authorised NOHC or subsidiaries of relation to which regulatory action is an authorised NOHC or the ADI/ taken. They do not apply to insurers. authorised NOHCs or subsidiaries of the authorised NOHC or ADI/insurers. The existing stay provisions in the The existing stay provisions in the Industry Acts and the Transfer Act Industry Acts and the Transfer Act have been enhanced so that an operate so that an exercise of power exercise of made in respect of: made in respect of: a body corporate now could an ADI/insurer, be an ADI/insurer, or an cannot be grounds for: authorised NOHC of an a counterparty to a contract with ADI/insurer, or a subsidiary of an the ADI/insurer, authorised NOHC or to deny an obligation, accelerate a ADI/insurer), debt, close-out on a transaction, or cannot be grounds for: enforce a security. a counterparty to that body corporate; or a counterparty to a body corporate related to that body corporate, to deny an obligation, accelerate a debt, close-out on a transaction, or enforce a security. The PSN Act includes express The PSN Act deals with the provisions dealing with the interaction of certain provisions application of resolution actions to relating to netting and the payments authorised NOHCs or subsidiaries of system with the existing stay an authorised NOHC or ADI/insurer. provisions in the Industry Acts and It also caters for stays on actions the Transfer Acts. However, it does under cross-default clauses and not expressly deal with the incorporates into its terms and application of relevant resolution definitions the amended and new actions to authorised NOHCs or stay and moratorium provisions subsidiaries of the authorised NOHC provided for in the Bill. or ADI/insurers, or cater for stays on actions under cross-default clauses, or for the application of the amended and new stay and moratorium provisions provided for in the Bill.
authorised NOHC or subsidiaries of an authorised NOHC or the ADI/ insurers. relation to which regulatory action is taken. They do not apply to authorised NOHCs or subsidiaries of the authorised NOHC or ADI/insurers. The existing stay provisions in the Industry Acts and the Transfer Act have been enhanced so that an exercise of made in respect of: a body corporate now could be an ADI/insurer, or an authorised NOHC of an ADI/insurer, or a subsidiary of an authorised NOHC or ADI/insurer), cannot be grounds for: a counterparty to that body corporate; or a counterparty to a body corporate related to that body corporate, to deny an obligation, accelerate a debt, close-out on a transaction, or enforce a security. The existing stay provisions in the Industry Acts and the Transfer Act operate so that an exercise of power made in respect of: an ADI/insurer, cannot be grounds for: a counterparty to a contract with the ADI/insurer, to deny an obligation, accelerate a debt, close-out on a transaction, or enforce a security. The PSN Act includes express provisions dealing with the application of resolution actions to authorised NOHCs or subsidiaries of an authorised NOHC or ADI/insurer. It also caters for stays on actions under cross-default clauses and incorporates into its terms and definitions the amended and new stay and moratorium provisions provided for in the Bill. The PSN Act deals with the interaction of certain provisions relating to netting and the payments system with the existing stay provisions in the Industry Acts and the Transfer Acts. However, it does not expressly deal with the application of relevant resolution actions to authorised NOHCs or subsidiaries of the authorised NOHC or ADI/insurers, or cater for stays on actions under cross-default clauses, or for the application of the amended and new stay and moratorium provisions provided for in the Bill.