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This instrument is the Financial Sector (Transfer and Restructure) Regulations 2018.
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Commonwealth legislation
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.
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Direct links to the current provisions in Financial Sector (Transfer and Restructure) Regulations 2018.
This instrument is the Financial Sector (Transfer and Restructure) Regulations 2018.
This instrument is made under the Financial Sector (Transfer and Restructure) Act 1999.
In this instrument:
Act means the Financial Sector (Transfer and Restructure) Act 1999.
restructure means a restructure that takes effect, or may take effect, under the Act.
transfer of business means a transfer of business that takes effect, or may take effect, under the Act.
transfer of shares means a transfer of shares that takes effect, or may take effect, under the Act.
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.
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.
For the purposes of subsection 43(4) of the Act, the Financial Sector (Shareholdings) Act 1998: (a) apply in relation to a transfer of shares or a restructure; and (b) apply in relation to a transfer of business as if the following section was inserted after section 13 of that Act:
13A Application for approval to hold business to be transferred under the Financial Sector (Transfer and Restructure) Act 1999
(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. (2) The company must apply to the Treasurer for approval to hold the transferring business. (3) This Division applies to the application as if the transferring business were a separate financial sector company.
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: (a) the Foreign Acquisitions and Takeovers Act 1975; (b) the Insurance Acquisitions and Takeovers Act 1991.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This instrument is the Financial Sector (Transfer and Restructure) Regulations 2018.
This instrument is made under the Financial Sector (Transfer and Restructure) Act 1999.
In this instrument:
Act means the Financial Sector (Transfer and Restructure) Act 1999.
restructure means a restructure that takes effect, or may take effect, under the Act.
transfer of business means a transfer of business that takes effect, or may take effect, under the Act.
transfer of shares means a transfer of shares that takes effect, or may take effect, under the Act.
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.
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.
For the purposes of subsection 43(4) of the Act, the Financial Sector (Shareholdings) Act 1998: (a) apply in relation to a transfer of shares or a restructure; and (b) apply in relation to a transfer of business as if the following section was inserted after section 13 of that Act:
13A Application for approval to hold business to be transferred under the Financial Sector (Transfer and Restructure) Act 1999
(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. (2) The company must apply to the Treasurer for approval to hold the transferring business. (3) This Division applies to the application as if the transferring business were a separate financial sector company.
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: (a) the Foreign Acquisitions and Takeovers Act 1975; (b) the Insurance Acquisitions and Takeovers Act 1991.