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Financial Sector (Business Transfer and Group Restructure) determination No. 1 of 2017

Financial Sector (Business Transfer and Group Restructure) Act 1999

 I, Wayne Byres, Chair of APRA, under section 46 of the Financial Sector (Business Transfer and Group Restructure) Act 1999 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901:

(a)   REVOKE Financial Sector (Business Transfer and Group Restructure) determination No. 1 of 2007, including Transfer Rules No. 1 of 2007 made under that Determination; and

(b)   MAKE Transfer Rules 2017 - Restructures, in the form set out in the Schedule, for the purposes of subsections 36B(3) and 36P(4) of the Act.

This instrument commences on the day it is registered on the Federal Register of Legislation.

Dated:  22 September 2017

[Signed]
………………………
Wayne Byres
Chair
APRA

Interpretation
In this Determination:
APRA means the Australian Prudential Regulation Authority.

Schedule

Transfer Rules 2017 - Restructures comprises the 4 pages commencing on the following page.

Transfer Rules 2017 - Restructures

Financial Sector (Business Transfer and Group Restructure) Act 1999

Introduction
     1. These Rules are made under section 46 of the Financial Sector (Business Transfer and Group Restructure) Act 1999 (the Act). They apply to:

       (a)          an application made by an operating body under subsection 36B(2) of the Act for a restructure approval; and

       (b)          an application made by an operating body under subsection 36P(2) of the Act for an amendment to an internal transfer certificate.

Form and content of application for a restructure approval

    2.             For the purposes of subsection 36B(3) of the Act, an application for a restructure approval must be in the form prescribed, and contain the information required, by paragraph 3, subject to paragraph 4.

    Note: A copy of the application must be provided to APRA in addition to the Minister (subsection 36B(4) of the Act).

    3.             An application by an operating body for a restructure approval must be in writing, signed by the CEO of the operating body, and contain or attach the following information, except where already provided to APRA in connection with a NOHC authorisation application:

       (a)          the reasons for the proposed restructure; and

       (b)          the name and ACN or ARBN of the operating body and the proposed name and ACN or ARBN (where known) of the NOHC to be established; and

       (c)          a chart of the group of companies and ownership chain of companies headed:

           (i)            at the time of application, by the operating body; and

           (ii)         post restructure, by the proposed NOHC; and

       (d)          where it is proposed that particular assets and liabilities will be, or are likely to be, transferred by way of internal transfer certificate, a schedule describing the relevant transferring and receiving bodies (to the extent known); and

       (e)