{"id":"a-1999-33","name":"Financial Sector Reform (ACT) Act 1999","slug":"financial-sector-reform-act-act-1999","collection":"act","jurisdiction":"act","status":"in_force","isInForce":true,"actNumber":"33 of 1999","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":23584,"registerId":"act-a-1999-33-current","compilationNumber":null,"startDate":"2026-04-01","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Financial Sector Reform (ACT) Act 1999","content":"Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nAustralian Capital Territory\nFinancial Sector Reform (ACT) Act 1999\nA1999-33\nRepublication No 6\nEffective: 16 November 2025\nRepublication date: 16 November 2025\nLast amendment made by A2025-29\n\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nAbout this republication\nThe republished law\nThis is a republication of the Financial Sector Reform (ACT) Act 1999 (including any amendment\nmade under the Legislation Act 2001, part 11.3 (Editorial changes)) as in force on\n16 November 2025. It also includes any commencement, amendment, repeal or expiry affecting\nthis republished law to 16 November 2025.\nThe legislation history and amendment history of the republished law are set out in endnotes 3\nand 4.\nKinds of republications\nThe Parliamentary Counsel’s Office prepares 2 kinds of republications of ACT laws (see the ACT\nlegislation register at www.legislation.act.gov.au):\n• authorised republications to which the Legislation Act 2001 applies\n• unauthorised republications.\nThe status of this republication appears on the bottom of each page.\nEditorial changes\nThe Legislation Act 2001, part 11.3 authorises the Parliamentary Counsel to make editorial\namendments and other changes of a formal nature when preparing a law for republication.\nEditorial changes do not change the effect of the law, but have effect as if they had been made by\nan Act commencing on the republication date (see Legislation Act 2001, s 115 and s 117). The\nchanges are made if the Parliamentary Counsel considers they are desirable to bring the law into\nline, or more closely into line, with current legislative drafting practice.\nThis republication does not include amendments made under part 11.3 (see endnote 1).\nUncommenced provisions and amendments\nIf a provision of the republished law has not commenced, the symbol U appears immediately\nbefore the provision heading. Any uncommenced amendments that affect this republished law\nare accessible on the ACT legislation register (www.legislation.act.gov.au). For more\ninformation, see the home page for this law on the register.\nModifications\nIf a provision of the republished law is affected by a current modification, the\nsymbol M appears immediately before the provision heading. The text of the modifying\nprovision appears in the endnotes. For the legal status of modifications, see the Legislation\nAct 2001, section 95.\nPenalties\nAt the republication date, the value of a penalty unit for an offence against this law is $160 for an\nindividual and $810 for a corporation (see Legislation Act 2001, s 133).\n\nR6\n16/11/25\nFinancial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\ncontents 1\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nAustralian Capital Territory\nFinancial Sector Reform (ACT) Act 1999\nContents\nPage\nPart 1 Preliminary\n1 Short title 2\n3 Dictionary 2\n4 Act binds all persons 2\nPart 2 Conferral of functions and powers on APRA\nand ASIC\n5 Conferral of functions and powers on APRA 3\n6 Conferral of functions and powers on ASIC 3\nPart 3 Authorised deposit-taking institutions—\ntransfer of business\n7 Words defined in FS (TR) Act 4\n8 Authorised APRA officer 4\n9 Voluntary transfers 4\n\nContents\nPage\ncontents 2 Financial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\nR6\n16/11/25\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n10 Compulsory transfers 5\n11 Certificates evidencing operation of pt 3 7\n12 Certificates about land and interests in land 7\n13 Certificates about other assets 8\n14 Documents purporting to be certificates 8\n15 Relationship of pt 3 with other laws 8\nPart 6 Miscellaneous\n48 Consequential and transitional regulations 10\nDictionary 11\nEndnotes\n1 About the endnotes 12\n2 Abbreviation key 12\n3 Legislation history 13\n4 Amendment history 15\n5 Earlier republications 19\n\nR6\n16/11/25\nFinancial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\npage 1\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nAustralian Capital Territory\nFinancial Sector Reform (ACT) Act 1999\nAn Act to make provision for the reform of the financial sector, and for other\npurposes\n\nPart 1 Preliminary\nSection 1\npage 2 Financial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\nR6\n16/11/25\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nPart 1 Preliminary\n1 Short title\nThis Act may be cited as the Financial Sector Reform (ACT)\nAct 1999.\n3 Dictionary\nThe dictionary at the end of this Act is part of this Act.\nNote 1 The dictionary at the end of this Act defines certain terms used in this\nAct.\nNote 2 A definition in the dictionary applies to the entire Act unless the\ndefinition, or another provision of the Act, provides otherwise or the\ncontrary intention otherwise appears (see Legislation Act, s 155 and\ns 156 (1)).\n4 Act binds all persons\nThis Act binds all persons so far as the legislative power of the\nTerritory permits.\n\nConferral of functions and powers on APRA and ASIC Part 2\nSection 5\nR6\n16/11/25\nFinancial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\npage 3\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nPart 2 Conferral of functions and\npowers on APRA and ASIC\n5 Conferral of functions and powers on APRA\n(1) APRA has the functions and powers conferred or expressed to be\nconferred on it under this Act.\n(2) APRA has power to do acts in the ACT in the performance or exercise\nof a function or power conferred or expressed to be conferred on\nAPRA by or under a law of another jurisdiction corresponding to this\nAct.\n6 Conferral of functions and powers on ASIC\n(1) ASIC has the functions and powers conferred or expressed to be\nconferred on it under this Act.\n(2) ASIC has power to do acts in the ACT in the performance or exercise\nof a function or power conferred or expressed to be conferred on\nASIC by or under a law of another jurisdiction corresponding to this\nAct.\n\nPart 3 Authorised deposit-taking institutions—transfer of business\nSection 7\npage 4 Financial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\nR6\n16/11/25\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nPart 3 Authorised deposit-taking\ninstitutions—transfer of business\n7 Words defined in FS (TR) Act\nWords defined in the FS (TR) Act have the same respective meanings\nin this part.\n8 Authorised APRA officer\n(1) APRA may, in writing, authorise a person who is an APRA board\nmember, or an APRA staff member, to perform or exercise the\nfunctions or powers of an authorised APRA officer under a particular\nprovision of this part.\n(2) The functions and powers necessary for this section are conferred on\nAPRA.\n9 Voluntary transfers\n(1) The purpose of this section is to facilitate voluntary transfers of\nbusiness under the FS (TR) Act, part 3 for regulated bodies.\n(2) This section applies when a certificate of transfer issued under the\nFS (TR) Act, section 18 comes into force under that Act, part 3,\ndivision 3.\n(3) The receiving body is taken to be the successor in law of the\ntransferring body, to the extent of the transfer.\n(4) In particular—\n(a) if the transfer is a total transfer—all the assets and liabilities of\nthe transferring body become the assets and liabilities of the\nreceiving body without any transfer, conveyance or assignment;\nand\n\nAuthorised deposit-taking institutions—transfer of business Part 3\nSection 10\nR6\n16/11/25\nFinancial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\npage 5\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n(b) if the transfer is a partial transfer—all the assets and liabilities\nof the transferring body included in the list of assets and\nliabilities specified in the statement of detail become assets and\nliabilities of the receiving body without any transfer,\nconveyance or assignment; and\n(c) to the extent of the transfer, the duties, obligations, immunities,\nrights and privileges applying to the transferring body apply to\nthe receiving body.\n(5) If there is an approved section 20 statement in relation to the transfer\nthat specifies—\n(a) that particular things are to happen or are taken to be the case,\nthose things are taken to happen, or to be the case, in accordance\nwith the statement; or\n(b) a mechanism for deciding things that are to happen or are taken\nto be the case, things decided in accordance with that\nmechanism are taken to happen, or to be the case, as decided in\naccordance with that mechanism.\n10 Compulsory transfers\n(1) The purpose of this section is to facilitate compulsory transfers of\nbusiness under the FS (TR) Act, part 4 for regulated bodies.\n(2) This section applies when a certificate of transfer issued under the\nFS (TR) Act, section 33 comes into force under that Act, part 4,\ndivision 3.\n(3) The receiving body is taken to be the successor in law of the\ntransferring body, to the extent of the transfer.\n(4) In particular—\n(a) if the transfer is a total transfer—all the assets and liabilities of\nthe transferring body become assets and liabilities of the\nreceiving body without any transfer, conveyance or assignment;\nand\n\nPart 3 Authorised deposit-taking institutions—transfer of business\nSection 10\npage 6 Financial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\nR6\n16/11/25\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n(b) if the transfer is a partial transfer, all the assets and liabilities of\nthe transferring body that are included in the list, referred to in\nthe FS (TR) Act, section 33 (2) (c), included in, or attached to,\nthe certificate of transfer become assets and liabilities of the\nreceiving body without any transfer, conveyance or assignment;\nand\n(c) to the extent of the transfer, the duties, obligations, immunities,\nrights and privileges applying to the transferring body apply to\nthe receiving body.\n(5) If the certificate of transfer includes provisions of a kind referred to\nin the FS (TR) Act, section 33 (3) specifying—\n(a) that particular things are to happen or are taken to be the case,\nthose things are taken to happen, or to be the case, in accordance\nwith those provisions; or\n(b) a mechanism for deciding things that are to happen or are taken\nto be the case, things decided in accordance with that\nmechanism are taken to happen, or to be the case, as decided in\naccordance with that mechanism.\n(6) If there is an approved section 30 statement in relation to the transfer\nthat specifies—\n(a) that particular things are to happen or are taken to be the case,\nthose things are taken to happen, or to be the case, in accordance\nwith the statement; or\n(b) a mechanism for deciding things that are to happen or are taken\nto be the case, things decided in accordance with that\nmechanism are taken to happen, or to be the case, as decided in\naccordance with that mechanism.\n\nAuthorised deposit-taking institutions—transfer of business Part 3\nSection 11\nR6\n16/11/25\nFinancial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\npage 7\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n11 Certificates evidencing operation of pt 3\n(1) An authorised APRA officer may, by a written certificate signed by\nthe officer, certify anything relating to the effect of this part, and, in\nparticular may certify that—\n(a) a particular asset of a transferring body has become a transferred\nasset of a receiving body; or\n(b) a particular liability of a transferring body has become a\ntransferred liability of a receiving body.\n(2) For all purposes and in all proceedings, a certificate under\nsubsection (1) is evidence of the matters certified.\n12 Certificates about land and interests in land\n(1) This section applies if—\n(a) a receiving body becomes, under this part, the owner of land, or\nan interest in land, situated in the ACT; and\n(b) there is lodged with the registrar-general a certificate that—\n(i) is signed by an authorised APRA officer; and\n(ii) identifies the land or interest; and\n(iii) states the receiving body has, under this part, become the\nowner of that land or interest.\n(2) The registrar general may—\n(a) register or record the matter in the same way as dealings in land\nor interests in land of that kind are registered or recorded; and\n(b) deal with, and give effect to, the certificate.\n\nPart 3 Authorised deposit-taking institutions—transfer of business\nSection 13\npage 8 Financial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\nR6\n16/11/25\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n13 Certificates about other assets\n(1) This section applies if—\n(a) an asset, other than land or an interest in land, becomes, under\nthis part, an asset of a receiving body; and\n(b) there is lodged with the entity who has, under the law,\nresponsibility for keeping a register or record relating to assets\nof that kind a certificate that—\n(i) is signed by an authorised APRA officer; and\n(ii) identifies the asset; and\n(iii) states the asset has, under this part, become an asset of the\nreceiving body.\n(2) The entity may—\n(a) register or record the matter in the same way as transactions\nrelating to assets of that kind are registered or recorded; and\n(b) deal with, and give effect to, the certificate.\n(3) This section does not affect the operation of the Corporations Act.\n14 Documents purporting to be certificates\nA document purporting to be a certificate mentioned in section 12\nor 13 is taken to be a certificate of that type unless the contrary is\nestablished.\n15 Relationship of pt 3 with other laws\n(1) This part has effect despite anything in a contract, deed, undertaking,\nagreement or other instrument.\n\nAuthorised deposit-taking institutions—transfer of business Part 3\nSection 15\nR6\n16/11/25\nFinancial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\npage 9\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n(2) Nothing done under this part—\n(a) places a receiving body, a transferring body or another person in\nbreach of contract or confidence or otherwise makes any of them\nguilty of a civil wrong; or\n(b) places a receiving body, a transferring body or another person in\nbreach of—\n(i) a territory law; or\n(ii) a contractual provision prohibiting, restricting or\nregulating the assignment or transfer of an asset or liability\nor the disclosure of information; or\n(c) releases a surety, wholly or partly, from all or any of the surety’s\nobligations.\n(3) Without limiting subsection (1), if, apart from this section, the advice\nor consent of a person would be necessary for a particular purpose,\nthe advice is taken to have been obtained or the consent is taken to\nhave been given.\n\nPart 6 Miscellaneous\nSection 48\npage 10 Financial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\nR6\n16/11/25\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nPart 6 Miscellaneous\n48 Consequential and transitional regulations\n(1) The Executive may make regulations amending the provisions of this\nAct (other than this section) or any other Act in relation to any matter\narising from, connected with or consequential on the enactment of\nthis Act.\n(2) Regulations made under subsection (1) may be expressed to have\ntaken effect on a day earlier than the day on which they are notified\nin the Gazette, not being a day earlier than the transfer date.\n(3) If regulations made under subsection (1) are expressed to take effect\non a day earlier than the day on which they are notified in the Gazette,\nthey do not operate so as to—\n(a) affect, in a manner prejudicial to any person (other than the\nTerritory or a territory authority), the rights of that person\nexisting at the day of notification; or\n(b) impose liabilities on any person (other than the Territory or a\nterritory authority) in respect of any act or omission before the\nday of notification.\n(4) The Executive may only make regulations under subsection (1)\nduring the period of 12 months commencing on the transfer date.\n\nDictionary\nR6\n16/11/25\nFinancial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\npage 11\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nDictionary\n(see s 3)\nAPRA means the Australian Prudential Regulation Authority\nestablished under the Australian Prudential Regulation Authority\nAct 1998 (Cwlth), section 7.\nASIC means the Australian Securities and Investments Commission\nunder the Australian Securities and Investments Commission\nAct 2001 (Cwlth).\nauthorised APRA officer, in a provision of part 3, means a person\nauthorised under section 8 to perform or exercise the functions or\npowers of an authorised APRA officer under the provision.\nFSR Act means the Financial Sector Reform (Amendments and\nTransitional Provisions) Act (No 1) 1999 (Cwlth).\nFS (TR) Act means the Financial Sector (Transfer and Restructure)\nAct 1999 (Cwlth).\ntransfer date means the date that, under the FSR Act, section 3 (16),\nis specified as the transfer date for that Act.\n\nEndnotes\n1 About the endnotes\npage 12 Financial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\nR6\n16/11/25\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nEndnotes\n1 About the endnotes\nAmending and modifying laws are annotated in the legislation history and the\namendment history. Current modifications are not included in the republished law\nbut are set out in the endnotes.\nNot all editorial amendments made under the Legislation Act 2001, part 11.3 are\nannotated in the amendment history. Full details of any amendments can be\nobtained from the Parliamentary Counsel’s Office.\nUncommenced amending laws are not included in the republished law. The details\nof these laws are underlined in the legislation history. Uncommenced expiries are\nunderlined in the legislation history and amendment history.\nIf all the provisions of the law have been renumbered, a table of renumbered\nprovisions gives details of previous and current numbering.\nThe endnotes also include a table of earlier republications.\n2 Abbreviation key\nA = Act NI = Notifiable instrument\nAF = Approved form o = order\nam = amended om = omitted/repealed\namdt = amendment ord = ordinance\nAR = Assembly resolution orig = original\nch = chapter par = paragraph/subparagraph\nCN = Commencement notice pres = present\ndef = definition prev = previous\nDI = Disallowable instrument (prev...) = previously\ndict = dictionary pt = part\ndisallowed = disallowed by the Legislative r = rule/subrule\nAssembly reloc = relocated\ndiv = division renum = renumbered\nexp = expires/expired R[X] = Republication No\nGaz = gazette RI = reissue\nhdg = heading s = section/subsection\nIA = Interpretation Act 1967 sch = schedule\nins = inserted/added sdiv = subdivision\nLA = Legislation Act 2001 SL = Subordinate law\nLR = legislation register sub = substituted\nLRA = Legislation (Republication) Act 1996 underlining = whole or part not commenced\nmod = modified/modification or to be expired\n\nEndnotes\nLegislation history 3\nR6\n16/11/25\nFinancial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\npage 13\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n3 Legislation history\nFinancial Sector Reform (ACT) Act 1999 A1999-33\nnotified 25 June 1999 (Gaz 1999 S34)\ns 1, s 2 commenced 25 June 1999 (s 2 (1))\nremainder commenced 1 July 1999 (s 2 (2) and see Cwlth Gaz 1999\nNo S283)\nas repealed by\nStatute Law Amendment Act 2002 A2002-30 pt 4.3\nnotified LR 16 September 2002\ns 1, s 2 taken to have commenced 19 May 1997 (LA s 75 (2))\npt 4.3 commenced 17 September 2002 (s 2 (1))\nas revived by\nStatute Law Amendment Act 2011 (No 3) A2011-52 amdt 3.94\nnotified LR 28 November 2011\ns 1, s 2 commenced 28 November 2011 (LA s 75 (1))\namdt 3.94 commenced 12 December 2011 (s 2)\nNote The revival took effect from the beginning of\n18 September 2002.\nas amended by\nStatute Law Amendment Act 2011 (No 3) A2011-52 amdt 3.95,\namdt 3.96\nnotified LR 28 November 2011\ns 1, s 2 commenced 28 November 2011 (LA s 75 (1))\namdt 3.95, amdt 3.96 commenced 12 December 2011 (s 2)\nStatute Law Amendment Act 2012 A2012-21 sch 3 pt 3.20\nnotified LR 22 May 2012\ns 1, s 2 commenced 22 May 2012 (LA s 75 (1))\nsch 3 pt 3.20 commenced 5 June 2012 (s 2 (1))\nStatute Law Amendment Act 2019 A2019-42 sch 3 pt 3.10\nnotified LR 31 October 2019\ns 1, s 2 commenced 31 October 2019 (LA s 75 (1))\nsch 3 pt 3.10 commenced 14 November 2019 (s 2 (1))\n\nEndnotes\n3 Legislation history\npage 14 Financial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\nR6\n16/11/25\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nStatute Law Amendment Act 2025 A2025-29 sch 3 pt 3.40\nnotified LR 6 November 2025\ns 1, s 2 commenced 6 November 2025 (LA s 75 (1))\nsch 3 pt 3.40 commenced 16 November 2025 (s 2 (1))\n\nEndnotes\nAmendment history 4\nR6\n16/11/25\nFinancial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\npage 15\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n4 Amendment history\nCommencement\ns 2 om R1 LA\nDictionary\ns 3 sub A2012-21 amdt 3.75\nWords defined in FS (TR) Act\ns 7 hdg am A2019-42 amdt 3.14\ns 7 am A2019-42 amdt 3.14\nVoluntary transfers\ns 9 am A2019-42 amdt 3.14\nCompulsory transfers\ns 10 am A2019-42 amdt 3.14\nRelationship of pt 3 with other laws\ns 15 am A2025-29 amdt 3.123\nTransitional provisions\npt 4 hdg om A2011-52 amd 3.95\nRepeals\ndiv 1 hdg om R1 LA\nRepeals\ns 16 om R1 LA\nProvisions relating to AFIC\ndiv 4.2 hdg (prev pt 4 div 2 hdg) renum R1 LA\nom A2011-52 amdt 3.95\nContinuation and preservation of civil proceedings involving AFIC\ns 17 om A2011-52 amdt 3.95\nContinuation of offence proceedings\ns 18 om A2011-52 amdt 3.95\nProvisions relating to registrar of financial institutions\ndiv 4.3 hdg (prev pt 4 div 3 hdg) renum R1 LA\nom A2011-52 amdt 3.95\nPreliminary\nsdiv 4.3.1 hdg (prev pt 4 div 3 sdiv 1 hdg) renum R1 LA\nom A2011-52 amdt 3.95\nMeaning of registrar for div 4.3\ns 19 om A2011-52 amdt 3.95\nOffice of registrar to continue\nsdiv 4.3.2 hdg (prev pt 4 div 3 sdiv 2 hdg) renum R1 LA\nom A2011-52 amdt 3.95\n\nEndnotes\n4 Amendment history\npage 16 Financial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\nR6\n16/11/25\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nContinuation of office of registrar for certain purposes\ns 20 om A2011-52 amdt 3.95\nRegistrar’s final report and financial statements\ns 21 om A2011-52 amdt 3.95\nAbolition of office or registrar\ns 22 om R1 LA\nProvisions about particular funds\nsdiv 4.3.3 hdg (prev pt 4 div 3 sdiv 3 hdg) renum R1 LA\nom A2011-52 amdt 3.95\nContinuation and abolition of particular funds\ns 23 om A2011-52 amdt 3.95\nPayments out of credit unions contingency fund\ns 24 om A2011-52 amdt 3.95\nWinding-up of supervision fund\ns 25 om A2011-52 amdt 3.95\nFinancial statements for credit unions contingency fund\ns 26 om A2011-52 amdt 3.95\nAuditor-general to report on fund\ns 27 om A2011-52 amdt 3.95\nInformation may be given to APRA or ASIC\nsdiv 4.3.4 hdg (prev pt 4 div 3 sdiv 4 hdg) renum R1 LA\nom A2011-52 amdt 3.95\nGiving of information\ns 28 om A2011-52 amdt 3.95\nTransfer of registrar’s assets and liabilities\nsdiv 4.3.5 hdg (prev pt 4 div 3 sdiv 5 hdg) renum R1 LA\nom A2011-52 amdt 3.95\nTransfer of assets and liabilities\ns 29 om A2011-52 amdt 3.95\nProceedings involving registrar\nsdiv 4.3.6 hdg (prev pt 4 div 3 sdiv 6 hdg) renum R1 LA\nom A2011-52 amdt 3.95\nContinuation and preservation of civil proceedings involving the registrar\ns 30 om A2011-52 amdt 3.95\nContinuation of certain offence proceedings\ns 31 om A2011-52 amdt 3.95\nAPRA’s and ASIC’s functions and powers under codes\ndiv 4.4 hdg (prev pt 4 div 4 hdg) renum R1 LA\n\nEndnotes\nAmendment history 4\nR6\n16/11/25\nFinancial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\npage 17\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nom A2011-52 amdt 3.95\nConferral of functions and powers relating to financial institutions\ns 32 om A2011-52 amdt 3.95\nAFIC code provisions\ns 33 om A2011-52 amdt 3.95\nFinancial institutions code provisions\ns 34 om A2011-52 amdt 3.95\nProvisions for financial institutions code as applied under AFIC code s 40\ns 35 om A2011-52 amdt 3.95\nOnly appropriately qualified person may be authorised etc\ns 36 om A2011-52 amdt 3.95\nConferral of functions and powers\ns 37 om A2011-52 amdt 3.95\nMatters relating to deregistered societies\ndiv 4.5 hdg (prev pt 4 div 5 hdg) renum R1 LA\nom A2011-52 amdt 3.95\nMeaning of society in div 4.5\ns 38 om A2011-52 amdt 3.95\nApplication of div 4.5\ns 39 om A2011-52 amdt 3.95\nSociety’s property vested in ASIC s 29\ns 40 om A2011-52 amdt 3.95\nASIC may act for society\ns 41 om A2011-52 amdt 3.95\nRecovery from society’s insurer\ns 42 om A2011-52 amdt 3.95\nConferral of functions and powers\ns 43 om A2011-52 amdt 3.95\nMiscellaneous\ndiv 4.6 hdg (prev pt 4 div 6 hdg) renum R1 LA\nom A2011-52 amdt 3.95\nDormant accounts\ns 44 om A2011-52 amdt 3.95\nMergers and transfers of engagements started under financial institutions\n(ACT) code\ns 45 om A2011-52 amdt 3.95\nAustralian financial institutions appeals tribunal\ns 46 om A2011-52 amdt 3.95\n\nEndnotes\n4 Amendment history\npage 18 Financial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\nR6\n16/11/25\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nConsequential amendments\npt 5 hdg om R1 LA\nConsequential amendments of other Acts\ns 47 om R1 LA\nConsequential and transitional regulations\ns 48 am A2025-29 amdt 3.124\nConsequential amendments of other Acts\nsch om R1 LA\nDictionary\ndict def AFIC om A2012-21 amdt 3.76\ndef AFIC (ACT) code om A2012-21 amdt 3.76\ndef AFIC (ACT) regulations om A2012-21 amdt 3.76\ndef AFIC code om A2012-21 amdt 3.76\ndef AFIC regulations om A2012-21 amdt 3.76\ndef appropriately qualified om A2012-21 amdt 3.76\ndef APRA sub A2012-21 amdt 3.77\ndef ASIC sub A2012-21 amdt 3.78\ndef credit unions contingency fund om A2012-21 amdt 3.79\ndef employee om A2012-21 amdt 3.79\ndef enforcement power om A2012-21 amdt 3.79\ndef financial institutions (ACT) code om A2012-21\namdt 3.79\ndef financial institutions (ACT) regulations om A2012-21\namdt 3.79\ndef financial institutions code om A2012-21 amdt 3.79\ndef financial institutions legislation om A2012-21 amdt 3.79\ndef FS(TB) Act sub A2011-52 amdt 3.96\nom A2019-42 amdt 3.12\ndef FS (TR) Act ins A2019-42 amdt 3.13\ndef registrar om A2012-21 amdt 3.79\ndef relevant Commonwealth body om A2012-21 amdt 3.79\ndef SSA om A2012-21 amdt 3.79\ndef supervision fund om A2012-21 amdt 3.79\n\nEndnotes\nEarlier republications 5\nR6\n16/11/25\nFinancial Sector Reform (ACT) Act 1999\nEffective: 16/11/25\npage 19\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n5 Earlier republications\nSome earlier republications were not numbered. The number in column 1 refers to\nthe publication order.\nSince 12 September 2001 every authorised republication has been published in\nelectronic pdf format on the ACT legislation register. A selection of authorised\nrepublications have also been published in printed format. These republications are\nmarked with an asterisk (*) in column 1. Electronic and printed versions of an\nauthorised republication are identical.\nRepublication\nNo and date\nEffective Last\namendment\nmade by\nRepublication\nfor\nR1\n25 Feb 2002\n1 July 1999–\n17 Sept 2002\nnot amended new Act\nR2\n12 Dec 2011\n18 Sept 2002–\n11 Dec 2011\nnot amended revival of Act by\nA2011-52\namdt 3.94\nR3\n12 Dec 2011\n12 Dec 2011–\n4 June 2012\nA2011-52 amendments by\nA2011-52\nR4\n5 June 2012\n5 June 2012–\n13 Nov 2019\nA2012-21 amendments by\nA2012-21\nR5\n14 Nov 2019\n14 Nov 2019–\n15 Nov 2025\nA2019-42 amendments by\nA2019-42\n© Australian Capital Territory 2025","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":true,"description":"Yes. Successive amendments, revivals and repeals have materially narrowed and reshaped the Act from its original form: many parts and sections were omitted or repealed and core effect now focuses on conferral of APRA/ASIC powers and the transfer mechanics in Part 3 (see endnotes: legislation history and amendment history). The most recent amendments (including A2025‑29) altered s 15 and s 48, affecting the relationship with other laws and transitional regulation power (see amendment history entries for A2025‑29 and s 15; s 48)."},"complexity_factors":["Extensive cross‑references to Commonwealth Financial Sector (Transfer and Restructure) Act for timing and content of transfers (see s 7; s 9(2); s 10(2)).","Automatic operation of transfers without separate conveyance or assignment shifts ownership and liability by statute rather than contract (see s 9(4); s 10(4)).","Authorised APRA officers may certify transfer outcomes; those certificates are treated as evidence and drive registry action (see s 8; s 11; s 12; s 13; s 14).","Part 3 is stated to operate despite contracts or other instruments but preserves certain existing obligations (notably surety obligations) (see s 15(1)–(3)).","Conferral of functions and powers allows APRA and ASIC to exercise corresponding Commonwealth powers in the ACT, creating administrative discretion (see s 5; s 6).","Regulation‑making power for consequential and transitional matters permits limited retrospective effect and is time‑bounded (see s 48(1)–(4)), increasing interpretive and implementation risk.","Dictionary and transfer‑date reliance concentrates legal effect on defined terms and an externally specified transfer date (see Dictionary; definition of transfer date).","Legislative history shows multiple repeals, revivals and amendments that have removed many original provisions, requiring careful historical mapping (see endnotes: legislation history and amendment history)."],"plain_english_summary":"This ACT law implements Commonwealth financial‑sector reform in the Territory. It gives APRA and ASIC authority to act in the ACT and sets a clear legal mechanism for voluntary and compulsory transfers of authorised deposit‑taking institutions’ businesses so assets, liabilities, rights and obligations move automatically to the receiving entity. It also allows authorised APRA officers to issue certificates to evidence transfers and directs registries to record those changes."},"issue_detection":{"absurdities":[],"contradictions":[]},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":true,"description":"The Act has shrunk significantly from its original scope. When first enacted in 1999, it included extensive transitional provisions dealing with the abolition of the ACT's Registrar of Financial Institutions, the winding up of local supervision funds, and the transfer of assets from the old state-based system to the new federal regulators. These provisions (originally Parts 4 and 5 and numerous dictionary definitions) were all repealed by 2012 after the transition was complete. The current Act is a stripped-back 'shell' focused solely on facilitating ADI transfers and conferring functions on APRA/ASIC, having shed its original temporary administrative baggage."},"complexity_factors":["Short statute (only 11 substantive sections plus a dictionary)","Heavy reliance on external Commonwealth legislation (FS (TR) Act, FSR Act) — the Act is essentially a conduit for federal law","Minimal defined terms (only 6 definitions in the dictionary)","No nested exceptions or complex conditional logic; the operative provisions (ss 9-10) follow a simple 'if X happens under federal law, then Y happens in ACT' structure","Straightforward administrative mechanisms (certificates signed by authorised officers)","Part 4 (transitional provisions) and Part 5 (consequential amendments) were repealed in 2011, significantly reducing length and complexity"],"plain_english_summary":"This ACT mirror law applies the Commonwealth’s 1999 financial-sector reforms to the Australian Capital Territory, formally enabling APRA and ASIC to exercise their federal powers in the Territory. \n\nIt lets assets, liabilities and land titles transfer automatically under the Commonwealth Financial Sector (Transfer and Restructure) Act 1999—overriding non‑assignment or confidentiality clauses—so banks, customers and registries aren’t blocked or delayed by ACT property or contract rules."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-reform-act-act-1999","history":"/api/acts/financial-sector-reform-act-act-1999/history","analysis":"/api/acts/financial-sector-reform-act-act-1999/analysis","conflicts":"/api/acts/financial-sector-reform-act-act-1999/conflicts","importantCases":"/api/acts/financial-sector-reform-act-act-1999/important-cases","documents":"/api/acts/financial-sector-reform-act-act-1999/documents"}}