Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This Act deals with financial sector entities.
(2) A financial sector entity is:
(a) a registered entity; or
(b) a regulated entity; or
(c) a corporation to which section 5A applies; or
(d) a discretionary mutual fund.
(3) A registered entity is a corporation whose name is entered in the Register of Entities kept by APRA under section 8.
(4) A regulated entity is any of the following:
(a) a body regulated by APRA (within the meaning of subsection 3(2) of the Australian Prudential Regulation Authority Act 1998 );
(c) a subsidiary of an ADI, or a subsidiary of an authorised NOHC, within the meaning of the Banking Act 1959 .
(5) A discretionary mutual fund is a fund (however constituted) for making payments on the happening of a specified event (where there is uncertainty as to whether, or when, the event will happen), that is a fund:
(a) to which 2 or more persons contribute, and:
(i) out of which payments may be made in respect of liabilities, losses, damages or expenses of the contributors; and
(ii) that is governed by rules under which any such payment for the benefit of a contributor is subject to a discretion of a person or body; or
(b) that is declared to be a discretionary mutual fund, or included in a class of funds that are declared to be discretionary mutual funds, by regulations made for the purposes of this paragraph.
(6) However, a fund (however constituted) is not a discretionary mutual fund if:
(a) a contributor has a right, in law or equity, to a payment of a kind referred to in subparagraph (5)(a)(i); or
(b) the fund is:
(i) declared not to be a discretionary mutual fund; or
(ii) included in a class of funds that are declared not to be discretionary mutual funds;
by regulations made for the purposes of this paragraph.
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