Financial Sector (Transfers of Business) Regulations 1999 (Cth)

Financial Sector (Transfers of Business) Regulations 1999

Statutory Rules 1999 No. 145

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 (Transfers of Business) Act 1999.

Dated 29 June 1999.

WILLIAM DEANE

Governor-General

By His Excellency’s Command,

JOE HOCKEY

Minister for Financial Services and Regulation

 

Financial Sector (Transfers of Business) Regulations 1999

Statutory Rules 1999 No. 1451

made under the

Financial Sector (Transfers of Business) Act 1999

   

Contents

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1Name of regulations

 These regulations are the Financial Sector (Transfers of Business) Regulations 1999.

2Commencement

 These regulations commence on the commencement of the Financial Sector (Transfers of Business) Act 1999.

3Definitions

 In these regulations:

Act means the Financial Sector (Transfers of Business) Act 1999.

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

4Relationship of Act with Administrative Decisions (Judicial Review) Act 1977

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

5Relationship of Act with Banking Act 1959

For subsection 43 (4) of the Act, the provisions of the Banking Act 1959, other than section 63, apply in relation to a transfer of business.

Note   Subsection 43 (8) of the Act provides that nothing in the Act limits the operation of s 63 of the Banking Act 1959.

6Relationship of Act with Financial Sector (Shareholdings) Act 1998

For subsection 43 (4) of the Act, the provisions of Financial Sector (Shareholdings) Act 1998 apply in relation to a transfer of business as if the following section were inserted after section 13 of that Act:

13AApplication for approval to hold business to be transferred under the Financial Sector (Transfers of Business) Act 1999

(1) This section applies to a financial sector company to which more than 15% of the gross assets and liabilities of another financial sector company (the transferring business) is to be transferred under the Financial Sector (Transfers of Business) 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.

7Relationship of Act with certain other laws

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

1. (a)

   the Foreign Acquisitions and Takeovers Act 1975;

2. (b)

   the Insurance Acquisitions and Takeovers Act 1991.

Note

1. Made by the Governor-General on 29 June 1999, and notified in the Commonwealth of Australia Gazette on 30 June 1999.