Document ID: chunk:federal_register_of_legislation:C2025C00113:section:7:p2
Version: federal_register_of_legislation:C2025C00113
Segment Type: section
Provision Reference: s 7 (pt 2/3)
Character Range: 12358–15139

principal business in Australia of the corporation is insurance business within the meaning of the Insurance Act 1973; or
 (g) the corporation is authorised by a law of a State or of a Territory to act as an executor, administrator and trustee; or
 (i) the corporation is covered under subsection (2A); or
 (ia) the corporation is specified in a determination under subsection (2F), or is in a class of corporations specified in a determination under subsection (2F); or
 (j) APRA has, by order in writing published in such manner and form as APRA determines to be appropriate, exempted the corporation from the obligation to register under this Act.
 (2A) For the purposes of paragraph (2)(i), a corporation is covered under this subsection if:
 (a) the sum of the values of the corporation's assets in Australia that consist of debts due to the corporation resulting from transactions entered into in the course of the provision of finance by the corporation does not exceed:
 (i) $50,000,000; or
 (ii) if a greater or lesser amount is prescribed by the regulations—the amount so prescribed; and
 (b) the sum of the values of the principal amounts outstanding on loans or other financing covered by subsection (2C) does not exceed:
 (i) $50,000,000; or
 (ii) if a greater or lesser amount is prescribed by the regulations—the amount so prescribed.
 (2B) For the purposes of paragraph (2A)(b), determine the value of the principal amount outstanding on a loan or other financing at the time the loan or other financing arose.
 (2C) For the purposes of paragraph (2A)(b), a loan or other financing is covered by this subsection if:
 (a) the loan or other financing arose in the relevant financial year mentioned in subsection (2D); and
 (b) the funding or originating of the loan or other financing resulted from the carrying out, whether directly or indirectly, of activities by the corporation.
 (2D) In determining whether the corporation is a registrable corporation at a time, for the purposes of paragraph (2C)(a), the relevant financial year is the most recent financial year ending before that time.
 (2E) For the purposes of working out whether a corporation (the test corporation) is covered under subsection (2A):
 (a) identify each other corporation (if any) that is related to the test corporation (disregarding subsections 34(2) and (3)); and
 (b) treat those other corporations as not being a separate entity, but rather as being a part of the test corporation.
 (2F) For the purposes of paragraph (2)(ia), APRA may:
 (a) make a determination in writing specifying a particular corporation or corporations;
 (b) make a determination in writing specifying a class of corporations or classes of corporations.
 (2G) A determination made under paragraph (2F)(a) is not a