Commonwealth Numbered Regulations

NATIONAL CONSUMER CREDIT PROTECTION (TRANSITIONAL AND CONSEQUENTIAL PROVISIONS) REGULATIONS 2010 (SLI NO 45 OF 2010) - REG 5

         (1)   For the purposes of item 22 of Schedule 1 to the Act, a transfer agreement may be entered into between:

                (a)    ASIC (or on behalf of ASIC); and

               (b)    a referring State or Territory.

         (2)   The transfer agreement may determine how assets or liabilities relating to the regulation of credit providers may be transferred to ASIC from:

                (a)    a referring State or Territory; or

               (b)    an authority of a referring State or Territory.     

         (3)   This regulation does not prevent assets or liabilities being transferred to ASIC otherwise than in accordance with a transfer agreement.

         (4)   The transfer agreement has effect in accordance with this regulation to the extent that it is within the Commonwealth's legislative power to give the agreement that effect.

Transfer of assets

         (5)   A transfer agreement may determine that all or any of the following things happen on a specified date, not being a date before the transfer date:

                (a)    specified assets vest in ASIC without any conveyance, transfer or assignment;

               (b)    specified instruments in relation to specified assets continue to have effect after the assets vest in ASIC, as if specified references in the instruments were references to ASIC;

                (c)    ASIC becomes the previous owner's successor in law in relation to specified assets immediately after the assets vest in ASIC.

         (6)   For subregulation (5), assets or instruments may be specified by description, by inclusion in a specified class or in some other way.

         (7)    For this regulation, assets includes information, documents, records and instruments, regardless of whether they are in hard copy or in an electronic format.

Transfer of liabilities

         (8)   A transfer agreement may determine that all or any of the following things happen on a specified date, not being a date before the transfer date:

                (a)    specified liabilities vest in ASIC;

               (b)    specified instruments in relation to specified liabilities continue to have effect after the liabilities vest in ASIC, as if specified references in the instruments were references to ASIC;

                (c)    ASIC becomes the previously liable person's successor in law in relation to specified liabilities immediately after the liabilities vest in ASIC.

         (9)   For subregulation (8), liabilities or instruments may be specified by description, by inclusion in a class or in some other way.