Financial Sector Reform (Amendments and Transitional Provisions) Amendment Regulations 1999 (No. 2) (Cth)

Financial Sector Reform (Amendments and Transitional Provisions) Amendment Regulations 1999 (No. 2)

Statutory Rules 1999 No. 355

I, WILLIAM PATRICK DEANE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

Dated 15 December 1999.

WILLIAM DEANE

Governor-General

By His Excellency’s Command,

joe hockey

Minister for Financial Services and Regulation

Financial Sector Reform (Amendments and Transitional Provisions) Amendment Regulations 1999 (No. 2)1

Statutory Rules 1999 No. 3552

made under the

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999

   

Contents

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1Name of Regulations

 These Regulations are the Financial Sector Reform (Amendments and Transitional Provisions) Amendment Regulations 1999 (No. 2).

2Commencement

These Regulations are taken to have commenced on the commencement of Schedule 4 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

Note   See subitem 22 (5) of Sch 8 to that Act.

3Amendment of Financial Sector Reform (Amendments and Transitional Provisions) Regulations 1999

Schedule 1 amends the Financial Sector Reform (Amendments and Transitional Provisions) Regulations 1999.

Schedule 1Amendments

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(regulation 3)

[1]After regulation 13

insert

13AApplication of APRA transitional prudential standards to the Cairns Penny Bank Limited

The provisions mentioned in items 2, 4, 6 and 7 of Schedule 1 have effect, in relation to the Cairns Penny Bank Limited, as APRA transitional prudential standards.

Note   The Cairns Penny Bank Limited was formerly known as the Cairns Cooperative Weekly Penny Savings Bank Limited, and is described in that way in the Act.

[2]After regulation 14

insert

14AApplication of APRA transitional prudential standards to the Cairns Penny Bank Limited

• (1)

  This regulation applies if, immediately before the transfer date:

  • (a)

    a provision had effect in relation to the Cairns Penny Bank Limited; and

  • (b)

    an instrument made by AFIC or an SSA under the provision was in force; and

  • (c)

    the provision becomes an APRA transitional prudential standard.

Examples of instruments

An approval, determination, direction, exemption or notice.

• (2)

  The instrument has effect in relation to the Cairns Penny Bank Limited, after the transfer date, as if it were an instrument made by APRA under the APRA transitional prudential standard.

Note   The Cairns Penny Bank Limited was formerly known as the Cairns Cooperative Weekly Penny Savings Bank Limited, and is described in that way in the Act.

[3]Subregulation 15 (1)

after

regulation 14

insert

or 14A

[4]Paragraph 16 (1) (c)

after

regulation 14

insert

or 14A

[5]Subregulation 18 (2)

after

regulation 14

insert

or 14A

[6]Schedule 1, item 1, paragraph (d)

omit

3.2.7

insert

3.2.8

Notes

1. These Regulations amend Statutory Rules 1999 No. 144.

2. Made by the Governor-General on 15 December 1999, and notified in the Commonwealth of Australia Gazette on 22 December 1999.