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

Schedule 5   Amendment of the Payment Systems and Netting Act 1998

Part 1   Main amendments

Payment Systems and Netting Act 1998

27   Paragraphs 15C(3)(c) and (d)

Repeal the paragraphs, substitute:

(c) if the party is an ADI, a general insurer or a life company - that the party has each material authorisation (however described) necessary for its regulated business;

(d) if minimum capital requirements under the Banking Act 1959, the Insurance Act 1973 or the Life Insurance Act 1995 apply to the party - that either subsection (4) or subsection (5) is satisfied in respect of the party.