Remaking of sunsetting instrument without significant amendments – Department of the Treasury
On 6 December 2018 the Treasury remade the Financial Sector (Transfers of Business) Regulations 1999 (the 1999 Regulations), without significant amendment. The 1999 Regulations were scheduled to sunset on 1 April 2019, and are now remade as the Financial Sector (Transfer and Restructure) Regulations 2018 (the 2018 Regulations).
The Financial Sector (Transfer and Restructure) Act 1999 provides the Australian Prudential Regulation Authority (APRA) with directions on how to treat certain transfers of business and shares of regulated or related bodies. The 2018 Regulations remake the 1999 Regulations without altering the meaning or operation of current provisions relating to (inter alia) continued right of review, and ownership restrictions.
Consistent with Government best practice regulation requirements for sunsetting instruments, the Treasury has, after consultation with industry, assessed this instrument as operating effectively and efficiently. Therefore, a Regulation Impact Statement is not required for remaking this instrument without significant amendments.