Compulsory transfer—APRA may provide information to receiving body
42 Compulsory transfer—APRA may provide information to receiving body
APRA may, in connection with a compulsory transfer, or a proposed or possible compulsory transfer, provide information (including personal information or confidential commercial information) to the receiving body, or to the possible or proposed receiving body, about:
in the case of a transfer of business—the business that is to be, or that may be, transferred; or
in the case of a transfer of shares:
the shares that are to be, or that may be, transferred; and
the business of the transferring body.
Subsection 56(9) of the Australian Prudential Regulation Authority Act 1998 allows an officer of APRA who (on APRA’s behalf) provides information to a body under this section to impose conditions to be complied with by the body in relation to that information.
This Act’s bill:Explanatory memorandumSecond reading speech
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