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House of Representatives

Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Scott Morrison MP)

Glossary

The following abbreviations and acronyms are used throughout this explanatory memorandum.

Abbreviation Definition
ADI Authorised deposit-taking institution
Administrator A person appointed by APRA to take control of an entity as statutory manager under section 13A of the Banking Act, new section 62ZOA of the Insurance Act or new section 179AA of the Life Insurance Act, where APRA itself does not take over control of the entity under those sections.
APRA Australian Prudential Regulation Authority
APRA Act Australian Prudential Regulation Authority Act 1998
AT1 Additional Tier 1
ATO Australian Tax Office
Authorised NOHC A non-operating holding company that is authorised either under the Banking Act 1959 or Insurance Act 1973, or registered under the Life Insurance Act 1995
Banking Act Banking Act 1959
BCBS Basel Committee on Banking Supervision
Bill Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017
CET1 Common Equity Tier 1
Commencement time The day the Bill receives the Royal Assent
CFR Council of Financial Regulators
Corporations Act Corporations Act 2001
Court Federal Court of Australia
FCS Financial Claims Scheme
FSB Financial Stability Board
Foreign ADI A foreign ADI as defined in subsection 5(1) of the Banking Act 1959
Abbreviation Definition
Foreign general insurer A foreign general insurer as defined in subsection 3(1) of the Insurance Act 1973
Foreign insurer A foreign general insurer or foreign life insurer
Foreign life insurer An eligible foreign life insurance company as defined in the Schedule Dictionary of the Life Insurance Act 1995
Foreign regulated entity A foreign ADI, foreign general insurer, or foreign life insurer
FSCODA Financial Sector (Collection of Data) Act 2001
Holding company In relation to a body corporate, refers to another body corporate of which the first body corporate is a subsidiary
IADI International Association of Deposit Insurers
IAIS International Association of Insurance Supervisors
Industry Acts Refers collectively to the Banking Act 1959, Insurance Act 1973, and Life Insurance Act 1995 but does not include the Superannuation Industry (Supervision) Act 1993 or the Private Health Insurance (Prudential Supervision) Act 2015.
Insurance Act Insurance Act 1973
Insurer Refers collectively to general and life insurers
Key Attributes Financial Stability Board, 'Key Attributes of Effective Resolution Regimes for Financial Institutions' (15 October 2014)
Life Insurance Act Life Insurance Act 1995
NOHC Non-operating holding company
PGPA Act Public Governance, Performance and Accountability Act 2013
Policyholder Means a 'policyholder' as per the Insurance Act 1973 and a 'policy owner' as per the Life Insurance Act 1995
PSN Act Payment Systems and Netting Act 1998
Regulated entity An ADI, general insurer, or life insurer
Abbreviation Definition
Relevant group of bodies corporate A group of bodies corporate comprising a regulated entity and all of its subsidiaries or an authorised NOHC and all of its subsidiaries
Statutory manager Refers to APRA, or an administrator appointed by APRA, when it takes control of an entity under section 13A of the Banking Act, new section 62ZOA of the Insurance Act or new section 179AA of the Life Insurance Act.
Target body corporate A body corporate that is an authorised NOHC, subsidiary of a regulated entity or a subsidiary of an authorised NOHC.
Transfer Act Financial Sector (Business Transfer and Group Restructure) Act 1999 (the Bill amends the title of this Act to the Financial Sector (Transfer and Restructure Act) 1999))
T2 Tier 2
2012 Consultation Paper 'Strengthening APRA's Crisis Management Powers' Consultation Paper (September 2012)


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