Financial Sector (Transfer and Restructure) Act 1999

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:

any of the following requirements are met:

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;

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;

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;

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

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

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

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

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

the conditions in subsection (3) exist.

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

a foreign ADI;

a foreign general insurer;

an eligible foreign life insurance company.

APRA may make a determination under this section only if:

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

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

the interests of the financial sector as a whole; and

any other matters that APRA considers relevant; and

either:

the Minister has consented to the transfer; or

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

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

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

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

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