Regulations for this Part
126.—(1)  The Minister may make such regulations as may be necessary or expedient for carrying out the purposes and provisions of this Part and for prescribing anything that may be required to be prescribed under this Part.
[9/2013; 31/2017]
(2)  Without limiting subsection (1), regulations made under this section may —
(a)restrict, or impose conditions on, any transfer of only part (but not the whole) of the business (as defined in section 56) of a pertinent financial institution under Division 2;
(b)provide for either or both of the following:
(i)that any arrangement, transaction or action is exempt from any provision of this Part;
(ii)that the Minister or the Authority must not exercise any power under this Part in relation to any arrangement, transaction or action, or any matter for which any arrangement has been entered into, either in all circumstances or if specified conditions are not satisfied;
(c)prescribe —
(i)any set‑off arrangement, netting arrangement or other type of arrangement as an arrangement referred to in paragraph (b)(i) or (ii);
(ia)any transaction or action as a transaction or action in paragraph (b)(i) or (ii);
(ii)for any arrangement, transaction or action referred to in paragraph (b)(i), each provision of this Part which that arrangement, transaction or action is exempted from; and
(iii)for any arrangement, transaction, action or matter referred to in paragraph (b)(ii), each power which the Minister or the Authority must not exercise in relation to that arrangement, transaction, action or matter;
(d)provide for any transaction to be void or voidable, or for any other consequence (including a consequence affecting any business, affairs, property, right, obligation, liability or power of any person under this Part, or affecting the operation of any provision of this Part) to arise, if any specified provision of the regulations is contravened;
(e)provide that any contravention of any specified provision of the regulations shall be an offence punishable —
(i)in the case of an individual, with a fine not exceeding $125,000 or with imprisonment for a term not exceeding 3 years or with both and, in the case of a continuing offence, with a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or
(ii)in any other case, with a fine not exceeding $250,000 and, in the case of a continuing offence, with a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction;
(f)exempt any person or class of persons from all or any of the provisions of this Part and the regulations, subject to such conditions or restrictions as may be prescribed; and
(g)provide that a pertinent financial institution, any of its subsidiaries or any subsidiary within a class of its subsidiaries, must include a provision in a specified contract to which the pertinent financial institution or subsidiary is a party, the effect of which is that the parties to the contract agree to be bound by section 83 and by any suspension of a termination right in the contract by the Authority under section 84.
[9/2013; 31/2017]
(3)  For the purposes of the definition of “affected person” in section 49, the Minister may prescribe, in relation to any specified institution, different persons for different purposes.
[9/2013; 31/2017]
(4)  For the purposes of the definitions of “excluded financial institution” and “pertinent financial institution” in section 49, the Minister may prescribe different financial institutions for different purposes.
[9/2013; 31/2017]
(5)  All regulations made under this section must be presented to Parliament as soon as possible after publication in the Gazette.
[9/2013]
(6)  In this section —
“netting arrangement” means an arrangement under which 2 or more claims or obligations can be converted into a net claim or obligation, and includes a close‑out netting arrangement (under which actual or theoretical debts are calculated during the course of a contract for the purpose of enabling them to be set‑off against each other or to be converted into a net debt);
“set‑off arrangement” means an arrangement under which 2 or more debts, claims or obligations can be set‑off against each other.
[9/2013]