.

   (3)Without limiting subsection (1), if, apart from this section, the advice or consent of a person would be necessary for a particular purpose, the advice is taken to have been obtained or the consent is taken to have been given.

Part 6Miscellaneous

1. Consequential and transitional regulations

   (1)The Executive may make regulations amending the provisions of this Act (other than this section) or any other Act in relation to any matter arising from, connected with or consequential on the enactment of this Act.

   (2)Regulations made under subsection (1) may be expressed to have taken effect on a day earlier than the day on which they are notified in the Gazette, not being a day earlier than the transfer date.

   (3)If regulations made under subsection (1) are expressed to take effect on a day earlier than the day on which they are notified in the Gazette, they do not operate so as to—

   (a)affect, in a manner prejudicial to any person (other than the Territory or a territory authority), the rights of that person existing at the day of notification; or

   (b)impose liabilities on any person (other than the Territory or a territory authority) in respect of any act or omission before the day of notification.

   (4)The Executive may only make regulations under subsection (1) during the period of 12 months commencing on the transfer date.

Dictionary

(see s 3)

APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998 (Cwlth), section 7.

ASIC means the Australian Securities and Investments Commission under the Australian Securities and Investments Commission Act 2001 (Cwlth).

authorised APRA officer, in a provision of part 3, means a person authorised under section 8 to perform or exercise the functions or powers of an authorised APRA officer under the provision.

FSR Act means the Financial Sector Reform (Amendments and Transitional Provisions) Act (No 1) 1999 (Cwlth).

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

transfer date means the date that, under the FSR Act, section 3 (16), is specified as the transfer date for that Act.

Endnotes

1. About the endnotes

   Amending and modifying laws are annotated in the legislation history and the amendment history.  Current modifications are not included in the republished law but are set out in the endnotes.

   Not all editorial amendments made under the Legislation Act 2001, part 11.3 are annotated in the amendment history. Full details of any amendments can be obtained from the Parliamentary Counsel’s Office.

   Uncommenced amending laws are not included in the republished law.  The details of these laws are underlined in the legislation history.  Uncommenced expiries are underlined in the legislation history and amendment history.

   If all the provisions of the law have been renumbered, a table of renumbered provisions gives details of previous and current numbering. 

   The endnotes also include a table of earlier republications.

2. Abbreviation key

A = Act	NI = Notifiable instrument
AF = Approved form	o = order
am = amended	om = omitted/repealed
amdt = amendment	ord = ordinance
AR = Assembly resolution	orig = original
ch = chapter	par = paragraph/subparagraph
CN = Commencement notice	pres = present
def = definition	prev = previous
DI = Disallowable instrument	(prev...) = previously
dict = dictionary	pt = part
disallowed = disallowed by the Legislative	r = rule/subrule
Assembly	reloc = relocated
div = division	renum = renumbered
exp = expires/expired	R[X] = Republication No
Gaz = gazette	RI = reissue
hdg = heading	s = section/subsection
IA = Interpretation Act 1967	sch = schedule
ins = inserted/added	sdiv = subdivision
LA = Legislation Act 2001	SL = Subordinate law
LR = legislation register	sub = substituted
LRA = Legislation (Republication) Act 1996	underlining = whole or part not commenced
mod = modified/modification	or to be expired

1. Legislation history

   Financial Sector Reform (ACT) Act 1999 A1999-33

   notified 25 June 1999 (Gaz 1999 S34)
   s 1, s 2 commenced 25 June 1999 (s 2 (1))
   remainder commenced 1 July 1999 (s 2 (2) and see Cwlth Gaz 1999 No S283)

   as repealed by

   Statute Law Amendment Act 2002 A2002-30 pt 4.3

   notified LR 16 September 2002
   s 1, s 2 taken to have commenced 19 May 1997 (LA s 75 (2))
   pt 4.3 commenced 17 September 2002 (s 2 (1))

   as revived by

   Statute Law Amendment Act 2011 (No 3) A2011-52 amdt 3.94

   notified LR 28 November 2011
   s 1, s 2 commenced 28 November 2011 (LA s 75 (1))

   amdt 3.94 commenced 12 December 2011 (s 2)

   NoteThe revival took effect from the beginning of 18 September 2002.

   as amended by

   Statute Law Amendment Act 2011 (No 3) A2011-52 amdt 3.95, amdt 3.96

   notified LR 28 November 2011
   s 1, s 2 commenced 28 November 2011 (LA s 75 (1))

   amdt 3.95, amdt 3.96 commenced 12 December 2011 (s 2)

   Statute Law Amendment Act 2012 A2012-21 sch 3 pt 3.20

   notified LR 22 May 2012
   s 1, s 2 commenced 22 May 2012 (LA s 75 (1))

   sch 3 pt 3.20 commenced 5 June 2012 (s 2 (1))

   Statute Law Amendment Act 2019 A2019-42 sch 3 pt 3.10

   notified LR 31 October 2019
   s 1, s 2 commenced 31 October 2019 (LA s 75 (1))
   sch 3 pt 3.10 commenced 14 November 2019 (s 2 (1))

   Statute Law Amendment Act 2025 A2025-29 sch 3 pt 3.40

   notified LR 6 November 2025
   s 1, s 2 commenced 6 November 2025 (LA s 75 (1))
   sch 3 pt 3.40 commenced 16 November 2025 (s 2 (1))

2. Amendment history

   Commencement

   s 2om R1 LA

   Dictionary

   s 3sub A2012‑21 amdt 3.75

   Words defined in FS (TR) Act

   s 7 hdgam A2019‑42 amdt 3.14

   s 7am A2019‑42 amdt 3.14

   Voluntary transfers

   s 9am A2019‑42 amdt 3.14

   Compulsory transfers

   s 10am A2019‑42 amdt 3.14

   Relationship of pt 3 with other laws

   s 15am A2025‑29 amdt 3.123

   Transitional provisions

   pt 4 hdgom A2011‑52 amd 3.95

   Repeals

   div 1 hdgom R1 LA

   Repeals

   s 16om R1 LA

   Provisions relating to AFIC

   div 4.2 hdg(prev pt 4 div 2 hdg) renum R1 LA

   om A2011‑52 amdt 3.95

   Continuation and preservation of civil proceedings involving AFIC

   s 17om A2011‑52 amdt 3.95

   Continuation of offence proceedings

   s 18om A2011‑52 amdt 3.95

   Provisions relating to registrar of financial institutions

   div 4.3 hdg(prev pt 4 div 3 hdg) renum R1 LA

   om A2011‑52 amdt 3.95

   Preliminary

   sdiv 4.3.1 hdg       (prev pt 4 div 3 sdiv 1 hdg) renum R1 LA

   om A2011‑52 amdt 3.95

   Meaning of registrar for div 4.3

   s 19om A2011‑52 amdt 3.95

   Office of registrar to continue

   sdiv 4.3.2 hdg       (prev pt 4 div 3 sdiv 2 hdg) renum R1 LA

   om A2011‑52 amdt 3.95

   Continuation of office of registrar for certain purposes

   s 20om A2011‑52 amdt 3.95

   Registrar’s final report and financial statements

   s 21om A2011‑52 amdt 3.95

   Abolition of office or registrar

   s 22om R1 LA

   Provisions about particular funds

   sdiv 4.3.3 hdg       (prev pt 4 div 3 sdiv 3 hdg) renum R1 LA

   om A2011‑52 amdt 3.95

   Continuation and abolition of particular funds

   s 23om A2011‑52 amdt 3.95

   Payments out of credit unions contingency fund

   s 24om A2011‑52 amdt 3.95

   Winding-up of supervision fund

   s 25om A2011‑52 amdt 3.95

   Financial statements for credit unions contingency fund

   s 26om A2011‑52 amdt 3.95

   Auditor-general to report on fund

   s 27om A2011‑52 amdt 3.95

   Information may be given to APRA or ASIC

   sdiv 4.3.4 hdg       (prev pt 4 div 3 sdiv 4 hdg) renum R1 LA

   om A2011‑52 amdt 3.95

   Giving of information

   s 28om A2011‑52 amdt 3.95

   Transfer of registrar’s assets and liabilities

   sdiv 4.3.5 hdg       (prev pt 4 div 3 sdiv 5 hdg) renum R1 LA

   om A2011‑52 amdt 3.95

   Transfer of assets and liabilities

   s 29om A2011‑52 amdt 3.95

   Proceedings involving registrar

   sdiv 4.3.6 hdg       (prev pt 4 div 3 sdiv 6 hdg) renum R1 LA

   om A2011‑52 amdt 3.95

   Continuation and preservation of civil proceedings involving the registrar

   s 30om A2011‑52 amdt 3.95

   Continuation of certain offence proceedings

   s 31om A2011‑52 amdt 3.95

   APRA’s and ASIC’s functions and powers under codes

   div 4.4 hdg(prev pt 4 div 4 hdg) renum R1 LA

   om A2011‑52 amdt 3.95

   Conferral of functions and powers relating to financial institutions

   s 32om A2011‑52 amdt 3.95

   AFIC code provisions

   s 33om A2011‑52 amdt 3.95

   Financial institutions code provisions

   s 34om A2011‑52 amdt 3.95

   Provisions for financial institutions code as applied under AFIC code s 40

   s 35om A2011‑52 amdt 3.95

   Only appropriately qualified person may be authorised etc

   s 36om A2011‑52 amdt 3.95

   Conferral of functions and powers

   s 37om A2011‑52 amdt 3.95

   Matters relating to deregistered societies

   div 4.5 hdg(prev pt 4 div 5 hdg) renum R1 LA

   om A2011‑52 amdt 3.95

   Meaning of society in div 4.5

   s 38om A2011‑52 amdt 3.95

   Application of div 4.5

   s 39om A2011‑52 amdt 3.95

   Society’s property vested in ASIC s 29

   s 40om A2011‑52 amdt 3.95

   ASIC may act for society

   s 41om A2011‑52 amdt 3.95

   Recovery from society’s insurer

   s 42om A2011‑52 amdt 3.95

   Conferral of functions and powers

   s 43om A2011‑52 amdt 3.95

   Miscellaneous

   div 4.6 hdg(prev pt 4 div 6 hdg) renum R1 LA

   om A2011‑52 amdt 3.95

   Dormant accounts

   s 44om A2011‑52 amdt 3.95

   Mergers and transfers of engagements started under financial institutions (ACT) code

   s 45om A2011‑52 amdt 3.95

   Australian financial institutions appeals tribunal

   s 46om A2011‑52 amdt 3.95

   Consequential amendments

   pt 5 hdgom R1 LA

   Consequential amendments of other Acts

   s 47om R1 LA

   Consequential and transitional regulations

   s 48am A2025‑29 amdt 3.124

   Consequential amendments of other Acts

   schom R1 LA

   Dictionary

   dictdef AFIC om A2012‑21 amdt 3.76

   def AFIC (ACT) code om A2012‑21 amdt 3.76

   def AFIC (ACT) regulations om A2012‑21 amdt 3.76

   def AFIC code om A2012‑21 amdt 3.76

   def AFIC regulations om A2012‑21 amdt 3.76

   def appropriately qualified om A2012‑21 amdt 3.76

   def APRA sub A2012‑21 amdt 3.77

   def ASIC sub A2012‑21 amdt 3.78

   def credit unions contingency fund om A2012‑21 amdt 3.79

   def employee om A2012‑21 amdt 3.79

   def enforcement power om A2012‑21 amdt 3.79

   def financial institutions (ACT) code om A2012‑21 amdt 3.79

   def financial institutions (ACT) regulations om A2012‑21 amdt 3.79

   def financial institutions code om A2012‑21 amdt 3.79

   def financial institutions legislation om A2012‑21 amdt 3.79

   def FS(TB) Act sub A2011‑52 amdt 3.96

   om A2019‑42 amdt 3.12

   def FS (TR) Act ins A2019‑42 amdt 3.13

   def registrar om A2012‑21 amdt 3.79

   def relevant Commonwealth body om A2012‑21 amdt 3.79

   def SSA om A2012‑21 amdt 3.79

   def supervision fund om A2012‑21 amdt 3.79

1. Earlier republications

   Some earlier republications were not numbered. The number in column 1 refers to the publication order. 

   Since 12 September 2001 every authorised republication has been published in electronic pdf format on the ACT legislation register.  A selection of authorised republications have also been published in printed format. These republications are marked with an asterisk (*) in column 1.  Electronic and printed versions of an authorised republication are identical.

Republication No and date	Effective	Last amendment made by	Republication for
R1 25 Feb 2002	1 July 1999– 17 Sept 2002	not amended	new Act
R2 12 Dec 2011	18 Sept 2002– 11 Dec 2011	not amended	revival of Act by A2011‑52 amdt 3.94
R3 12 Dec 2011	12 Dec 2011– 4 June 2012	A2011‑52	amendments by A2011‑52
R4 5 June 2012	5 June 2012– 13 Nov 2019	A2012‑21	amendments by A2012‑21
R5 14 Nov 2019	14 Nov 2019– 15 Nov 2025	A2019‑42	amendments by A2019‑42