Commonwealth Consolidated Acts

FINANCIAL SECTOR (TRANSFER AND RESTRUCTURE) ACT 1999 - SECT 25AA

Transferring body is regulated body

  (1)   APRA may make a written determination that there is to be a transfer of shares in a regulated body to another body corporate. APRA may make the determination only if:

  (a)   any of the following requirements are met:

  (i)   if the regulated body is an ADI--the Minister has declared under section   25A that a transfer of shares in the transferring body to the receiving body should occur;

  (ii)   if the regulated body is an ADI and subparagraph   (i) does not apply--APRA is satisfied that any of the conditions in subparagraph   25(1)(a)(i), (ii), (iii), (iv) or (v) have been satisfied;

  (iii)   if the regulated body is a life insurance company--APRA is satisfied that any of the conditions in subparagraph   25(1C)(a)(i), (ii), (iii) or (iv) have been satisfied;

  (iv)   if the regulated body is a general insurer--APRA is satisfied that any of the conditions in subparagraph   25(1E)(a)(i), (ii), (iii) or (iv) have been satisfied; and

  (b)   if the transferring body is an ADI--APRA has considered the interests of depositors of the transferring body (when viewed as a group) and considers that, having regard to their interests, it would be appropriate for the transfer to be made; and

  (c)   if the transferring body is a life insurance company or general insurer--APRA has considered the interests of policy owners of the transferring body (when viewed as a group) and considers that, having regard to their interests, it would be appropriate for the transfer to be made; and

  (d)   if the receiving body is an ADI--APRA is satisfied that the transfer is appropriate, having regard to the interests of depositors of the receiving body when viewed as a group; and

  (e)   if the receiving body is a life insurance company or general insurer--APRA is satisfied that the transfer is appropriate, having regard to the interests of policy owners of the receiving body when viewed as a group; and

  (f)   the conditions in subsection   (3) exist.

Transferring body cannot be foreign body

  (2)   APRA cannot make a determination under this section if the transferring body is any of the following:

  (a)   a foreign ADI;

  (b)   a foreign general insurer;

  (c)   an eligible foreign life insurance company.

Common conditions for making a determination under this section

  (3)   APRA may make a determination under this section only if:

  (a)   APRA is satisfied that the board of directors of the receiving body has consented to the transfer; and

  (b)   APRA is satisfied that the transfer is appropriate, having regard to:

  (i)   the interests of the financial sector as a whole; and

  (ii)   any other matters that APRA considers relevant; and

  (c)   either:

  (i)   the Minister has consented to the transfer; or

  (ii)   the Minister's consent to the transfer is not required (see section   29).

Formal requirements for determinations under this section

  (4)   A determination under this section must include particulars of the transfer, including the names of the transferring body and the receiving body.

  (5)   A determination under this section must include a statement of the reasons why the determination has been made.

  (6)   A determination under this section must be signed by an authorised APRA officer.

Determinations under this section are not legislative instruments

  (7)   A determination made under this section is not a legislative instrument.