Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018 (10 of 2018)

Schedule 1   Amendment of the Banking Act 1959

Part 1   Main amendments

Banking Act 1959

142   Subsection 14AB(8)

Repeal the subsection, substitute:

Exemption from subsection (1)

(8) APRA may determine in writing that subsection (1) does not apply in relation to an act relating to shares or rights if APRA is satisfied that delaying the act to enable compliance with that subsection in relation to the act would detrimentally affect:

(a) depositors with:

(i) if the company is an ADI - the ADI; or

(ii) if the company is not an ADI - the relevant ADI mentioned in subsection 13A(1B); and

(b) financial system stability in Australia.