Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010 (82 of 2010)

Schedule 1   Amendment of the Banking Act 1959

Part 1   Amendments

17   After subsection 11CA(2A)

Insert:

(2B) Without limiting the generality of paragraph (2)(p), a direction under that paragraph to a foreign ADI may be any one or more of the following:

(a) a direction that the ADI act in a way that:

(i) a particular asset, or a particular class of assets, of the ADI is returned to the control (however described) of the part of the ADI's banking business that is carried on in Australia; or

(ii) a particular liability, or a particular class of liabilities, of the ADI ceases to be the responsibility (however described) of the part of the ADI's banking business that is carried on in Australia;

(b) a direction that the ADI not act in a way that:

(i) a particular asset, or a particular class of assets, of the ADI ceases to be under the control (however described) of the part of the ADI's banking business that is carried on in Australia; or

(ii) a particular liability, or a particular class of liabilities, of the ADI becomes the responsibility (however described) of the part of the ADI's banking business that is carried on in Australia.