Document ID: chunk:federal_register_of_legislation:C2018A00010:clause:4_25aa:p1
Version: federal_register_of_legislation:C2018A00010
Segment Type: clause
Provision Reference: sch 4 cl 25AA (pt 1/2)
Character Range: 401273–403998

25AA  Compulsory transfer of shares determinations

Transferring body is regulated body
 (1) APRA may make a written determination that there is to be a transfer of shares in a regulated body to another body corporate. APRA may make the determination only if:
 (a) any of the following requirements are met:
 (i) if the regulated body is an ADI—the Minister has declared under section 25A that a transfer of shares in the transferring body to the receiving body should occur;
 (ii) if the regulated body is an ADI and subparagraph (i) does not apply—APRA is satisfied that any of the conditions in subparagraph 25(1)(a)(i), (ii), (iii), (iv) or (v) have been satisfied;
 (iii) if the regulated body is a life insurance company—APRA is satisfied that any of the conditions in subparagraph 25(1C)(a)(i), (ii), (iii) or (iv) have been satisfied;
 (iv) if the regulated body is a general insurer—APRA is satisfied that any of the conditions in subparagraph 25(1E)(a)(i), (ii), (iii) or (iv) have been satisfied; and
 (b) if the transferring body is an ADI—APRA has considered the interests of depositors of the transferring body (when viewed as a group) and considers that, having regard to their interests, it would be appropriate for the transfer to be made; and
 (c) if the transferring body is a life insurance company or general insurer—APRA has considered the interests of policy owners of the transferring body (when viewed as a group) and considers that, having regard to their interests, it would be appropriate for the transfer to be made; and
 (d) if the receiving body is an ADI—APRA is satisfied that the transfer is appropriate, having regard to the interests of depositors of the receiving body when viewed as a group; and
 (e) if the receiving body is a life insurance company or general insurer—APRA is satisfied that the transfer is appropriate, having regard to the interests of policy owners of the receiving body when viewed as a group; and
 (f) the conditions in subsection (3) exist.

Transferring body cannot be foreign body
 (2) APRA cannot make a determination under this section if the transferring body is any of the following:
 (a) a foreign ADI;
 (b) a foreign general insurer;
 (c) an eligible foreign life insurance company.

Common conditions for making a determination under this section
 (3) APRA may make a determination under this section only if:
 (a) APRA is satisfied that the board of directors of the receiving body has consented to the transfer; and
 (b) APRA is satisfied that the transfer is appropriate, having regard to:
 (i) the interests of the financial sector as a whole; and
 (ii) any other matters that APRA considers relevant; and
 (c) either:
 (i) the Minister has consented