Australian regulators have a secret superpower to rescue financial institutions in distress

Claudine Salameh and Emily Shaw of Norton Rose Fulbright give a primer on the role of a statutory manager appointed by the Australian Prudential Regulation Authority, though they acknowledge that we do not know what the statutory manager power would look like in practice, as the regime has not been tested with any of Australia’s banks to date due to the long period of financial stability that Australia has enjoyed.

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