(1) This regulation applies, in relation to an Australian ADI, on:
(a) the initiative of ASIC; or
(b) application made to ASIC in writing by the ADI or another person.
(2) ASIC may declare that the Australian ADI conducts financial business of the same kind as the financial business of a transferring financial institution of a State or Territory that was, immediately before the transfer date, registered as a Special Services Provider under the AFIC Code of a State or Territory.
(3) A declaration:
(a) must be in writing given to the Australian ADI; and
(b) takes effect when the declaration, or a copy of the declaration, is given to that ADI.