Second Reading Speeches

Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
45

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Summary

Amends the

Banking Act 1959
,
Insurance Act 1973
,
Life Insurance Act 1995
and five other Acts to give the Australian Prudential Regulation Authority additional powers for crisis resolution and resolution planning in relation to regulated entities, including in relation to: statutory and judicial management; directions powers; transfer powers; conversion and write-off of capital instruments; stay provisions; foreign branches; the Financial Claims Scheme; and wind-up and other matters.