Document ID: chunk:federal_register_of_legislation:F2017L01306:body:0:p7
Version: federal_register_of_legislation:F2017L01306
Segment Type: other
Provision Reference: 
Character Range: 15993–19027

that body:

          (i)           the information required by that Part; and

          (ii)        a brief statement outlining the nature of that trigger, an explanation of the extent to which the proposal will affect the mutual status of the body, and the effect on the members of the body; and

       (p)         any other information that APRA, in writing, specifies must be included in the information statement.

   Note    In relation to subparagraph 8(b)(v), a transfer will be taken to have effect immediately on the expiration of the day preceding the effective date of transfer.

    9.      APRA may, in writing:

       (a)           approve a draft information document if APRA is satisfied that:

           (i) it complies with rule 8 (including providing any additional information required by APRA under paragraph 8(p)); or

           (ii) any non-compliance with rule 8 should be waived; or

        (b)   approve a draft information document subject to such amendments specified in APRA's approval to ensure that it does comply with rule 8.

   Note 1  Before approving a draft information document APRA will consult with ASIC and these consultations are likely to cover whether the contents of the draft information document are consistent with the disclosure requirements that would be required under Part 5.1 or sections 636 and 638 or Part 5 of Schedule 4 of the Corporations Act 2001 (as the case may be) if the transfer proceeded under those provisions.

   Note 2  The above provisions of the Corporations Act 2001 must be complied with where applicable.

    10.  The second letter must be a letter from the receiving body, signed by the CEO of that body, and must contain or attach the following information:

       (a)         an indicative purchase price, details of how the transfer will be funded and its impact on solvency and/or capital ratios and profit levels; and

       (b)         an explanation of the due diligence and/or actuarial valuation process undertaken or to be undertaken (APRA may arrange for an independent expert to make a report of the proposal); and

       (c)         business plans, including discussion of how the purchase fits within the receiving body's strategy and any likely changes to naming, activities undertaken and the scale of operations; and

       (d)         integration plans, including the impact on product lines (and any likely impact on fees and charges), distribution/branch networks and staffing (including the number of staff transferred and the terms and conditions of the transfer); and

       (e)         a description of the management and organisational structure of the receiving body post-transfer and, where relevant, any changes to the board of that body; and

       (f)          details of risk management systems (including group reporting arrangements) applying to the transferred business; and

       (g)         written assurances from the board of the receiving body that it:

          (i)           is satisfied, on the basis