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

Schedule 1   Amendment of the Banking Act 1959

Part 1   Main amendments

Banking Act 1959

244   After section 62C

Insert:

62D Application by APRA for directions

(1) APRA may apply to the Federal Court of Australia for directions regarding any matter arising under:

(a) the winding-up of an entity covered by subsection 62C(4) (whether the winding-up occurs as a result of an application made under the Corporations Act 2001 or by APRA under section 11EA or 16AAA); or

(b) the proposed winding-up of an entity covered by subsection 62C(4) (whether the winding-up will occur as a result of an application made, or proposed to be made, under the Corporations Act 2001 or by APRA under section 11EA or 16AAA).

(2) APRA must give the liquidator written notice that APRA proposes to make the application.

(3) The notice must include details of the proposed application.

(4) The liquidator is entitled to be heard on the application.

62E APRA may request information from liquidator

(1) APRA may request a liquidator of an entity covered by subsection 62C(4) in writing to give APRA, within a reasonable time specified in the request, specified information in writing about:

(a) the winding-up of the entity (whether the winding-up occurs as a result of an application made under the Corporations Act 2001 or by APRA under section 11EA or 16AAA) and the other affairs of the entity; or

(b) the proposed winding-up of the entity (whether the winding-up will occur as a result of an application made, or proposed to be made, under the Corporations Act 2001 or by APRA under section 11EA or 16AAA) and the other affairs of the entity.

(2) The liquidator must comply with the request.

Note: Action may be taken under the Corporations Act 2001 against a liquidator who does not comply with such a request.