15EDeclaration under subsection 15D(3)—total or partial transfer of business

15E Declaration under subsection 15D(3)—total or partial transfer of business

(1) This section applies if: (a) the requirement in paragraph 15D(1)(a) is satisfied in relation to a trigger event; and (b) a certificate of transfer will come into force under the Business Transfer Act for: (i) a total transfer of business from the trigger body to a receiving body; or (ii) a partial transfer of business from the trigger body to a receiving body. (2) APRA must not make a declaration under subsection 15D(3) in relation to the trigger event unless APRA is satisfied that the declaration will not have a detrimental effect on any counterparty to a close‑out netting contract to which the declaration would apply. (3) For the purposes of subparagraph 15D(2)(b)(ii), APRA may make a written determination specifying either or both of the following: (a) the trigger body; (b) the receiving body. (4) A determination under subsection (3) cannot be varied or revoked. (5) A determination under subsection (3) is not a legislative instrument. (6) The regulations may do any of the following: (a) prescribe requirements relating to how determinations under subsection (3) are to be made (including requirements relating to the content or form of declarations); (b) prescribe requirements relating to the notification or publication of determinations under subsection (3); (c) include provisions that apply to determining, either generally or for a particular purpose, the time when determinations under subsection (3) are taken to be made.

Note: Regulations under paragraph (c) may (for example) provide that, for the purpose of this section, a determination is taken not to have been made until certain requirements of regulations under paragraph (b) have been complied with.