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.