Commonwealth Numbered Acts

FINANCIAL SECTOR LEGISLATION AMENDMENT (CRISIS RESOLUTION POWERS AND OTHER MEASURES) ACT 2018 (NO. 10, 2018) - SCHEDULE 6

Australian Prudential Regulation Authority Act 1998

1  Subsection 3(1) (paragraph (f) of the definition of prudential regulation framework law )

Repeal the paragraph, substitute:

                      (f)  the Financial Sector (Transfer and Restructure) Act 1999 ;

2  Section 48

After "investigators and administrators under Division 2 of Part II of the Banking Act 1959 ", insert ", Division 1A of Part VB of the Insurance Act 1973 or Division 1AA of Part 8 of the Life Insurance Act 1995 .

3  After subparagraph 54C(a)(i)

Insert:

                            (ia)  meeting the entitlement of a receiving body under subsection 16AIC(2) of that Act (Payment of receiving body under transferred liabilities determination), to the extent that the entitlement is comprised of the FCS payment amount mentioned in paragraph 16AIB(1)(a) of that Act; or

4  After subparagraph 54C(b)(i)

Insert:

                            (ia)  meeting the entitlement of a receiving body under subsection 62ZZMC(2) of that Act (Payment of receiving body under transferred liabilities determination), to the extent that the entitlement is comprised of the FCS payment amount mentioned in paragraph 62ZZMB(1)(a) of that Act; or

5  At the end of section 58

Add:

             (4)  Subsection (1) does not limit, and is not limited by, any of the following provisions:

                     (a)  section 14C, 52A, 52B, 70A or 70AA of the Banking Act 1959;

                     (b)  section 62ZOK, 38A, 38B, 127B or 127C of the Insurance Act 1973 ;

                     (c)  section 179AK, 156A, 156B, 246A or 246B of the Life Insurance Act 1995 .

6  Subparagraph 59(2)(a)(i)

Repeal the subparagraph, substitute:

                              (i)  the activities of persons conducting investigations under Division 2 of Part II of the Banking Act 1959 ;

7  After paragraph 59(2)(a)

Insert:

                  (aaa)  information on the following matters:

                              (i)  the activities of Banking Act statutory managers (within the meaning of the Banking Act 1959 );

                             (ii)  the activities of Insurance Act statutory managers (within the meaning of the Insurance Act 1973 );

                            (iii)  the activities of Life Insurance Act statutory managers (within the meaning of the Life Insurance Act 1995 );