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House of Representatives

Financial Sector Legislation Amendment (Restructures) Bill 2007

Explanatory Memorandum

(Circulated by the authority of the Treasurer, the Hon Peter Costello, MP)


1.1 The following abbreviations and acronyms are used throughout this explanatory memorandum.

Abbreviation Definition
ADI Authorised deposit-taking institution
APRA Australian Prudential Regulatory Authority
ASIC Australian Securities and Investments Commission
Bill Financial Sector Legislation Amendment (Restructures) Bill 2007
Corporations Act Corporations Act 2001
Court Means a court with jurisdiction in respect of Chapter 5 of the Corporations Act 2001 , namely the Federal Court or a Supreme Court of a State or Territory
FSTBA Financial Sector (Transfers of Business) Act 1999
NOHC Non-operating holding company
NOHC structure A non-operating holding company is the ultimate holding entity of the group in Australia
Operating body An ADI, general insurer or life insurance company
Wallis Review Financial System Inquiry , March 1997

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