Document ID: chunk:federal_register_of_legislation:C2023A00068:clause:2_16
Version: federal_register_of_legislation:C2023A00068
Segment Type: clause
Provision Reference: sch 2 cl 16
Character Range: 45455–46256

16  Directions under FAR for non‑compliance with BEAR

When this item applies
(1) This item applies if:
 (a) APRA has reason to believe that a body corporate has contravened a provision of Part IIAA of the old Banking Act before the banking start time; and
 (b) as at the banking start time, APRA has not given a direction under section 11CA of the old Banking Act in relation to the contravention; and
 (c) immediately after the banking start time, the body corporate is an accountable entity.

APRA may give direction under FAR Act
(2) Both of the following apply:
 (a) APRA may give the body corporate a direction under section 64 of the FAR Act;
 (b) for the purposes of paragraph 64(3)(b) of the FAR Act, the ground for giving the direction is the contravention of the old Banking Act provision.