Financial Sector (Transfer and Restructure) Act 1999

This section applies if:

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:

an ADI;

a life insurance company;

a general insurer; and

the arrangement would:

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

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

This subsection covers a requirement under any of the following:

a direction under any of the following:

section 11CA of the Banking Act 1959;

section 104 of the Insurance Act 1973;

section 230B of the Life Insurance Act 1995;

section 64 of the Financial Accountability Regime Act 2023;

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

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

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

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

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.

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