Document ID: chunk:federal_register_of_legislation:F2017L01306:body:0:p4
Version: federal_register_of_legislation:F2017L01306
Segment Type: other
Provision Reference: 
Character Range: 7888–10715

will, in accordance with requirements of the Act, consult with the ATO (to ensure that the transfer will not breach a taxation law), the ACCC (to ensure that the transfer will not breach the Competition and Consumer Act 2010), ASIC (to ensure that the transfer will be consistent with the Corporations Act 2001 or other relevant legislation) and, if necessary, the FIRB, to ensure the transfer will not breach the Foreign Acquisitions and Takeovers Act 1975.

   Note 2   Where approvals are required under another Act, such as the Banking Act 1959 (section 63), the Financial Sector (Shareholdings) Act 1998 and/or the Insurance Acquisitions and Takeovers Act 1991, an application requesting that approval should be attached to the first letter.  The application under the other Act may refer to information supplied in first letter.  The application under the other Act must, of course, contain any additional information required by the other Act or necessary for the application under the other Act to be dealt with.  APRA and Treasury will endeavour to process these applications jointly.

   Note 3   Where authorisation of an acquisition of shares or assets may need to be sought under the Competition and Consumer Act 2010, the receiving body should make an initial approach, or directly apply, to the ACCC.  Where approvals may be required under the Foreign Acquisitions and Takeovers Act 1975, a receiving body that is or may be a 'foreign person' should make an initial approach, or directly apply, to the FIRB.

   Note 4   The onus is on applicants to have made the relevant applications and received the relevant approvals at the time required by the other Act under which the approval is required.  Subsection 11(2) of the Act provides that APRA must not approve a transfer of business if it considers that the transfer should not be approved having regard to the provisions of certain other Acts.

   Note 5   Where the transferring and receiving body both propose that the transfer will be adopted by the way in rule 12, the first letter will need to attach a draft information document for members of the transferring body and a separate draft information document for members of the receiving body.

    8.      A draft information document (see paragraph 7(g)) must include:

       (a)         a brief description of what a transfer of business transaction is, both in practical terms and in the context of the Act; and

       (b)         a brief description of the proposed transfer which must, at a minimum, include the following:

          (i)           whether it is a total or partial transfer of business; and

          (ii)        if it is a partial transfer, a description of the business; and

          (iii)      the reason for the transfer of business; and

          (iv)       the proposed