New Transfer Rules for applications for approval of mergers and transfers by banks, building societies, credit unions, insurers and friendly societies commence today (1 February 2005) pursuant to the Financial Sector (Transfers of Business) Act 1999.

APRA liaises with ASIC, ACCC and ATO to process these applications.

There has been no change to Section 63 of the Banking Act which makes it a criminal offence for an ADI to enter "into an arrangement or agreement for any sale or disposal of its
business by amalgamation or otherwise, or for the carrying on of business in
partnership with another ADI", without the Treasurer’s prior consent.