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.