Financial Sector (Transfer and Restructure) Regulations 2018 (Cth)
made under the
This is a compilation of the
The notes at the end of this compilation (the
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 ( 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.
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.
For more information about any editorial changes made in this compilation, see the endnotes.
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.
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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
This instrument is the
Financial Sector (Transfer and Restructure) Regulations 2018 .
This instrument is made under the
Financial Sector (Transfer and Restructure) Act 1999 .
In this instrument:
Act means theFinancial 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.
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.
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.
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 theFinancial 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.
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 .
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
The abbreviation key sets out abbreviations that may be used in the endnotes.
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.
The
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.
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.
ad = added or inserted | o = order(s) |
am = amended | Ord = Ordinance |
amdt = amendment | orig = original |
c = clause(s) | par = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub‑subparagraph(s) |
Ch = Chapter(s) | pres = present |
def = definition(s) | prev = previous |
Dict = Dictionary | (prev…) = previously |
disallowed = disallowed by Parliament | Pt = Part(s) |
Div = Division(s) | r = regulation(s)/rule(s) |
ed = editorial change | reloc = relocated |
exp = expires/expired or ceases/ceased to have | renum = renumbered |
effect | rep = repealed |
F = Federal Register of Legislation | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = | Sch = Schedule(s) |
LIA = | Sdiv = Subdivision(s) |
(md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
effect | SR = Statutory Rules |
(md not incorp) = misdescribed amendment | Sub‑Ch = Sub‑Chapter(s) |
cannot be given effect | SubPt = Subpart(s) |
mod = modified/modification | |
No. = Number(s) | commenced or to be commenced |
Financial Sector (Transfer and Restructure) Regulations 2018 | 6 Dec 2018 (F2018L01676) | 7 Dec 2018 (s 2(1) item 1) | |
Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019 | 17 Dec 2019 (F2019L01641) | Sch 1 (item 25): 18 Dec 2019 (s 2(1) item 2) | — |
s 2......................................... | rep LA s 48D |
s 4......................................... | rep LA s 48C |
s 8......................................... | am F2019L01641 |
Schedule 1.............................. | rep LA s 48C |
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