Commonwealth Consolidated Acts

FINANCIAL SECTOR (TRANSFER AND RESTRUCTURE) ACT 1999 - SECT 36B

  (1)   This section applies if:

  (a)   any of the following bodies (the operating body ) proposes to enter into an arrangement (a restructure arrangement ) to be approved by an order of the Court under subsection   411(4) of the Corporations Act 2001 :

  (i)   an ADI;

  (ii)   a life insurance company;

  (iii)   a general insurer; and

  (b)   the arrangement would:

  (i)   result in the operating body becoming a subsidiary of a NOHC; or

  (ii)   facilitate compliance by the operating body (or a related body corporate of the operating body) with a requirement covered by subsection   (1A).

  (1A)   This subsection covers a requirement under any of the following:

  (a)   a direction under any of the following:

  (i)   section   11CA of the Banking Act 1959 ;

  (ii)   section   104 of the Insurance Act 1973 ;

  (iii)   section   230B of the Life Insurance Act 1995 ;

  (iv)   section   64 of the Financial Accountability Regime Act 2023 ;

  (b)   a prudential standard mentioned in the definition of prudential requirements in subsection   36C(4) .

  (2)   The operating body may apply in writing to the Minister for an approval (the restructure approval ):

  (a)   that includes a restructure instrument (see section   36G); and

  (b)   that authorises APRA to issue one or more internal transfer certificates under section   36M.

  (3)   The application must be in the form prescribed by the transfer rules, and must contain or be accompanied by the information required by the transfer rules.

  (4)   The operating body must give a copy of the application to APRA.