Commonwealth Numbered Regulations Commonwealth Numbered RegulationsFor the purposes of subsection 43(4) of the Act, the Financial Sector (Shareholdings) Act 1998 :
(a) apply in relation to a transfer of shares or a restructure; and
(b) apply in relation to a transfer of business as if the following section was inserted after section 13 of that Act:
13A Application for approval to hold business to be transferred under the Financial Sector (Transfer and Restructure) Act 1999
(1) This section applies to a financial sector company to which more than 15% of the gross assets and liabilities of another financial sector company (the transferring business ) is to be transferred under the Financial Sector (Transfer and Restructure) Act 1999 .
(2) The company must apply to the Treasurer for approval to hold the transferring business.
(3) This Division applies to the application as if the transferring business were a separate financial sector company.