Document ID: chunk:federal_register_of_legislation:F2023L00684:body:0:p50
Version: federal_register_of_legislation:F2023L00684
Segment Type: other
Provision Reference: 
Character Range: 126815–128582

entity at the time the instrument is issued, the instrument is to be converted into the unlisted ordinary shares of the insurer. Where an unlisted insurer issues the instrument to its listed parent, conversion may be into unlisted ordinary shares of the insurer. ↑
40. Reference to regulated institution in this context captures any entity whose ordinary shares are issued as a result of conversion provisions. ↑
41. For an unlisted regulated institution that has no listed parent at the time of issue, the ordinary share price is based on the book value per share at the time of issue. ↑
42. This may include subsequent ordinary share splits, bonus issues and share consolidation. ↑
43. For example, by way of a scheme of arrangement. ↑
44. Requirements may be applied by the home regulator or under statute. ↑
45. Such a declaration would typically be provided, as appropriate, by APRA or another regulator, or by way of statutory provisions. ↑
46. Subject to prior consultation with APRA, the subsidiary may also be a non-operating holding company and qualify for the treatment under this paragraph. ↑
47. This includes third parties' interest in ordinary shares issued by a subsidiary, current year and retained earnings and distributable reserves of a subsidiary. ↑
48. As defined in paragraphs 18 and 19 of this Attachment. ↑
49. Paragraph (b) requires the goodwill component of these investments to be deducted from Common Equity Tier 1 Capital. This deduction is to be performed prior to deducting the (remaining) value of the investment from Common Equity Tier 1. ↑
50. 'Financial year' means a period of 12 consecutive months covered by one or more sets of publicly available operating results preceding the date of the proposed payments of distributions. ↑