Commonwealth Consolidated Acts

PAYMENT SYSTEMS AND NETTING ACT 1998 - SECT 15E

  (1)   This section applies if:

  (a)   the requirement in paragraph   15D(1)(a) is satisfied in relation to a trigger event; and

  (b)   a certificate of transfer will come into force under the Business Transfer Act for:

  (i)   a total transfer of business from the trigger body to a receiving body; or

  (ii)   a partial transfer of business from the trigger body to a receiving body.

  (2)   APRA must not make a declaration under subsection   15D(3) in relation to the trigger event unless APRA is satisfied that the declaration will not have a detrimental effect on any counterparty to a close - out netting contract to which the declaration would apply.

  (3)   For the purposes of subparagraph   15D(2)(b)(ii), APRA may make a written determination specifying either or both of the following:

  (a)   the trigger body;

  (b)   the receiving body.

  (4)   A determination under subsection   (3) cannot be varied or revoked.

  (5)   A determination under subsection   (3) is not a legislative instrument.

  (6)   The regulations may do any of the following:

  (a)   prescribe requirements relating to how determinations under subsection   (3) are to be made (including requirements relating to the content or form of declarations);

  (b)   prescribe requirements relating to the notification or publication of determinations under subsection   (3);

  (c)   include provisions that apply to determining, either generally or for a particular purpose, the time when determinations under subsection   (3) are taken to be made.

Note:   Regulations under paragraph   (c) may (for example) provide that, for the purpose of this section, a determination is taken not to have been made until certain requirements of regulations under paragraph   (b) have been complied with.