{"id":"F2018L01676","name":"Financial Sector (Transfer and Restructure) Regulations 2018","slug":"financial-sector-transfer-and-restructure-regulations-2018","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":98320,"registerId":"commonwealth-F2018L01676-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Name","content":"#### 1 Name\n\n  This instrument is the Financial Sector (Transfer and Restructure) Regulations 2018.","sortOrder":0},{"sectionNumber":"3","sectionType":"section","heading":"Authority","content":"#### 3 Authority\n\n  This instrument is made under the Financial Sector (Transfer and Restructure) Act 1999.","sortOrder":1},{"sectionNumber":"5","sectionType":"section","heading":"Definitions","content":"#### 5 Definitions\n\n  In this instrument:\n\n> Act means the Financial Sector (Transfer and Restructure) Act 1999.\n\n> restructure means a restructure that takes effect, or may take effect, under the Act.\n\n> transfer of business means a transfer of business that takes effect, or may take effect, under the Act.\n\n> transfer of shares means a transfer of shares that takes effect, or may take effect, under the Act.","sortOrder":2},{"sectionNumber":"6","sectionType":"section","heading":"Relationship of the Act with the Administrative Decisions (Judicial Review) Act 1977","content":"#### 6 Relationship of the Act with the Administrative Decisions (Judicial Review) Act 1977\n\n  For the purposes of subsection 43(4) of the Act, the Administrative Decisions (Judicial Review) Act 1977 applies in relation to a transfer of business, a transfer of shares or a restructure, as if paragraph 5(1)(a) of that Act were omitted.","sortOrder":3},{"sectionNumber":"7","sectionType":"section","heading":"Relationship of the Act with the Banking Act 1959","content":"#### 7 Relationship of the Act with the Banking Act 1959\n\n  For the purposes of subsection 43(4) of the Act, the Banking Act 1959 applies in relation to a transfer of business, a transfer of shares or a restructure.","sortOrder":4},{"sectionNumber":"8","sectionType":"section","heading":"Relationship of the Act with the Financial Sector (Shareholdings) Act 1998","content":"#### 8 Relationship of the Act with the Financial Sector (Shareholdings) Act 1998\n\n  For the purposes of subsection 43(4) of the Act, the Financial Sector (Shareholdings) Act 1998:\n    (a) apply in relation to a transfer of shares or a restructure; and\n    (b) apply in relation to a transfer of business as if the following section was inserted after section 13 of that Act:\n\n13A Application for approval to hold business to be transferred under the Financial Sector (Transfer and Restructure) Act 1999\n\n  (1) This section applies to a financial sector company to which more than 20% of the gross assets and liabilities of another financial sector company (the transferring business) is to be transferred under the Financial Sector (Transfer and Restructure) Act 1999.\n  (2) The company must apply to the Treasurer for approval to hold the transferring business.\n  (3) This Division applies to the application as if the transferring business were a separate financial sector company.","sortOrder":5},{"sectionNumber":"9","sectionType":"section","heading":"Relationship of the Act with certain other laws","content":"#### 9 Relationship of the Act with certain other laws\n\n  For the purposes of subsection 43(4) of the Act, the provisions of the following Acts apply in relation to a transfer of business, a transfer of shares or a restructure:\n    (a) the Foreign Acquisitions and Takeovers Act 1975;\n    (b) the Insurance Acquisitions and Takeovers Act 1991.","sortOrder":6}],"analysis":{"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":3,"scope_assessment":{"changed":false,"description":"This regulation appears to serve its original intended purpose: operationalising section 43(4) of the parent Act by specifying which other laws apply to transfers and restructures. The content is tightly focused on legislative interaction provisions and shows no evidence of scope creep beyond this technical, machinery function."},"complexity_factors":["Only 4 defined terms in section 5","Short instrument—9 sections total, approximately 400 words","Simple conditional logic (the 'as if' modifications in sections 6, 8 and 9)","Single nested provision (the inserted section 13A in section 8)","No cross-references beyond citing other Acts by name","Clear, linear structure with no exceptions to exceptions"],"plain_english_summary":"This regulation explains how the Financial Sector (Transfer and Restructure) Act 1999 interacts with other Australian laws when financial firms transfer businesses, shares, or restructure. It confirms key laws (Banking Act, foreign investment and insurance takeover laws, and the Shareholdings Act) apply, and narrows judicial-review challenges for these transactions.\n\nIt affects banks, insurers, other financial institutions, regulators and foreign buyers—ensuring oversight, preventing avoidance of shareholding rules (notably via the 20% business-transfer threshold)."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The instrument expands the regulatory overlay on transfers and restructures under the parent Act by expressly applying several external statutes (regs 6–9) and by creating a Treasurer approval pathway for acquirers of transfers exceeding 20% of gross assets/liabilities (reg 8, new section 13A). This broadens the Acts and approvals that affect such transactions."},"complexity_factors":["Cross-references to multiple external Acts (Administrative Decisions (Judicial Review) Act 1977; Banking Act 1959; Financial Sector (Shareholdings) Act 1998; Foreign Acquisitions and Takeovers Act 1975; Insurance Acquisitions and Takeovers Act 1991).","Modification of review rights by omitting paragraph 5(1)(a) of the ADJR Act in this context (regulation 6).","Insertion of a bespoke approval requirement (new section 13A in the Financial Sector (Shareholdings) Act 1998) creating Treasurer discretion where over 20% of gross assets/liabilities transfer (regulation 8).","Short, technical definitions tie the instrument tightly to the parent Act and limit standalone procedural detail (regulation 5).","Practical complexity arises from coordination of multiple statutory regimes rather than from dense procedural rules within the instrument itself."],"plain_english_summary":"This regulation makes several other Commonwealth laws apply to business transfers, share transfers and restructures carried out under the Financial Sector (Transfer and Restructure) Act 1999. It defines key terms and requires existing banking, shareholding, foreign‑acquisition and insurance‑acquisition rules to govern those transactions, including Treasurer approval where a transferee will hold more than 20% of the transferring business’s gross assets and liabilities. It therefore affects banks, insurers and other financial‑sector companies that propose transfers or restructures, by adding regulatory approvals and review pathways."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-transfer-and-restructure-regulations-2018","history":"/api/acts/financial-sector-transfer-and-restructure-regulations-2018/history","analysis":"/api/acts/financial-sector-transfer-and-restructure-regulations-2018/analysis","conflicts":"/api/acts/financial-sector-transfer-and-restructure-regulations-2018/conflicts","importantCases":"/api/acts/financial-sector-transfer-and-restructure-regulations-2018/important-cases","documents":"/api/acts/financial-sector-transfer-and-restructure-regulations-2018/documents"}}