Document ID: chunk:federal_register_of_legislation:C2025C00165:section:5:p5
Version: federal_register_of_legislation:C2025C00165
Segment Type: section
Provision Reference: s 5 (pt 5/6)
Character Range: 29768–32433

ADI or NOHC or for the Australian operations of the foreign ADI, as the case may be.
subsidiary has the meaning given by subsection (2).
the Reserve Bank means the Reserve Bank of Australia.
transferred liabilities determination means a determination under subsection 16AIA(1).
ultimate termination of control has the meaning given by subsection 13C(1).

Subsidiary
 (2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same way as that question is determined for the purposes of the Corporations Act 2001.

Related bodies corporate
 (2A) For the purposes of this Act, the question whether a body corporate is related to another body corporate is to be determined in the same way as that question is determined for the purposes of the Corporations Act 2001.

Relevant group of bodies corporate
 (3) For the purposes of this Act:
 (a) an ADI and its subsidiaries together constitute a relevant group of bodies corporate; and
 (b) an authorised NOHC and its subsidiaries together also constitute a relevant group of bodies corporate.

Protected account
 (4) Subject to subsections (5), (6) and (7), a protected account is an account or covered financial product that is kept by an account‑holder (whether alone or jointly with one or more other account‑holders) with an ADI and either:
 (a) is an account that is prescribed by the regulations for the purposes of this paragraph; or
 (b) is an account, or covered financial product, that is kept under an agreement between the account‑holder and the ADI requiring the ADI to pay the account‑holder, on demand by the account‑holder or at a time agreed by them, the net credit balance of the account or covered financial product at the time of the demand or the agreed time (as appropriate).
Note: Paragraph (a)—the regulations may prescribe the account by reference to a class of accounts: see subsection 13(3) of the Legislation Act 2003.
 (5) An account is not a protected account on and after 12 October 2011 unless:
 (a) it is recorded in Australian currency; or
 (b) it is kept with an ADI that is a declared ADI on 12 October 2011.
 (6) A covered financial product that is kept with an ADI and is not an account is not a protected account if APRA applies under section 16AAA for an order that the ADI be wound up.
 (7) An account or covered financial product is not a protected account if the account or covered financial product is prescribed by the regulations for the purposes of this subsection.
Note: The regulations may prescribe the account or covered financial product by reference to a class of accounts or financial