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Commonwealth legislation
These Regulations formally list which kinds of financial firms are treated as “prescribed entities” for the purposes of section 9 of the Cross‑Border Insolvency Act 2008. (regulation 4; Schedule 1.)
They are made under the Cross‑Border Insolvency Act 2008 by the Governor‑General on advice of the Federal Executive Council and name the Minister associated with the instrument. The Regulations come into effect immediately after Parts 2, 3 and 4 of the Act commence. (preamble; regulation 2.)
The Regulations also set out short definitions that point to other legislation for certain terms: “ADI” is defined as in the Banking Act 1959; “general insurer” as in the Insurance Act 1973; and “life company” as in the Life Insurance Act 1995. (regulation 3.)
The Schedule (Schedule 1) lists the prescribed entities: (1) ADIs, (2) general insurers, and (3) life companies. (regulation 4; Schedule 1.)
The categories of firms listed in Schedule 1: authorised deposit-taking institutions (ADIs), general insurers, and life insurance companies — as those terms are defined in the cited banking and insurance Acts. (regulation 3; Schedule 1.)
The Regulations do not themselves set obligations or remedies; they operate by designating those classes as “prescribed entities” for the Act’s section 9. Any legal consequences of being a prescribed entity are set out in the Cross‑Border Insolvency Act 2008 (not repeated here). (regulation 4.)
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Direct links to the current provisions in Cross-Border Insolvency Regulations 2008.
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View on official registerSourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
Mechanically, the instrument performs a single administrative function: it identifies particular categories of financial firms so that section 9 of the Act can operate with clear, predefined classes. (regulation 4; Schedule 1.)
The Regulations rely on cross‑references to other Acts for the technical meaning of the listed categories. That means the scope of the designation depends on the definitions in the Banking Act 1959, Insurance Act 1973 and Life Insurance Act 1995. (regulation 3.)
Who decides: the instrument is made by the Governor‑General acting on executive advice and is presented as a legislative instrument under the Act (preamble). Who is affected: the firms that fall into the listed categories under the cited Acts. (preamble; regulation 3; Schedule 1.)
Implementation and compliance considerations: the Regulations themselves do not impose detailed regulatory duties or procedural steps; they create a legal label ("prescribed entity") that the primary Act will apply to the listed classes. Any costs, duties or procedural changes that flow from being a prescribed entity are governed by the Cross‑Border Insolvency Act 2008 rather than by these Regulations. (regulation 4.)
This design reduces the need to repeat technical definitions in the Regulations but ties the effect of the designation to changes in the underlying banking and insurance statutes (because the listed categories reference those Acts). (regulation 3.)
Benefit of approach: clear, categorical identification of which industry sectors are captured under section 9 (Schedule 1), which supports consistent application of the Act once its relevant parts commence (regulation 2).
Trade‑off: the Regulation’s effect depends on external definitions. If those definitions change in the cited Acts, the set of firms captured here will change correspondingly, without amendment to these Regulations (regulation 3; Schedule 1).
Administrative discretion is limited within this instrument: it does not create case‑by‑case discretion or additional compliance steps; it is a classification instrument that operates through the Cross‑Border Insolvency Act. (regulation 4.)
Record/registry note: the instrument reminds readers that legislative instruments and compilations are registered on the Federal Register of Legislative Instruments. (note.)