Financial Sector (Shareholdings) (Resolution Life) Amendment (Delayed Commencement) Instrument 2025
I, Andrew Leigh, Assistant Minister for Productivity, Competition, Charities and Treasury, make the following instrument.
Dated 30 September 2025
Dr Andrew Leigh
Assistant Minister for Productivity, Competition, Charities and Treasury
Parliamentary Secretary to the Treasurer
Contents
1 Name
2 Commencement
3 Authority
4 Schedules
Schedule 1—Amendments
Financial Sector (Shareholdings) (Resolution Life) Amendment Instrument 2025
1 Name
This instrument is the Financial Sector (Shareholdings) (Resolution Life) Amendment (Delayed Commencement) Instrument 2025.
2 Commencement
(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information |
Column 1 | Column 2 | Column 3 |
Provisions | Commencement | Date/Details |
1. The whole of this instrument | Immediately after this instrument is registered. | |
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3 Authority
This instrument is made under the Financial Sector (Shareholdings) Act 1998.
4 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1—Amendments
Financial Sector (Shareholdings) (Resolution Life) Amendment Instrument 2025
1 Subsection 2(1) (table item 3)
Repeal the item, substitute:
3. Schedule 1, Part 2 | 1 January 2026. | 1 January 2026 |
Overview
The Financial Sector (Shareholdings) (Resolution Life) Amendment (Delayed Commencement) Instrument 2025, made by Dr Andrew Leigh, Assistant Minister for Productivity, Competition, Charities and Treasury, and Parliamentary Secretary to the Treasurer, seeks to amend the existing Financial Sector (Shareholdings) Act 1998. This instrument was introduced to address the need for a strategic delay in the commencement of certain provisions of the Financial Sector (Shareholdings) (Resolution Life) Amendment Instrument 2025. By deferring the implementation date of specific sections, the instrument aims to provide additional time for stakeholders to adjust to the changes and ensure a smoother transition. The instrument is enacted by the relevant federal legislative authority under the Financial Sector (Shareholdings) Act 1998, with the primary policy objective of facilitating a more orderly and effective integration of the new provisions within the financial sector.
Scope and Application
The Financial Sector (Shareholdings) (Resolution Life) Amendment (Delayed Commencement) Instrument 2025 applies to entities and persons involved in financial sectors, specifically targeting their shareholdings as defined under the Financial Sector (Shareholdings) Act 1998. The instrument aims to amend the Financial Sector (Shareholdings) (Resolution Life) Amendment Instrument 2025, thereby adjusting the commencement date of certain provisions to 21 January 2026, as opposed to the initially scheduled 1 January 2026. This delayed commencement affects all stakeholders within the financial sector, including banks, insurance companies, and other financial institutions, ensuring they adhere to the updated regulations concerning their shareholdings. The instrument extends its jurisdiction across the Commonwealth of Australia, thereby encompassing all states and territories within its regulatory scope. While the primary focus is on financial entities, there are no specific exclusions or exemptions outlined in this instrument, though it is subject to further regulation and clarification through subordinate instruments.
Key Provisions
The Financial Sector (Shareholdings) (Resolution Life) Amendment (Delayed Commencement) Instrument 2025, made under the Financial Sector (Shareholdings) Act 1998, specifies the delayed commencement dates for certain amendments to the Financial Sector (Shareholdings) (Resolution Life) Amendment Instrument 2025. The instrument itself comes into effect immediately after registration (Section 2(1)). However, the specific amendments detailed in the Schedule are set to commence on 21 January 2026, as opposed to the previously scheduled date of 1 January 2026 (Schedule 1, Part 2).
This legislation imposes obligations on entities subject to the Financial Sector (Shareholdings) Act 1998 to ensure compliance with the delayed commencement dates for certain amendments. Specifically, these entities must align their practices and reporting to adhere to the new timelines set out in the Schedule. The amendments pertain to changes that will affect the manner in which shareholdings are reported and regulated within the financial sector, particularly with regard to the 'Resolution Life' provisions. Entities must be vigilant in updating their internal processes and systems to reflect these changes by the effective date of 21 January 2026.
Failure to comply with the delayed commencement dates as specified in this instrument may result in various civil or criminal consequences, depending on the severity and intent of the breach. The Financial Sector (Shareholdings) Act 1998 provides for penalties that can be imposed for non-compliance. These penalties may include fines and, in severe cases, criminal charges for individuals responsible for ensuring compliance. The exact penalties are detailed within the primary Act but could potentially include substantial financial penalties and imprisonment for significant breaches. It is crucial for entities to review and update their compliance protocols to avoid these repercussions.