Document ID: chunk:federal_register_of_legislation:C2004A04777:section:5:p2
Version: federal_register_of_legislation:C2004A04777
Segment Type: section
Provision Reference: s 5 (pt 2/16)
Character Range: 50349–53370

is intended to explain the effect of other provisions of this Law. If a provision of this Division is inconsistent with a provision of this Law that is outside this Division, the provision outside this Division prevails.".

25. After section 1015:

  Insert in Part 7.11:

SCHEDULE 3—continued

"Division 5—Exemptions

Financial institutions—exemptions

"1015A.(1) Except as provided in the regulations, nothing in the other provisions of this Part applies in relation to:

  (a) the issue, by a financial institution, of withdrawable shares; or

  (b) deposit taking by a financial institution; or

     (c) other things done by a financial institution in the ordinary course of its banking business; or

     (d) the provision, by a special services provider, of services of a kind described in subparagraph 36(2)(b)(i), (ii), (iii), (iv) or (v) of any of the AFIC Codes; or

  (e) the issue of shares:

      (i) to a building society by a building society special services provider; or

      (ii) to a credit union by a credit union special services provider.

  "(2) In this section:

'banking business', in relation to a financial institution, means that part of the institution's business that is substantially similar to the banking businesses of Australian banks.".

26. After subsection 1047(2):

  Insert:

  "(2AA) A financial institution that:

  (a) is incorporated under a law of this jurisdiction; and

  (b) issues debentures (whether in this jurisdiction or elsewhere);

must keep in Australia a register of holders of those debentures.".

27. After section 1083:

  Insert:

Financial institutions—exemptions

"1083A.(1) Except as provided in the regulations, nothing in the other provisions of this Part applies in relation to:

  (a) the issue, by a financial institution, of withdrawable shares; or

  (b) deposit taking by a financial institution; or

    (c) other things done by a financial institution in the ordinary course of its banking business; or

    (d) the provision, by a special services provider, of services of a kind described in subparagraph 36(2)(b)(i), (ii), (iii), (iv) or (v) of any of the AFIC Codes; or

SCHEDULE 3—continued

  (e) the issue of shares:

      (i) to a building society by a building society special services provider; or

      (ii) to a credit union by a credit union special services provider.

  "(2) In this section:

'banking business', in relation to a financial institution, means that part of the institution's business that is substantially similar to the banking businesses of Australian banks.".

28. Subsection 1097(1) (paragraph (a) of the definition of "eligible body"):

  After the paragraph, insert:

  "(aa) a financial institution that:

      (i) is incorporated, formed or established in this jurisdiction; and

      (ii) is included in the official list of a securities exchange; or".

29. Section 1301:

  After "corporation" (wherever occurring) insert "or financial institution".

30. Subsection 1302(7):

  Add at the end "or a