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
58 Subsection 11E(1)
Repeal the subsection, substitute:
(1) The provisions listed in subsection (1A) do not apply in relation to:
(a) business of a foreign ADI (other than Australian business assets and liabilities); or
(b) the management of a foreign ADI, to the extent that the management relates to such business of the foreign ADI.
(1A) The provisions are as follows:
(a) sections 12, 13BA and 13C, and Subdivision B of Division 2 (statutory management);
(b) subsections 13A(1) to (2), to the extent that those subsections relate to statutory management;
(c) sections 62B, 62C, 62D and 62E.
(1B) The following provisions do not apply in relation to a foreign ADI:
(a) Division 2 (apart from the provisions in that Division listed in subsection (1A));
(b) Division 2AA.