The Financial Sector (Transfers of Business) Regulations 1999 and Australian Prudential Regulation Authority Regulations 1998 are due to sunset on 1 April 2019. To ensure the ongoing operation of these regulations, the proposed Financial Sector (Transfer and Restructure) Regulations 2018 and the Australian Prudential Regulation Authority Regulations 2018 would remake the existing regulations with minimal changes.
The proposed Regulations have been updated to align with current drafting practices and improve the operation of the Regulations. These changes do not change the substantive meaning or operation of the provisions.
Further details on the draft Regulations are contained in the Explanatory Statements. The community’s views are sought on the draft Regulations.