25AACompulsory transfer of shares determinations

25AA Compulsory transfer of shares determinations

Transferring body is regulated body (1) APRA may make a written determination that there is to be a transfer of shares in a regulated body to another body corporate. APRA may make the determination only if: (a) any of the following requirements are met: (i) if the regulated body is an ADI—the Minister has declared under section 25A that a transfer of shares in the transferring body to the receiving body should occur; (ii) if the regulated body is an ADI and subparagraph (i) does not apply—APRA is satisfied that any of the conditions in subparagraph 25(1)(a)(i), (ii), (iii), (iv) or (v) have been satisfied; (iii) if the regulated body is a life insurance company—APRA is satisfied that any of the conditions in subparagraph 25(1C)(a)(i), (ii), (iii) or (iv) have been satisfied; (iv) if the regulated body is a general insurer—APRA is satisfied that any of the conditions in subparagraph 25(1E)(a)(i), (ii), (iii) or (iv) have been satisfied; and (b) if the transferring body is an ADI—APRA has considered the interests of depositors of the transferring body (when viewed as a group) and considers that, having regard to their interests, it would be appropriate for the transfer to be made; and (c) if the transferring body is a life insurance company or general insurer—APRA has considered the interests of policy owners of the transferring body (when viewed as a group) and considers that, having regard to their interests, it would be appropriate for the transfer to be made; and (d) if the receiving body is an ADI—APRA is satisfied that the transfer is appropriate, having regard to the interests of depositors of the receiving body when viewed as a group; and (e) if the receiving body is a life insurance company or general insurer—APRA is satisfied that the transfer is appropriate, having regard to the interests of policy owners of the receiving body when viewed as a group; and (f) the conditions in subsection (3) exist. Transferring body cannot be foreign body (2) APRA cannot make a determination under this section if the transferring body is any of the following: (a) a foreign ADI; (b) a foreign general insurer; (c) an eligible foreign life insurance company. Common conditions for making a determination under this section

Note: (3)

APRA may make a determination under this section only if: (a) APRA is satisfied that the board of directors of the receiving body has consented to the transfer; and (b) APRA is satisfied that the transfer is appropriate, having regard to: (i) the interests of the financial sector as a whole; and (ii) any other matters that APRA considers relevant; and (c) either: (i) the Minister has consented to the transfer; or (ii) the Minister’s consent to the transfer is not required (see section 29). Formal requirements for determinations under this section (4) A determination under this section must include particulars of the transfer, including the names of the transferring body and the receiving body. (5) A determination under this section must include a statement of the reasons why the determination has been made. (6) A determination under this section must be signed by an authorised APRA officer. Determinations under this section are not legislative instruments (7) A determination made under this section is not a legislative instrument.