Section 80 — Interpretation of this Division

(1)In this Division, unless the context otherwise requires —“appointed date”, in relation to a bail‑in certificate, means the date appointed for the bail‑in certificate to take effect, as specified in the notification under section 84(2); “bail‑in certificate” means a bail-in certificate issued under section 84(1); “determination” means a determination made by the Authority under section 82(1); “Division 6 FI” or Division 6 financial institution, means a pertinent financial institution that belongs to a class of pertinent financial institutions prescribed by regulations made under section 135 as Division 6 financial institutions; “eligible instrument” means an instrument or a liability within a class of instruments or liabilities that are prescribed by regulations made under section 135 as eligible instruments; “pre-resolution creditor” means any person who was a creditor of a Division 6 FI immediately before the date of publication in the Gazette of the bail‑in certificate; “pre-resolution shareholder” means any person who, immediately before the date of publication in the Gazette of the bail‑in certificate, held shares or other instrument conferring or representing a legal or beneficial ownership interest in a Division 6 FI; “resulting FI” or resulting financial institution, in relation to a Division 6 FI, means an entity established or incorporated to do one or both of the following:

(a)temporarily hold and manage the assets and liabilities of the Division 6 FI;

(b)do any act for the orderly resolution of the Division 6 FI, and which issued or must issue a share or other similar instrument representing a legal or beneficial ownership interest, pursuant to a provision of a bail‑in certificate issued for that Division 6 FI; “significant shareholder”, in relation to a Division 6 FI or resulting FI, means any person falling within a description of shareholders of the Division 6 FI or resulting FI prescribed by regulations made under section 135 as its significant shareholders; “significant shareholder provision” means a provision of any written law that is prescribed by regulations made under section 135 as a significant shareholder provision.

(2)For the purposes of this Division, a reference to cancelling an eligible instrument includes cancelling the eligible instrument in whole or in part.

(3)For the purposes of this Division, a reference to modifying, converting, or changing the form of an eligible instrument is a reference to —

(a)converting the whole or a part of the eligible instrument from one form or class to another;

(b)replacing the whole or a part of the eligible instrument with another instrument or liability of a different form or class;

(c)creating a new instrument (of any form or class) or liability in connection with the modification of the eligible instrument; or

(d)converting the whole or a part of the eligible instrument into shares or other similar instrument issued by a resulting FI.