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
28 Paragraph 15C(5)(b)
Repeal the paragraph, substitute:
(b) those arrangements will remain in place until at least the earliest day on which one or more of the following occurs:
(i) subsection (4) is satisfied;
(ii) if a Banking Act statutory manager is in control of the party's business - APRA makes an ultimate termination of control under subsection 13C(3) of the Banking Act 1959;
(iii) if an Insurance Act statutory manager is in control of the party's business - APRA makes an ultimate termination of control under subsection 62ZOC(3) of the Insurance Act 1973;
(iv) if a Life Insurance Act statutory manager is in control of the party's business - APRA makes an ultimate termination of control under subsection 179AC(3) of the Life Insurance Act 1995;
(v) if the party is under judicial management under the Insurance Act 1973 - an order under section 62ZF of that Act cancelling the judicial management comes into force;
(vi) if the party is under judicial management under the Life Insurance Act 1995 - an order under section 172 of that Act cancelling the judicial management comes into force.