The legislation on financial claims provides statutory managers of financial institutions seized by APRA, and also APRA, with additional powers to sort out the affairs of a failing deposit taking entity or insurer.The chief changes are that a manager can issue new shares and cancel existing shares.In some cases the manager may have to commission an independent expert's report on valuation issues but APRA can waive this.The legislation also overrides the Corporations Law, Trades Practices Act and listing rules, and sets aside most legal claims against failing institutions.APRA will also be able to transfer parts of a business to a non-ADI, such as fund managers, rather than simply transfer a failing bank to a healthy bank as envisaged under current law.