{"id":"nsw:sl-1999-0284","name":"Financial Sector Reform (Savings and Transitional) Regulation 1999","slug":"financial-sector-reform-savings-and-transitional-regulation-1999","collection":"regulation","jurisdiction":"nsw","status":"in_force","isInForce":true,"actNumber":"284 of 1999","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":179063,"registerId":"nsw-nsw:sl-1999-0284-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Name of Regulation","content":"#### 1 Name of Regulation\n\n1 Name of Regulation\n\n> This Regulation is the [Financial Sector Reform (Savings and Transitional) Regulation 1999](/view/html/inforce/current/sl-1999-0284).","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n2 Commencement\n\n> This Regulation commences on the transfer date.\n> \n> Note—\n> \n> The “transfer date” is defined in the [Financial Sector Reform (New South Wales) Act 1999](/view/html/inforce/current/act-1999-001) as the date that, under section 3 (16) of the [Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999](http://www.legislation.gov.au/) of the Commonwealth is specified as the transfer date for the purposes of that Act.\n> \n> Editorial note—\n> \n> Transfer date for the purposes of the [Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999](http://www.legislation.gov.au/) of the Commonwealth: 1.7.1999.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Notes","content":"#### 3 Notes\n\n3 Notes\n\n> The explanatory note, table of contents and notes in the text of this Regulation do not form part of this Regulation.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Definitions","content":"#### 4 Definitions\n\n4 Definitions\n\n> In this Regulation:\n> \n> authorised building society means a body corporate that has a consent under section 66 of the [Banking Act 1959](http://www.legislation.gov.au/) of the Commonwealth to assume or use the restricted expression “building society” or any other word or expression (whether or not in English) that is of like import to “building society”.\n> \n> authorised credit union means a body corporate that has a consent under section 66 of the [Banking Act 1959](http://www.legislation.gov.au/) of the Commonwealth to assume or use the restricted expression “credit union” or “credit society” or any other word or expression (whether or not in English) that is of like import to “credit union” or “credit society”.","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Construction of references in Acts","content":"#### 5 Construction of references in Acts\n\n5 Construction of references in Acts\n\n> Unless otherwise provided in this Regulation, in any Act (other than the [Financial Sector Reform (New South Wales) Act 1999](/view/html/inforce/current/act-1999-001)) or statutory instrument, a reference (however expressed) to:\n> \n> > (a) a society, building society or a credit union under, or registered under, or incorporated under, or within the meaning of the Financial Institutions (NSW) Code, the [Financial Institutions (New South Wales) Act 1992](/view/pdf/asmade/act-1992-46) or a corresponding law or Code of another jurisdiction is to be construed as a reference to an ADI, and\n> \n> > (b) a society or a friendly society under, or registered under, or incorporated under, or within the meaning of the Friendly Societies (NSW) Code, the [Friendly Societies Act 1989](/view/pdf/asmade/act-1989-232) or the [Friendly Societies (New South Wales) Act 1997](/view/pdf/asmade/act-1997-11) or a corresponding law or Code of another jurisdiction is to be construed as a reference to:\n> > \n> > > (i) a body that, immediately before the transfer date, was a society within the meaning of the Friendly Societies (NSW) Code, or\n> > \n> > > (ii) a body that is a friendly society for the purposes of the [Life Insurance Act 1995](http://www.legislation.gov.au/) of the Commonwealth, and\n> \n> > (c) an “institution registered under the [Financial Institutions (New South Wales) Act 1992](/view/pdf/asmade/act-1992-46)” is to be construed as a reference to an ADI, and\n> \n> > (d) a financial institution referred to as having “the same meaning as in the Financial Institutions (NSW) Code” is to be construed as a reference to an authorised building society or an authorised credit union, and\n> \n> > (e) a “non-bank financial institution which is governed by the [Financial Corporations Act 1974](http://www.legislation.gov.au/) of the Commonwealth or the Financial Institutions Code 1992” is to be construed as a reference to an ADI.\n> \n> Note—\n> \n> The terms “Financial Institutions (NSW) Code”, “Friendly Societies (NSW) Code” and “transfer date” are defined in the [Financial Sector Reform (New South Wales) Act 1999](/view/html/inforce/current/act-1999-001). The term “ADI”, which stands for “authorised deposit-taking institution”, is defined in the [Interpretation Act 1987](/view/html/inforce/current/act-1987-015), as amended by that Act.","sortOrder":4},{"sectionNumber":"6","sectionType":"section","heading":"Associations Incorporation Act 1984 No 143","content":"#### 6 Associations Incorporation Act 1984 No 143\n\n6 [Associations Incorporation Act 1984 No 143](/view/html/repealed/current/act-1984-143)\n\n> > (1) In section 7 (2) of the [Associations Incorporation Act 1984](/view/html/repealed/current/act-1984-143) before its amendment by Schedule 6.2 to the [Co-operative Housing and Starr-Bowkett Societies Act 1998](/view/html/inforce/current/act-1998-011), the reference to an association “registered or required to be registered under the Friendly Societies (NSW) Code, the [Permanent Building Societies Act 1967](/view/pdf/asmade/act-1967-18) or the [Credit Union Act 1969](/view/pdf/asmade/act-1969-8)” in paragraph (e) is to be construed as a reference to a friendly society or an authorised building society or an authorised credit union.\n> \n> > (2) In section 7 (2) of the [Associations Incorporation Act 1984](/view/html/repealed/current/act-1984-143) after its amendment by Schedule 6.2 to the [Co-operative Housing and Starr-Bowkett Societies Act 1998](/view/html/inforce/current/act-1998-011):\n> > \n> > > (a) the reference in paragraph (e) to a “society under the [Friendly Societies Act 1989](/view/pdf/asmade/act-1989-232)” is to be construed as a reference to a friendly society, and\n> > \n> > > (b) the reference in paragraph (e) to a “building society or credit union under the Financial Institutions (NSW) Code” is to be construed as a reference to an authorised building society or an authorised credit union.\n> \n> Note—\n> \n> Subclause (1) will apply to section 7 of the [Associations Incorporation Act 1984](/view/html/repealed/current/act-1984-143) before the amendments to that section by the [Co-operative Housing and Starr-Bowkett Societies Act 1998](/view/html/inforce/current/act-1998-011) commence, and will cease to apply when those amendments take effect. Subclause (2) will apply to section 7 once those amendments take effect.","sortOrder":5},{"sectionNumber":"7","sectionType":"section","heading":"Confiscation of Proceeds of Crime Act 1989 No 90","content":"#### 7 Confiscation of Proceeds of Crime Act 1989 No 90\n\n7 [Confiscation of Proceeds of Crime Act 1989 No 90](/view/html/inforce/current/act-1989-090)\n\n> In the definition of building society in section 4 of the [Confiscation of Proceeds of Crime Act 1989](/view/html/inforce/current/act-1989-090), the reference to a “society registered or incorporated as a building society, permanent building society” is to be construed as a reference to an ADI.","sortOrder":6},{"sectionNumber":"8","sectionType":"section","heading":"Co-operative Housing and Starr-Bowkett Societies Act 1998 No 11","content":"#### 8 Co-operative Housing and Starr-Bowkett Societies Act 1998 No 11\n\n8 [Co-operative Housing and Starr-Bowkett Societies Act 1998 No 11](/view/html/inforce/current/act-1998-011)\n\n> In the [Co-operative Housing and Starr-Bowkett Societies Act 1998](/view/html/inforce/current/act-1998-011):\n> \n> > (a) the reference to a “building society or credit union under the financial institutions legislation” in the definition of financial institution in section 3 (1) is to be construed as a reference to an ADI, and\n> \n> > (b) the reference to a “financial institution or proposed financial institution under the financial institutions legislation” in section 81 (5) (b) is to be construed as a reference to an ADI.","sortOrder":7},{"sectionNumber":"9","sectionType":"section","heading":"Co-operatives Act 1992 No 18","content":"#### 9 Co-operatives Act 1992 No 18\n\n9 [Co-operatives Act 1992 No 18](/view/html/repealed/current/act-1992-018)\n\n> In the [Co-operatives Act 1992](/view/html/repealed/current/act-1992-018):\n> \n> > (a) the reference to a “financial institution or foreign society registered under financial institutions legislation within the meaning of the Financial Institutions (NSW) Code” in paragraph (b) of the definition of foreign co-operative in section 5 is to be construed as a reference to an ADI, and\n> \n> > (b) the reference to a “credit union or foreign society within the meaning of the Financial Institutions (NSW) Code” in section 255 (5) (b) is to be construed as a reference to an authorised credit union.","sortOrder":8},{"sectionNumber":"10","sectionType":"section","heading":"Credit Act 1984 No 94","content":"#### 10 Credit Act 1984 No 94\n\n10 [Credit Act 1984 No 94](/view/html/repealed/current/act-1984-094)\n\n> In the [Credit Act 1984](/view/html/repealed/current/act-1984-094):\n> \n> > (a) the reference to a “society within the meaning of the Financial Institutions (NSW) Code” in section 18 (1) is to be construed as a reference to an authorised building society, and\n> \n> > (b) the reference to a “credit union within the meaning of the law of another State or of a Territory that corresponds to the Financial Institutions (NSW) Code” in section 18 (3) is to be construed as a reference to an authorised credit union.","sortOrder":9},{"sectionNumber":"11","sectionType":"section","heading":"Criminal Assets Recovery Act 1990 No 23","content":"#### 11 Criminal Assets Recovery Act 1990 No 23\n\n11 [Criminal Assets Recovery Act 1990 No 23](/view/html/inforce/current/act-1990-023)\n\n> In section 4 of the [Criminal Assets Recovery Act 1990](/view/html/inforce/current/act-1990-023):\n> \n> > (a) the reference to a “society registered or incorporated as a building society, permanent building society” in the definition of building society is to be construed as a reference to an ADI, and\n> \n> > (b) the reference to a “society or other body of persons that under a law in force in New South Wales or in another State or in a Territory is registered or incorporated as a credit union” in the definition of credit union is to be construed as a reference to an ADI.","sortOrder":10},{"sectionNumber":"12","sectionType":"section","heading":"Debits Tax Act 1990 No 112","content":"#### 12 Debits Tax Act 1990 No 112\n\n12 [Debits Tax Act 1990 No 112](/view/html/repealed/current/act-1990-112)\n\n> In section 8 (2) of the [Debits Tax Act 1990](/view/html/repealed/current/act-1990-112):\n> \n> > (a) the reference to a “building society” is to be construed as a reference to an authorised building society, and\n> \n> > (b) the reference to “credit union” is to be construed as a reference to an authorised credit union.","sortOrder":11},{"sectionNumber":"13","sectionType":"section","heading":"District Court Act 1973 No 9","content":"#### 13 District Court Act 1973 No 9\n\n13 [District Court Act 1973 No 9](/view/html/inforce/current/act-1973-009)\n\n> > (1) In section 103 (1) of the [District Court Act 1973](/view/html/inforce/current/act-1973-009) before its amendment by Schedule 6.7 to the [Co-operative Housing and Starr-Bowkett Societies Act 1998](/view/html/inforce/current/act-1998-011):\n> > \n> > > (a) the reference to a “society registered under the [Permanent Building Societies Act 1967](/view/pdf/asmade/act-1967-18)” in paragraph (a) of the definition of building society is to be construed as a reference to an ADI, and\n> > \n> > > (b) the reference to a “credit union registered under the [Credit Union Act 1969](/view/pdf/asmade/act-1969-8)” in paragraph (a) of the definition of credit union is to be construed as a reference to an ADI.\n> \n> > (2) In section 103 (1) of the [District Court Act 1973](/view/html/inforce/current/act-1973-009) after its amendment by Schedule 6.7 to the [Co-operative Housing and Starr-Bowkett Societies Act 1998](/view/html/inforce/current/act-1998-011):\n> > \n> > > (a) the reference to a “building society registered under the Financial Institutions (NSW) Code” in the definition of building society is to be construed as a reference to an ADI, and\n> > \n> > > (b) the reference to a “credit union registered under the Financial Institutions (NSW) Code” in the definition of credit union is to be construed as a reference to an ADI.\n> \n> Note—\n> \n> Subclause (1) will apply to section 103 of the [District Court Act 1973](/view/html/inforce/current/act-1973-009) before the amendments to the definitions of building society and credit union in the [District Court Act 1973](/view/html/inforce/current/act-1973-009) by the [Co-operative Housing and Starr-Bowkett Societies Act 1998](/view/html/inforce/current/act-1998-011) commence, and will cease to apply when those amendments take effect. Subclause (2) will apply to section 103 once those amendments take effect.","sortOrder":12},{"sectionNumber":"14","sectionType":"section","heading":"Duties Act 1997 No 123","content":"#### 14 Duties Act 1997 No 123\n\n14 [Duties Act 1997 No 123](/view/html/inforce/current/act-1997-123)\n\n> In the [Duties Act 1997](/view/html/inforce/current/act-1997-123):\n> \n> > (a) the reference to “Part 7 or 8 of the Financial Institutions (NSW) Code or a corresponding law of another State or Territory” in section 65 (1) (f) is to be construed as a reference to the [Financial Sector (Transfers of Business) Act 1999](http://www.legislation.gov.au/) of the Commonwealth, and\n> \n> > (b) the reference to a “continuing building society within the meaning of the Financial Institutions (NSW) Code” in the definition of permanent building society in the Dictionary is to be construed as a reference to an authorised building society, and\n> \n> > (c) the reference to a “building society” in the paragraph (e) of the definition of prescribed property is to be construed as a reference to an authorised building society.","sortOrder":13},{"sectionNumber":"15","sectionType":"section","heading":"Frustrated Contracts Act 1978 No 105","content":"#### 15 Frustrated Contracts Act 1978 No 105\n\n15 [Frustrated Contracts Act 1978 No 105](/view/html/inforce/current/act-1978-105)\n\n> > (1) In section 6 (2) of the [Frustrated Contracts Act 1978](/view/html/inforce/current/act-1978-105) before its amendment by Schedule 6.10 to the [Co-operative Housing and Starr-Bowkett Societies Act 1998](/view/html/inforce/current/act-1998-011):\n> > \n> > > (a) the reference to a “credit union registered under the [Credit Union Act 1969](/view/pdf/asmade/act-1969-8)” in section 6 (2) (c) is to be construed as a reference to an authorised credit union, and\n> > \n> > > (b) the reference to a society registered under the “[Permanent Building Societies Act 1967](/view/pdf/asmade/act-1967-18)” in section 6 (2) (d) (iii) is to be construed as a reference to an authorised building society.\n> \n> > (2) In section 6 (2) of the [Frustrated Contracts Act 1978](/view/html/inforce/current/act-1978-105) after its amendment by Schedule 6.10 to the [Co-operative Housing and Starr-Bowkett Societies Act 1998](/view/html/inforce/current/act-1998-011):\n> > \n> > > (a) the reference to a society registered under the “[Friendly Societies Act 1989](/view/pdf/asmade/act-1989-232)” is to be construed as a reference to a friendly society, and\n> > \n> > > (b) the reference to a society registered under the “Financial Institutions (NSW) Code” is to be construed as a reference to an authorised building society or an authorised credit union.\n> \n> Note—\n> \n> Subclause (1) will apply to section 6 of the [Frustrated Contracts Act 1978](/view/html/inforce/current/act-1978-105) before the amendments to that section by the [Co-operative Housing and Starr-Bowkett Societies Act 1998](/view/html/inforce/current/act-1998-011) commence, and will cease to apply when those amendments take effect. Subclause (2) will apply to section 6 once those amendments take effect.","sortOrder":14},{"sectionNumber":"16","sectionType":"section","heading":"Government Guarantees Act 1934 No 57","content":"#### 16 Government Guarantees Act 1934 No 57\n\n16 [Government Guarantees Act 1934 No 57](/view/html/inforce/current/act-1934-057)\n\n> In section 3 (2) (c) of the [Government Guarantees Act 1934](/view/html/inforce/current/act-1934-057) the reference to “any society within the meaning of the [Permanent Building Societies Act 1967](/view/pdf/asmade/act-1967-18)” is to be construed as a reference to a body corporate that was registered as a building society under the Financial Institutions (NSW) Code immediately before the transfer date.","sortOrder":15},{"sectionNumber":"17","sectionType":"section","heading":"Land Tax Management Act 1956 No 26","content":"#### 17 Land Tax Management Act 1956 No 26\n\n17 [Land Tax Management Act 1956 No 26](/view/html/inforce/current/act-1956-026)\n\n> > (1) In the [Land Tax Management Act 1956](/view/html/inforce/current/act-1956-026) before its amendment by Schedule 6.13 to the [Co-operative Housing and Starr-Bowkett Societies Act 1998](/view/html/inforce/current/act-1998-011):\n> > \n> > > (a) the reference in section 10G (1) (a) to a “permanent building society registered under the [Permanent Building Societies Act 1967](/view/pdf/asmade/act-1967-18)” is to be construed as a reference to a body corporate that was registered as a building society under the Financial Institutions (NSW) Code immediately before the transfer date, and\n> > \n> > > (b) the reference in section 10G (1) (b) to an “association registered under the [Permanent Building Societies Act 1967](/view/pdf/asmade/act-1967-18)” is to be construed as a reference to a body corporate that was registered as an association under the Financial Institutions (NSW) Code immediately before the transfer date.\n> \n> > (2) In section 10G (1) of the [Land Tax Management Act 1956](/view/html/inforce/current/act-1956-026) after its amendment by Schedule 6.13 to the [Co-operative Housing and Starr-Bowkett Societies Act 1998](/view/html/inforce/current/act-1998-011), the reference in the definition of building society to a “building society, or an association of building societies, registered under the Financial Institutions (NSW) Code” is to be construed as a reference to a body corporate that was registered as a building society or an association of building societies under the Financial Institutions (NSW) Code immediately before the transfer date.\n> \n> Note—\n> \n> Subclause (1) will apply to section 10G of the [Land Tax Management Act 1956](/view/html/inforce/current/act-1956-026) before the amendments to the definition of building society in that section by the [Co-operative Housing and Starr-Bowkett Societies Act 1998](/view/html/inforce/current/act-1998-011) commence, and will cease to apply when those amendments take effect. Subclause (2) will apply to section 10G once those amendments take effect.","sortOrder":16},{"sectionNumber":"18","sectionType":"section","heading":null,"content":"#### 18\n\n18 (Repealed)","sortOrder":17},{"sectionNumber":"19","sectionType":"section","heading":"Public Authorities (Financial Arrangements) Act 1987 No 33","content":"#### 19 Public Authorities (Financial Arrangements) Act 1987 No 33\n\n19 [Public Authorities (Financial Arrangements) Act 1987 No 33](/view/html/repealed/current/act-1987-033)\n\n> In clause 4 (1) (g), (h) and (j) of Schedule 4 to the [Public Authorities (Financial Arrangements) Act 1987](/view/html/repealed/current/act-1987-033), a reference to a “building society” wherever occurring is to be construed as a reference to an authorised building society.","sortOrder":19},{"sectionNumber":"20","sectionType":"section","heading":"Stamp Duties Act 1920 No 47","content":"#### 20 Stamp Duties Act 1920 No 47\n\n20 [Stamp Duties Act 1920 No 47](/view/html/repealed/current/act-1920-047)\n\n> > (1) In section 98 (1) of the [Stamp Duties Act 1920](/view/html/repealed/current/act-1920-047) before its amendment by Schedule 6.21 to the [Co-operative Housing and Starr-Bowkett Societies Act 1998](/view/html/inforce/current/act-1998-011), the reference to a “society registered or incorporated as a building society, permanent building society” in the definition of building society is to be construed as a reference to an authorised building society.\n> \n> > (2) In section 98 (1) of the [Stamp Duties Act 1920](/view/html/repealed/current/act-1920-047) after its amendment by Schedule 6.21 to the [Co-operative Housing and Starr-Bowkett Societies Act 1998](/view/html/inforce/current/act-1998-011), the reference to a “building society registered under the Financial Institutions (NSW) Code” in the definition of building society is to be construed as a reference to an authorised building society.\n> \n> > (3) In section 98 (1) of the [Stamp Duties Act 1920](/view/html/repealed/current/act-1920-047), the reference to a society or other body of persons that is “registered or incorporated as a credit union or credit society, under the law in force in a State or a Territory relating to credit unions or credit societies” in paragraph (a) of the definition of credit union is to be construed as a reference to an authorised credit union.\n> \n> > (4) In section 98A (1) (w) and (wa) of the [Stamp Duties Act 1920](/view/html/repealed/current/act-1920-047), a reference to a merger or transfer of engagements between building societies or credit unions is to be construed as a reference to a transfer of business under the [Financial Sector (Transfers of Business) Act 1999](http://www.legislation.gov.au/) of the Commonwealth, despite the definitions of merger and transfer of engagements in section 98A (4).\n> \n> Note—\n> \n> Subclause (1) will apply to section 98 (1) of the [Stamp Duties Act 1920](/view/html/repealed/current/act-1920-047) before the definition of building society in that section is amended by the [Co-operative Housing and Starr-Bowkett Societies Act 1998](/view/html/inforce/current/act-1998-011), and will cease to apply when that amendment takes effect. Subclause (2) will apply to section 98 (1) once the amendment takes effect. The definition of credit union in section 98 (1) and the references to merger and transfer of business in section 98A are not affected by the [Co-operative Housing and Starr-Bowkett Societies Act 1998](/view/html/inforce/current/act-1998-011).","sortOrder":20},{"sectionNumber":"21","sectionType":"section","heading":"Trustee Act 1925 No 14","content":"#### 21 Trustee Act 1925 No 14\n\n21 [Trustee Act 1925 No 14](/view/html/inforce/current/act-1925-014)\n\n> The reference to the “Financial Institutions (New South Wales) Code” in section 21A (1) (b) of the [Trustee Act 1925](/view/html/inforce/current/act-1925-014) is to be construed as a reference to the [Financial Sector (Transfers of Business) Act 1999](http://www.legislation.gov.au/) of the Commonwealth.","sortOrder":21},{"sectionNumber":"22","sectionType":"section","heading":"Trustee Companies Act 1964 No 6","content":"#### 22 Trustee Companies Act 1964 No 6\n\n22 [Trustee Companies Act 1964 No 6](/view/html/inforce/current/act-1964-006)\n\n> The reference to the “Australian Financial Institutions Commission established by the Australian Financial Institutions Commission Act 1992 of Queensland” in section 36A (4) of the [Trustee Companies Act 1964](/view/html/inforce/current/act-1964-006) is to be construed as a reference to the Crown Solicitor.","sortOrder":22}],"analysis":{"issue_detection":{"absurdities":[],"contradictions":[]},"summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"Based on the available information, the regulation's scope does not appear to have changed from its original intent. It was created as a transitional instrument in 1999 and underwent only one amendment (reflected in the December 2006 version). Transitional regulations by design have a fixed, limited purpose — to manage changeover from old to new rules — and there is no evidence here of scope creep or expansion beyond that original function."},"complexity_factors":["Insufficient legislative content provided — only metadata and website navigation text was supplied, not the actual regulation text","Transitional and savings provisions can sometimes involve cross-referencing multiple pieces of legislation, which adds complexity","Financial sector regulation can involve technical concepts, though the transitional nature of this instrument typically makes it narrower in scope","The regulation appears largely spent (served its purpose), reducing any practical complexity for current readers"],"plain_english_summary":"This NSW regulation implemented transitional \"savings and transitional\" measures during the late‑1990s shift to new national financial‑sector rules, preserving existing rights and arrangements so institutions and customers weren’t left in legal limbo.\n\nIt primarily affected NSW banks, credit unions and their customers. Its practical significance is now historical and minimal. (Summary based on the regulation’s title and status; substantive text was not provided.)"},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The Regulation appears to perform its original intended function: providing transitional interpretative rules for the 1999 financial sector reforms. There is no evidence of scope creep; it remains tightly focused on statutory interpretation rules for the specific handover of financial institution regulation from NSW to the Commonwealth."},"complexity_factors":["Extensive cross-referencing to 16+ other NSW Acts, many of which have been repealed or amended since 1999","Temporal layering: multiple clauses have 'before amendment' and 'after amendment' subclauses dealing with different versions of the same sections (e.g., clauses 6, 13, 15, 17, 20)","Dependency on external definitions: 'transfer date', 'ADI', 'Financial Institutions (NSW) Code' are all defined in other legislation (the parent Act or Commonwealth law)","Nested conditional logic: constructions like 'reference to X in section Y before its amendment by Schedule Z' create multiple temporal states for the same provision","Federal-state interaction complexity: requires understanding of which entities became ADIs vs which remained under state supervision (friendly societies split into two categories)","One clause (18) has been repealed, indicating the instrument has been amended over time, creating version control issues"],"plain_english_summary":"This Regulation is a **translation manual** for NSW laws. It tells courts, government agencies, and businesses how to read old references to financial institutions in NSW legislation after the federal government took over banking regulation in 1999.\n\n**What it does:**\n- **Replaces old terms with new ones.** When a NSW law mentions a \"building society,\" \"credit union,\" or \"friendly society\" registered under old NSW laws, this Regulation says to read that as a reference to an **ADI** (Authorised Deposit-taking Institution) — basically a bank or bank-like institution regulated by the federal government under the *Banking Act 1959*.\n- **Handles the handover.** In 1999, responsibility for regulating banks, building societies and credit unions shifted from the states to the Commonwealth. This Regulation ensures that all the old NSW laws didn't suddenly break or become meaningless.\n\n**Who it affects:**\n- Anyone reading older NSW statutes that mention financial institutions\n- Lawyers interpreting contracts or property documents from before 1999\n- Government agencies applying laws like stamp duty, land tax, or criminal assets recovery\n\n**Key translations:**\n- \"Building society\" → **authorised building society** (an ADI allowed to use that name)\n- \"Credit union\" → **authorised credit union** (ditto)\n- \"Friendly society\" → either the old NSW-friendly society or a life insurance company under federal law\n- \"Financial Institutions (NSW) Code\" → federal *Financial Sector (Transfers of Business) Act 1999*\n\n**Why it matters:**\nWithout this Regulation, a law saying \"building societies must do X\" would refer to institutions that technically no longer exist under NSW law. This keeps the legal system coherent during a major regulatory shift."},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":false,"description":"The instrument does not expand or narrow substantive regulatory powers; it preserves continuity by directing courts and administrators to construe existing statutory references to building societies, credit unions and friendly societies as references to ADIs or to authorised building societies/credit unions (from the transfer date). Some provisions apply only until corresponding amendments commence, so the regulation’s effect is transitional rather than a permanent change in scope."},"complexity_factors":["Extensive cross-references to many NSW Acts and to Commonwealth Acts, requiring look-through when interpreting terms","Temporal rules that make different constructions apply before and after particular amendments or commencement events (transfer date)","Multiple defined terms (e.g. “ADI”, “transfer date”, “authorised building society”, “authorised credit union”) whose meanings come from other statutes","Some clauses operate only until parallel amendments in other Acts commence, creating conditional applicability","Mixture of current and repealed provisions in the schedule increases interpretive effort","Potential for different outcomes depending on whether a body existed immediately before the transfer date (factual enquiries needed)"],"plain_english_summary":"This regulation rewrites how many NSW laws should be read after the financial-sector transfer date: words like “building society”, “credit union” or similar references are to be read as authorised deposit-taking institutions (ADIs), authorised building societies, authorised credit unions, or friendly societies as appropriate. It is a transitional, continuity measure. It primarily affects those institutions and anyone who deals with them under the listed NSW Acts by changing which legal label and statutory regime apply when interpreting existing provisions, so administrative and compliance duties follow the new labels."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-reform-savings-and-transitional-regulation-1999","history":"/api/acts/financial-sector-reform-savings-and-transitional-regulation-1999/history","analysis":"/api/acts/financial-sector-reform-savings-and-transitional-regulation-1999/analysis","conflicts":"/api/acts/financial-sector-reform-savings-and-transitional-regulation-1999/conflicts","importantCases":"/api/acts/financial-sector-reform-savings-and-transitional-regulation-1999/important-cases","documents":"/api/acts/financial-sector-reform-savings-and-transitional-regulation-1999/documents"}}