- (1)
- For clause 39 of Schedule 4 to the Act and subject to this Division, the
ASIC transitional standards:
- (a)
- continue to apply in relation to a
transferring financial institution of a State or Territory to the extent that
the standards applied to the institution immediately before the transfer date;
and
- (b)
- apply in relation to a relevant financial institution of a kind mentioned
in paragraph (b) or (c) of the definition of that expression in regulation
12.7.01 to the extent that the standards applied to an institution of that
kind immediately before the transfer date; and
- (c)
- apply in relation to an Australian ADI to which a declaration under
regulation 12.7.02 applies to the extent that the standards applied to
Australian ADIs immediately before the transfer date.
- (2)
- However, Prudential Standard 6.8.3, as applied by subregulation (1), does
not authorise ASIC to grant an exemption.
Note
Regulation 12.7.05 authorises
ASIC to make a declaration having the effect of an exemption to which
Prudential Standard 6.8.3 relates.