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

Schedule 1 Amendment of the Banking Act 1959

Repeal the subsection, substitute:

(1) The provisions listed in subsection (1A) do not apply in relation to:

(a) business of a foreign ADI (other than Australian business assets and liabilities); or

(b) the management of a foreign ADI, to the extent that the management relates to such business of the foreign ADI.

(1A) The provisions are as follows:

(a) sections 12, 13BA and 13C, and Subdivision B of Division 2 (statutory management);

(b) subsections 13A(1) to (2), to the extent that those subsections relate to statutory management;

(1B) The following provisions do not apply in relation to a foreign ADI:

(a) Division 2 (apart from the provisions in that Division listed in subsection (1A));

(b) Division 2AA.