Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:301:p23
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 301 (pt 23/30)
Character Range: 1932909–1935727

in Schedule 12; or
 (b) an instrument made under a provision mentioned in paragraph (a).
relevant financial institution means the following bodies:
 (a) a transferring financial institution of a State or Territory;
 (b) a company that is permitted to use the expression, building society, credit society or credit union under section 66 of the Banking Act 1959;
 (c) a friendly society;
 (d) an Australian ADI to which a declaration under regulation 12.7.02 applies.

12.7.02  Declarations by ASIC
 (1) This regulation applies, in relation to an Australian ADI, on:
 (a) the initiative of ASIC; or
 (b) application made to ASIC in writing by the ADI or another person.
 (2) ASIC may declare that the Australian ADI conducts financial business of the same kind as the financial business of a transferring financial institution of a State or Territory that was, immediately before the transfer date, registered as a Special Services Provider under the AFIC Code of a State or Territory.
 (3) A declaration:
 (a) must be in writing given to the Australian ADI; and
 (b) takes effect when the declaration, or a copy of the declaration, is given to that ADI.

Division 2—Continued application of certain provisions

12.7.03  Continuation of certain provisions of previous governing Codes
 (1) For clause 39 of Schedule 4 to the Act, this regulation applies provisions (as modified in this regulation) of a previous governing Code to a relevant financial institution if, immediately before the transfer date, the provisions applied to the institution.
 (2) Subsection 402(1) of the Financial Institutions Code, and section 79 of the Friendly Societies Code, of a State or Territory apply, as a law of the Commonwealth, to the relevant financial institution as if:
 (a) a reference to a financial body or a society were a reference to the relevant financial institution; and
 (b) a reference to applicable standards were a reference to the ASIC transitional standards.
 (3) However, subsections 255(6), (7) and (8) of the Financial Institutions Code of a State or Territory apply in relation to a special resolution of the relevant financial institution that amends a provision of the constitution of the institution that would, directly or indirectly, affect:
 (a) the operation of an exempt stock market; or
 (b) the timely disclosure of information to holders or potential holders of securities traded on an exempt stock market.
 (4) Subsections 255(6), (7) and (8) of the Financial Institutions Code of a State or Territory apply for subregulation (3) as if:
 (a) a reference to society were a reference to the relevant financial institution; and
 (b) a reference to financial institutions legislation were a reference to the Act and the Corporations Regulations; and
 (c) a reference to standards were a reference to the