Commonwealth Numbered Regulations

FINANCIAL SECTOR REFORM (AMENDMENTS AND TRANSITIONAL PROVISIONS) REGULATIONS 1999

TABLE OF PROVISIONS

   PART 1--PRELIMINARY

   1.      Name of regulations  
   2.      Commencement  
   3.      Definitions  
   4.      Purpose of these regulations  

   PART 2--TRANSITIONAL PROVISION FOR PROTECTION OF INFORMATION GIVEN TO APRA OR ASIC

   5.      Protection of information given to APRA or ASIC  

   PART 3--TRANSITIONAL PROVISIONS RELATING TO CERTAIN INSTRUMENTS IN FORCE ON THE TRANSFER DATE

           Division 3.1--Instruments under a Friendly Societies Code or AFIC Code

   6.      Continued effect of certain instruments relating to transferring friendly societies  

           Division 3.2--Instruments for which no other arrangements are in force on the transfer date

   7.      Definition for Division 3.2  
   8.      Continued effect of certain instruments made under replaced legislation  

   PART 4--TRANSITIONAL PROVISION RELATING TO TRANSFERS OF ENGAGEMENTS AND MERGERS

   9.      Completion of transfers of engagements and mergers commenced before the transfer date  

   PART 5--TRANSITIONAL PROVISIONS RELATING TO THE APPLICATION OF THE BANKING ACT 1959

           Division 5.1--Continuing applications for registration under a Financial Institutions Code

   10.     Treatment of undetermined applications under a Financial Institutions Code  

           Division 5.2--Prudential standards

   11.     Definitions for Division 5.2  
   12.     APRA transitional prudential standards  
   13.     Application of APRA transitional prudential standards  
   14.     Application of instruments under APRA transitional prudential standards  
   15.     Interpretation of APRA transitional prudential standards and instruments  
   16.     Variation, revocation and modification of APRA transitional prudential standards and instruments  
   17.     Relationship between APRA transitional prudential standards and the Banking Act 1959  
   18.     Inspection and purchase of APRA transitional prudential standards and instruments  

           Division 5.3--Priority of assets

   19.     Application of Financial Institutions Codes to FIC bodies in liquidation  

           Division 5.4--Enforcement action

   20.     APRA may take enforcement action  
   21.     Action taken to be done by APRA  
   22.     Continued effect of appointment as administrator (La Trobe Country Credit Cooperative Ltd)  
   23.     Continued effect of certain instruments and actions  

           Division 5.5--Unclaimed moneys and operation of accounts

   24.     Definition for Division 5.5  
   25.     Application of Banking Act 1959 to transfer to account  
   26.     Application of Banking Act 1959 to transfer from account  
   27.     Application of Banking Act 1959 to date of transfer of money to another account  

   PART 6--TRANSITIONAL PROVISIONS RELATING TO THE APPLICATION OF THE FINANCIAL SECTOR (SHAREHOLDINGS) ACT 1998

   28.     Definitions for Part 6  
   29.     Stake in transferring body exceeding 15% on transfer day as a result of interests of associates  
   30.     Stake in transferring body exceeding 15% after transfer day as a result of circumstances outside stakeholder's control  
   31.     National Mutual Health Insurance Pty Ltd's shares in Territory Mutual Building Society Limited  

   PART 7--TRANSITIONAL PROVISIONS RELATING TO THE APPLICATION OF THE LIFE INSURANCE ACT 1995

           Division 7.1--Friendly societies taken to have been registered

   32.     Friendly societies taken to have been granted registration under section 21 of the Life Insurance Act 1995  

           Division 7.2--Continued effect of certain standards in force for friendly societies on the transfer date

   33.     Continued effect of certain prudential standards for friendly societies  
   34.     Interpretation of continued prudential standards  

           Division 7.3--Matters in progress on the transfer date

   35.     Applications for registration  
   36.     Applications for approval to establish a benefit fund  
   37.     Applications for approval of amendments of benefit fund rules  
   38.     Additional information  
   39.     Approval of consequential amendments of company's constitution  
   40.     Continued application of Friendly Societies Code for certain amendments  

           Division 7.4--Enforcement action in relation to friendly societies

   41.     Definitions for Division 7.4  
   42.     Continued effect of applied enforcement provisions of AFIC Codes and Friendly Society Codes  
   43.     Investigations of business of friendly societies  
   44.     Action for breach of AFIC Code, Friendly Societies Code or Life Insurance Act 1995  
   45.     Continued effect of directions to friendly society under section 44 or 45 of Friendly Societies Code  
   46.     Continued effect of administration of friendly society under Part 2 of Friendly Societies Code  
           SCHEDULE 1 Transitional prudential standards administered by APRA