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This is a Bill, not an Act. For current law, see the Acts databases.
1998-99
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Financial
Sector Reform (Amendments and Transitional Provisions) Bill (No. 2)
1999
No. ,
1999
(Treasury)
A Bill
for an Act to amend laws, and deal with transitional matters, in connection with
the reform of the financial sector, and for other purposes
ISBN: 0642 405719
Contents
Financial Institutions Supervisory Levies Collection Act
1998 20
Superannuation (Financial Assistance Funding) Levy Act
1993 20
Superannuation Industry (Supervision) Act
1993 20
Financial Sector Reform (Amendments and Transitional Provisions) Act
1998 29
Financial Sector Reform (Amendments and Transitional Provisions) Act
(No. 1) 1999 29
Income Tax Assessment Act
1936 29
Part 1—Transitional provisions for validation of determinations
relating to financial sector supervisory
levies 31
Part 2—Transitional provisions relating to amendments of the
Financial Corporations Act
1974 33
Part 3—Transitional provision relating to amendment of the Life
Insurance Act 1995 35
Part 4—Transitional provisions relating to amendments of the Reserve
Bank Act 1959 36
Part 5—Application of amendments of superannuation legislation
relating to financial assistance to
funds 37
A Bill for an Act to amend laws, and deal with
transitional matters, in connection with the reform of the financial sector, and
for other purposes
The Parliament of Australia enacts:
This Act may be cited as the Financial Sector Reform (Amendments and
Transitional Provisions) Act (No. 2) 1999.
(1) Subject to this section, this Act commences on the day on which it
receives the Royal Assent.
(2) Items 1 and 2 of Schedule 1 are taken to have commenced immediately
after the commencement of the Australian Prudential Regulation Authority Act
1998.
(3) Items 1 and 3 of Schedule 4 are taken to have commenced on 1 July
1998, immediately after the commencement of items 51 and 58 of Schedule 1 to the
Financial Sector Reform (Consequential Amendments) Act 1998.
(4) Items 2, 4, 5 and 6 of Schedule 4 are taken to have commenced on 22
December 1998.
(5) Items 2 and 4 of Schedule 5 are taken to have commenced on 30
June 1997, immediately after the commencement of section 2 of the Financial
Laws Amendment Act 1997.
(6) Item 1 of Schedule 6 commences, or is taken to have commenced,
immediately after the commencement of item 11 of Schedule 4 to the Financial
Sector Reform (Amendments and Transitional Provisions) Act (No. 1)
1999.
(7) Subject to subsection (8), the items of Schedule 10, other than items
1, 2, 4, 6, 7, 9 and 10, commence on a day to be fixed by
Proclamation.
(8) If the items covered by subsection (7) do not commence under that
subsection within the period of 6 months beginning on the day on which this Act
receives the Royal Assent, they commence on the first day after the end of that
period.
(9) Items 1, 2 and 3 of Schedule 11 are taken to have commenced
immediately after the Financial Sector Reform (Amendments and Transitional
Provisions) Act 1998 received the Royal Assent.
(10) Item 4 of Schedule 11 is taken to have commenced immediately
after the Financial Sector Reform (Amendments and Transitional Provisions)
Act (No. 1) 1999 received the Royal Assent.
(11) Item 5 of Schedule 11 commences at the same time as item 5 of
Schedule 10.
(12) Part 1 of Schedule 12 commences:
(a) after all of the Acts listed in subsection (13) have received the
Royal Assent; and
(b) on the day that is the last day on which any of those Acts received
the Royal Assent.
(13) These are the relevant Acts for the purposes of paragraph
(12)(a):
(a) this Act;
(b) each of the Acts referred to in the definition of Validation
Act in item 1 of Schedule 12 to this Act.
Subject to section 2, each Act that is specified in a Schedule to this
Act is amended or repealed as set out in the applicable items in the Schedule
concerned, and any other item in a Schedule to this Act has effect according to
its terms.
1 After subsection 55(1)
Insert:
(1A) Subject to subsection (2), sales tax is not payable by APRA, or by
any other person, on goods that are for use by APRA.
2 Subsection 55(2)
After “subsection (1)”, insert “or subsection
(1A)”.
3 Subsection 56(1)
Insert:
body regulated by APRA includes a body that has at any time
been a body regulated by APRA.
4 Subsection 56(2)
Omit “(6) or (7)”, substitute “(6), (7), (7A) or
(7B)”.
5 At the end of subsection
56(3)
Add:
Note: A defendant bears an evidential burden in relation to
the matters in subsection (3) (see subsection 13.3(3) of the Criminal
Code).
6 At the end of subsection
56(4)
Add:
Note: A defendant bears an evidential burden in relation to
the matters in subsection (4) (see subsection 13.3(3) of the Criminal
Code).
7 Subsection 56(5) (note)
Omit “Note:”, substitute “Note 1:”.
8 At the end of subsection
56(5)
Add:
Note 2: A defendant bears an evidential burden in relation
to the matters in subsection (5) (see subsection 13.3(3) of the Criminal
Code).
9 At the end of subsection
56(6)
Add:
Note: A defendant bears an evidential burden in relation to
the matters in subsection (6) (see subsection 13.3(3) of the Criminal
Code).
10 At the end of subsection
56(7)
Add:
Note: A defendant bears an evidential burden in relation to
the matters in subsection (7) (see subsection 13.3(3) of the Criminal
Code).
11 After subsection 56(7)
Insert:
(7A) It is not an offence if the information, or the information contained
in the document, as the case may be, is all or any of the following:
(a) the names of bodies that are regulated by APRA;
(b) the addresses at which bodies referred to in paragraph (a) conduct
business;
(c) any other information that is reasonably necessary to enable members
of the public to contact persons who perform functions in relation to bodies
referred to in paragraph (a).
Note: A defendant bears an evidential burden in relation to
the matters in subsection (7A) (see subsection 13.3(3) of the Criminal
Code).
(7B) It is not an offence if the information, or the information contained
in the document, as the case may be, is:
(a) a statement of APRA’s opinion as to whether or not a body
regulated by APRA is complying, or was complying at a particular time, with a
particular provision of an Act covered by this section; or
(b) a description of:
(i) court proceedings in relation to a breach or suspected breach by a
person of a provision of an Act covered by this section; or
(ii) activity engaged in, or proposed to be engaged in, by APRA in
relation to such a breach or suspected breach.
Note: A defendant bears an evidential burden in relation to
the matters in subsection (7B) (see subsection 13.3(3) of the Criminal
Code).
12 At the end of subsection
56(11)
Add:
Note: For additional rules about personal information, see
the Privacy Act 1988.
13 Section 57
Repeal the section.
Insert:
ASIC means the Australian Securities and Investments
Commission.
2 At the end of section 63
Add:
(6) A reference in this section to a reconstruction of an ADI includes a
reference to a demutualisation of an ADI.
(7) The regulations may define the meaning of demutualisation
for the purposes of this section. If the regulations do so,
demutualisation has, in this section, the meaning given by the
regulations.
(8) The Treasurer may, in writing, determine guidelines as to acceptable
standards of disclosure of information by an ADI (other than a foreign ADI) to
its members in respect of a proposed demutualisation of the ADI.
(9) The Treasurer must consider whether an ADI has complied with the
guidelines (if any) in deciding whether to give a consent, for the purposes of
paragraph (1)(b), to the ADI effecting a demutualisation.
(10) In making a determination under subsection (8), the Treasurer must
consult with APRA and ASIC.
(11) A determination under subsection (8) is a disallowable instrument for
the purposes of section 46A of the Acts Interpretation Act
1901.
(12) Subsections (6) to (11) do not limit the generality of the rest of
this section. In particular, those subsections do not limit the matters that the
Treasurer may take into account in deciding whether to give a consent, for the
purposes of paragraph (1)(b), to an ADI effecting a
demutualisation.
1 Section 3
Repeal the section, substitute:
The object of this Act is to assist the Reserve Bank by providing
for the collection of information to facilitate the formulation of monetary
policy.
2 Subsection 4(1) (definition of
Statistician)
Repeal the definition.
3 Subparagraph 8(1)(c)(i)
Omit “$5,000,000”, substitute
“$25,000,000”.
4 Paragraph 8(2)(e)
Omit “National Health Act 1953-1973”, substitute
“National Health Act 1953”.
5 Subparagraph 8(2)(k)(i)
Omit “$1,000,000”, substitute
“$5,000,000”.
6 Paragraph 8(2)(l)
Omit “Governor” (wherever occurring), substitute “Reserve
Bank”.
7 Subsections 10(1), (2), (4), (5), (5A), (5D)
and (7)
Omit “Governor” (wherever occurring), substitute “Reserve
Bank”.
8 Subsection 10(1)
Omit “he or she”, substitute “the Reserve
Bank”.
9 Section 11
Repeal the section, substitute:
(1) The Reserve Bank may, by written instrument, determine standards,
consistent with the object of this Act, requiring the provision of information
by:
(a) all registered corporations; or
(b) a specified class of registered corporations.
(2) A standard may impose requirements about the way in which information
is to be provided.
(3) A standard may impose different requirements to be complied with in
different situations or in respect of different activities.
(4) A standard:
(a) comes into force:
(i) unless subparagraph (ii) applies—on the day on which the
determination of the standard is made; or
(ii) if that determination specifies a later day as the day on which the
standard comes into force—on the day so specified; and
(b) continues in force until it is revoked.
(5) The Reserve Bank may, by written instrument, vary or revoke a
standard.
(6) An instrument determining, varying or revoking a standard is a
disallowable instrument for the purposes of section 46A of the Acts
Interpretation Act 1901.
(7) The Reserve Bank must ensure that registered corporations and other
persons can have access to the current text of the standards by such means as
the Reserve Bank considers appropriate.
(1) The Reserve Bank may, by written instrument, exempt a registered
corporation from the obligation to comply with a requirement in a standard in
force under section 11. The exemption may be granted subject to conditions
specified in the instrument of exemption.
(2) The Reserve Bank may, by written instrument, vary or revoke an
exemption granted under subsection (1).
(3) The Reserve Bank must ensure that registered corporations and other
persons can have access to the current text of exemptions granted under
subsection (1) by such means as the Reserve Bank considers
appropriate.
(1) A registered corporation is guilty of an offence if:
(a) it fails to comply with a requirement of a standard in force under
section 11 that is applicable to the corporation, other than a requirement about
the way in which information is to be provided; and
(b) there is no exemption in force under section 12 exempting the
corporation from the obligation to comply with the requirement.
Maximum penalty: 200 penalty units
(2) A registered corporation is guilty of an offence if:
(a) it fails to comply with a requirement of a standard in force under
section 11 that is applicable to the corporation, that is a requirement about
the way in which information is to be provided; and
(b) there is no exemption in force under section 12 exempting the
corporation from the obligation to comply with the requirement.
Maximum penalty: 50 penalty units
10 Part IV
Repeal the Part.
11 Section 21
Repeal the section, substitute:
A document that is required by or under this Act or the regulations to be
furnished to the Reserve Bank is to be delivered to the Head Office of the
Reserve Bank.
12 Section 22A
Repeal the section, substitute:
(1) Subject to subsection (3), the Governor may, by signed instrument,
delegate any of the Reserve Bank’s functions or powers under this Act to
any of the following persons:
(a) a member of the Reserve Bank Board;
(b) a member of the Reserve Bank Service.
(2) Subject to subsection (3), the Governor may, by signed instrument,
delegate any of the Reserve Bank’s functions or powers under this
Act:
(a) to the Chief Executive Officer of APRA, or to an APRA staff member, if
the Chief Executive Officer of APRA agrees to the delegation; or
(b) to the Australian Statistician, or to an ABS staff member, if the
Australian Statistician agrees to the delegation.
(3) Subsections (1) and (2) do not apply to the Reserve Bank’s
functions and powers in relation to determining, varying or revoking standards
under section 11.
(4) In performing or exercising functions or powers under a delegation,
the delegate must comply with any directions of the Governor.
Note: For information about delegations, see sections 34AA
to 34A of the Acts Interpretation Act 1901.
(5) The Governor may, by signed instrument, vary or revoke a delegation
under this section.
(6) In this section:
ABS staff member means a person referred to in subsection
16(1) or (2) of the Australian Bureau of Statistics Act 1975.
APRA means the Australian Prudential Regulation Authority
established by section 7 of the Australian Prudential Regulation Authority
Act 1998.
APRA staff member has the same meaning as in the
Australian Prudential Regulation Authority Act 1998.
Australian Statistician means the Australian Statistician
referred to in subsection 5(2) of the Australian Bureau of Statistics Act
1975.
Reserve Bank Board means the Board referred to in section 9
of the Reserve Bank Act 1959.
Reserve Bank Service means the Reserve Bank Service referred
to in subsection 66(2) of the Reserve Bank Act 1959.
(1) If, under section 22A:
(a) the Governor delegates to a person a function or power of the Reserve
Bank; and
(b) the delegation makes a reference to the Reserve Bank in another
provision of this Act inappropriate, whether for administrative reasons or any
other reason;
the Governor may, by signed instrument, direct that the provision is to
have effect as if the reference to the Reserve Bank were a reference to the
person referred to in paragraph (a).
(2) If the Governor gives a direction in relation to a provision, the
provision has effect in accordance with the direction while the direction is in
force.
(3) A direction:
(a) comes into force:
(i) unless subparagraph (ii) applies—on the day on which it is made;
or
(ii) if the direction specifies a later day as the day on which the
direction comes into force—on the day so specified; and
(b) continues in force until it is revoked.
(4) The Governor may, by signed instrument, vary or revoke a
direction.
(5) An instrument making, varying or revoking a direction is a
disallowable instrument for the purposes of section 46A of the Acts
Interpretation Act 1901.
13 Section 25
Omit “Reserve Bank Act 1959-1973” (wherever occurring),
substitute “Reserve Bank Act 1959”.
14 Section 26 (penalty)
Omit “10”, substitute “50”.
15 Section 30
Repeal the section.
1 Section 3 (subparagraph (b)(ii) of the
definition of eligible foreign ADI)
Omit “3”, substitute “5”.
2 Section 3 (subparagraph (b)(ii) of the
definition of eligible foreign ADI)
Omit “made either before, or not later than 5 years after, this Act
commenced”, substitute “made before this Act commenced, or made
after this Act commenced but before 1 July 2000”.
3 Section 3 (paragraph (b) of the definition of
newly established local ADI)
Omit “3”, substitute “5”.
4 Section 3 (paragraph (b) of the definition of
newly established local ADI)
Omit “made either before, or not later than 5 years after, this Act
commenced”, substitute “made before this Act commenced, or made
after this Act commenced but before 1 July 2000”.
5 Paragraph 4(b)
Omit “and has been from and including 18 June 1993,”.
6 Paragraphs 7(2)(a), (3)(a), (4)(a) and
(5)(a)
Omit “, and has been from and including 18 June
1993,”.
7 Paragraph 7(6)(c)
Omit “within 8 years from the day on which this Act commences”,
substitute “before 1 July 2003”.
8 Sub-subparagraph
20(2)(bb)(ii)(B)
Omit “5”, substitute “7”.
9 Sub-subparagraph
24(2)(bb)(ii)(B)
Omit “5”, substitute “7”.
10 Subsection 170-33(2) of Schedule
1
Omit “5”, substitute “7”.
11 Subsection 170-133(2) of Schedule
2
Omit “5”, substitute “7”.
1 Subsection 2(2)
Repeal the subsection.
2 Before subsection 2(3)
Insert:
(2A) Items 1 and 1A of Schedule 4 are taken to have commenced on 22
December 1996.
3 Items 15, 16, 17, 18, 19 and 20 of Schedule
3
Repeal the items.
4 After item 1 of Schedule
4
Insert:
1A Section 3 (paragraph (b) of the definition of
newly established local bank)
Omit “3”, substitute “5”.
1 Section 16ZA
Omit all the words from and including “if”,
substitute:
if the following requirements have been satisfied:
(a) the assignment must be by memorandum of transfer in accordance with,
or substantially in accordance with, the form set out in the relevant benefit
fund rules;
(b) the memorandum must be signed by the transferor and the
transferee;
(c) the transferor must give 2 copies of the signed memorandum to the
friendly society concerned;
(d) the assignment must be registered in a register of assignments kept by
the friendly society concerned;
(e) the date of registration must be inserted in the memorandum;
(f) the memorandum must be signed by an officer of the friendly society
concerned who is authorised to do so by the friendly society.
1 Section 17
Omit “Subject to subsection (2), a person”, substitute “A
person”.
2 Section 17
Omit “of a corporation (other than the Reserve Bank) the business of
which is wholly or mainly that of banking”, substitute “of an
ADI”.
1 Subsection 68(1)
Omit all the words from and including “APRA” (second
occurring), substitute:
APRA may refer the details of the matter to the persons specified in
subsection (2).
Note: Persons to whom APRA refers the details of the matter
are subject to secrecy obligations under section 56 of the Australian
Prudential Regulation Authority Act 1998. In particular, see paragraph (c)
of the definition of officer in subsection 56(1), and subsections
56(2), (9) and (10), of that Act.
Financial
Institutions Supervisory Levies Collection Act 1998
1 Section 16 (at the end of the definition of
fund)
Add “, but does not include a self managed superannuation fund
(within the meaning of the Superannuation Industry (Supervision) Act
1993)”.
Superannuation
(Financial Assistance Funding) Levy Act 1993
2 Title
Omit “any such”, substitute
“certain”.
3 Section 3
Omit “such”, substitute “certain”.
4 Section 5 (at the end of the definition of
fund)
Add “, but does not include a self managed superannuation
fund”.
Superannuation
Industry (Supervision) Act 1993
5 At the end of section 227
Add “by persons directly or indirectly responsible for their
administration”.
6 Section 228
Insert:
defined benefit fund means:
(a) a public sector superannuation scheme that:
(i) is a regulated superannuation fund; and
(ii) has at least one defined benefit member; or
(b) a regulated superannuation fund (other than a public sector
superannuation scheme) that has at least one defined benefit member.
7 Section 228
Insert:
defined benefit member means:
(a) a member entitled, on retirement or termination of his or her
employment, to be paid a benefit defined, wholly or in part, by reference to one
or more of the following:
(i) the amount of the member’s salary at a particular date, being
the date of the termination of the member’s employment or of the
member’s retirement or an earlier date;
(ii) the amount of the member’s salary averaged over a period before
retirement;
(iii) a specified amount; or
(b) a member who is being paid a defined benefit pension.
8 Section 228
Insert:
defined benefit pension means a pension other than:
(a) a pension wholly determined by reference to policies of life assurance
purchased or obtained by the trustee of a regulated superannuation fund solely
for the purposes of providing benefits to members of that fund; or
(b) an allocated pension (as defined in subregulation 1.03(1) of the
Superannuation Industry (Supervision) Regulations 1994).
9 Section 228
Insert:
eligible loss:
(a) in relation to a fund that is not a defined benefit fund—means a
loss suffered by the fund as a result of fraudulent conduct, or theft, by a
person directly or indirectly responsible for the administration of the fund;
and
(b) in relation to a fund that is a defined benefit fund—means so
much of a loss suffered by the fund as a result of fraudulent conduct, or theft,
by a person directly or indirectly responsible for the administration of the
fund, that a standard employer-sponsor of the fund:
(i) is required to pay to the fund; but
(ii) cannot pay to the fund while remaining able to pay all debts incurred
by the standard employer-sponsor, as and when the debts become due and
payable.
10 Section 228 (definition of
loss)
Repeal the definition.
11 Paragraph 229(1)(a)
Repeal the paragraph, substitute:
(a) a fund suffers an eligible loss after the commencement of this Part;
and
12 At the end of Division 1 of Part
23
Add:
(1) The Minister must make a written request to APRA for advice in
relation to the application. The request may specify:
(a) particular matters that APRA is to provide advice about; and
(b) a time by which the advice must be provided.
(2) APRA must comply with the request and may, in its advice, also address
any other issues that APRA considers relevant to the determination of the
application.
13 Subsection 231(1)
Omit “and any additional information given by the trustee”,
substitute “, any additional information given by the trustee, and
APRA’s advice under section 230A”.
14 Subsection 231(1)
Omit “loss”, substitute “an eligible
loss”.
15 Section 232
Omit “loss”, substitute “eligible
loss”.
1 Subparagraph
6(1)(a)(viii)
Omit “(other than section 140)”.
2 Subparagraph 6(1)(c)(iii)
Repeal the subparagraph.
3 Subsection 10(1) (definition of approved
form)
Repeal the definition, substitute:
approved form has the meaning given by section 11A.
4 Subsection 10(1)
Insert:
signed, in relation to a body corporate, means executed by or
on behalf of the body corporate in a way that is effective in law and that binds
the body corporate.
5 After section 11
Insert:
(1) In this Act, a reference to an approved form is a
reference to a form approved by the Regulator, in writing, for the purposes of
the provision in which the expression appears.
(2) An approved form may require particular information to be included in
the completed form.
(3) An approved form may do either or both of the following:
(a) require or permit the form to be attached to, or to form part of,
another document;
(b) require or permit the form to be given on a specified kind of data
processing device or by specified electronic transmission, in accordance with
specified software or other requirements.
(4) An approved form may require the form to be signed by a particular
person or persons. This applies whether or not a provision of this Act also
requires the form to be signed.
(5) An approved form may make different requirements to be complied with
according to whether or not the form is given in a way that is required or
permitted as mentioned in paragraph (3)(b).
(6) If an approved form makes a requirement as mentioned in subsection
(2), (3) or (4), a purported use of the form is not effective for the purposes
of this Act unless the requirement has been complied with.
(1) If a person gives the Regulator an approved form in a way that is
required or permitted as mentioned in paragraph 11A(3)(b):
(a) the form is taken to constitute a written notice; and
(b) if the form includes the electronic signature of a person—the
form is taken to be signed by that person.
(2) The person’s electronic signature is a unique
identification, in an electronic form, that is approved by the Regulator for use
by the person.
(3) A person is guilty of an offence if:
(a) the person gives the Regulator an approved form in a way that is
required or permitted as mentioned in paragraph 11A(3)(b); and
(b) either:
(i) the form purports to be given by another person; or
(ii) the form purports to be given on behalf of another person, and that
other person has not consented to the giving of the form.
Maximum penalty: 50 penalty units.
(4) A person is guilty of an offence if:
(a) the person gives the Regulator an approved form in a way that is
required or permitted as mentioned in paragraph 11A(3)(b); and
(b) the form includes the electronic signature of another person who has
not consented to the inclusion of the signature.
Maximum penalty: 50 penalty units.
(5) Subsections (3) and (4) are offences of strict liability within the
meaning of section 6.1 of the Criminal Code.
(1) This section applies if:
(a) the Regulator is given an approved form in a way that is required or
permitted as mentioned in paragraph 11A(3)(b); and
(b) the form is given to the Regulator by a person on behalf of the
trustee, or one or more of the trustees, of a superannuation entity.
In this section, the trustee, or each of the trustees, on whose behalf the
form is given is referred to as the responsible trustee.
(2) The responsible trustee is guilty of an offence if the responsible
trustee does not, before the form is given to the Regulator, make a signed
declaration that states that:
(a) the person is authorised to give the form to the Regulator on the
responsible trustee’s behalf; and
(b) the information in the form is correct.
Maximum penalty: 50 penalty units.
(3) The responsible trustee is guilty of an offence if the responsible
trustee does not retain the declaration for 5 years after it is made.
Maximum penalty: 50 penalty units.
(4) The responsible trustee is guilty of an offence if:
(a) within the 5 year period, the Regulator requests the responsible
trustee to produce the declaration to the Regulator; and
(b) the responsible trustee does not comply with the request.
Maximum penalty: 50 penalty units.
(5) Subsections (2), (3) and (4) are offences of strict liability within
the meaning of section 6.1 of the Criminal Code.
(1) A document that is not required to be lodged in an approved form may
be lodged with the Regulator electronically only if:
(a) the Regulator and the person seeking to lodge it (either on the
person’s own behalf or on another person’s behalf) have agreed, in
writing, that it may be lodged electronically; or
(b) the Regulator has approved, in writing, the electronic lodgment of
documents of that kind.
(2) The document is taken to be lodged with the Regulator if it is lodged
in accordance with the agreement or approval (including any requirements of the
agreement or approval as to authentication).
6 Paragraph 18(3)(b)
Omit “under the common or official seal of”, substitute
“signed by”.
7 Subsection 19(4)
Omit all the words from and including “written notice” to and
including the end of paragraph (b), substitute:
written notice that is:
(a) in the approved form; and
(b) signed by the trustee or each trustee;
8 Subsections 36A(4), (5) and
(6)
Repeal the subsections.
9 Subsection 131A(1)
Omit all the words from and including “the Regulator” (second
occurring), substitute:
the Regulator may refer the details of the matter to the persons specified
in subsection (2).
Note: Persons to whom the Regulator refers the details of
the matter are subject to secrecy obligations under section 56 of the
Australian Prudential Regulation Authority Act 1998 (if APRA is the
Regulator) or section 252C of this Act (if the Commissioner of Taxation is the
Regulator). In particular, see paragraph (c) of the definition of
officer in subsection (1), and subsections (2), (9) and (10), of
those sections.
10 Subsection 140(2)
Omit “a form approved by ASIC”, substitute “the approved
form”.
11 Subsection 254(1)
Omit “the prescribed information to APRA or such other body or person
as is specified in the regulations”, substitute “such information to
APRA, or to such other body or person as is specified in the regulations, as is
required by the approved form”.
12 Subsection 254(1) (note)
Repeal the note, substitute:
Note: The approved form for information required to be given
under this subsection may require the trustee to set out the tax file number of
the entity. See subsection 299U(8).
13 Subsection 299U(8)
Repeal the subsection, substitute:
Information to be given after establishment of entity
(8) The approved form for information required to be given under
subsection 254(1) may require the tax file number of the entity to be
given.
Financial
Sector Reform (Amendments and Transitional Provisions) Act
1998
1 Subsection 2(16)
Omit “Superannuation Legislation Amendment (Choice of
Superannuation Funds) Act 1998” (wherever occurring), substitute
“Superannuation Legislation Amendment (Choice of Superannuation Funds)
Act 1999”.
2 Subsection 2(17)
Omit “Superannuation Legislation Amendment Act 1998”
(wherever occurring), substitute “Superannuation Legislation Amendment
Act 1999”.
3 Part 3 of Schedule 17
(heading)
Repeal the heading, substitute:
Part 3—Amendment to take account
of Schedule 3 to the Superannuation Legislation Amendment Act
1999
Financial
Sector Reform (Amendments and Transitional Provisions) Act (No. 1)
1999
4 After subsection 3(7)
Insert:
(7A) Items 8, 9, 11 and 12 of Schedule 6 are taken to have commenced
immediately after the Financial Sector Reform (Amendments and Transitional
Provisions) Act 1998 received the Royal Assent.
Income
Tax Assessment Act 1936
5 Subsection 161(3)
Omit “physically”.
Part
1—Transitional provisions
for validation of determinations relating to financial sector supervisory
levies
1 Definitions
In this Part:
Collection Act means the Financial Institutions
Supervisory Levies Collection Act 1998.
deferred payment day means the day that is 6 weeks after the
day on which this Part commences.
Imposition Act means any of the following Acts:
(a) the Authorised Non-operating Holding Companies Supervisory Levy
Imposition Act 1998;
(b) the General Insurance Supervisory Levy Imposition Act 1998;
(c) the Life Insurance Supervisory Levy Imposition Act 1998;
(d) the Retirement Savings Account Providers Supervisory Levy
Imposition Act 1998;
(e) the Superannuation Supervisory Levy Imposition Act
1998.
levy paying entity has the same meaning as in the
Collection Act.
Validation Act means any of the following Acts:
(a) the Authorised Non-operating Holding Companies Supervisory Levy
Determination Validation Act 1999;
(b) the General Insurance Supervisory Levy Determination Validation Act
1999;
(c) the Life Insurance Supervisory Levy Determination Validation Act
1999;
(d) the Retirement Savings Account Providers Supervisory Levy
Determination Validation Act 1999;
(e) the Superannuation Supervisory Levy Determination Validation Act
1999.
2 Deferral of date for paying
levy
(1) This item applies to a levy paying entity if, because of section 4 of a
Validation Act:
(a) the entity is liable to pay levy imposed by an Imposition Act;
and
(b) the levy payable by the entity would, apart from this item, have been
due and payable under section 9 of the Collection Act before the deferred
payment day.
(2) The levy payable by the entity is taken to be due and payable on the
deferred payment day, despite section 9 of the Collection Act.
Note: This provision affects the calculation of late payment
penalty (if any) under section 10 of the Collection Act.
3 No retrospective criminal
liability
Nothing in this Part or the Validation Acts is taken to make a person
criminally liable in respect of acts or omissions of the person before the day
on which this Part commences, if the person would not have been so liable had
this Part and the Validation Acts not been enacted.
Part
2—Transitional provisions
relating to amendments of the Financial Corporations Act
1974
4 Definitions
In this Part:
amended Act means the Financial Corporations Act 1974
as in force immediately after the commencement of Schedule 3 to this
Act.
old Act means the Financial Corporations Act 1974 as
in force immediately before the commencement of Schedule 3 to this
Act.
registered corporation has the same meaning as in the amended
Act.
Reserve Bank means the Reserve Bank of Australia.
5 Treatment of exemptions and determinations
under paragraph 8(2)(l)
An exemption or determination in force immediately before the commencement
of Schedule 3 to this Act under paragraph 8(2)(l) of the old Act continues in
force after that commencement as if it were an exemption or determination under
paragraph 8(2)(l) of the amended Act.
6 Treatment of matters under section
10
The following provisions apply in relation to matters under section 10 of
the old Act:
(a) the list under subsection 10(1) of the old Act, being that list as in
force immediately before the commencement of Schedule 3 to this Act, has
effect after that commencement as if it were prepared by the Reserve Bank under
subsection 10(1) of the amended Act;
(b) an obligation on the Governor of the Reserve Bank to publish notice of
a matter, being an obligation that is undischarged as at the commencement of
Schedule 3 to this Act, becomes, on that commencement, an obligation that
the Reserve Bank is to discharge;
(c) a determination in force under a provision of section 10 of the old
Act immediately before the commencement of Schedule 3 to this Act
continues to have effect, after that commencement, as if it were a determination
under that provision of section 10 of the amended Act;
(d) a request under subsection 10(7) of the old Act that has not been
dealt with by the commencement of Schedule 3 to this Act is, after that
commencement, to be dealt with as if it were a request under subsection 10(7)of
the amended Act.
7 Standards taken to have been determined on
commencement
(1) Immediately after the commencement of Schedule 3 to this Act, the
Reserve Bank is taken to have determined standards under section 11 of the
amended Act that require classes of registered corporations:
(a) to provide to the Reserve Bank the same information that those classes
of corporations were required to provide under section 11 of the old Act;
and
(b) to provide that information in the same way in which those classes of
corporations were required to provide that information under section 11 of the
old Act.
(2) The standards come into force on that commencement.
(3) Subsection 11(6) of the amended Act does not apply in respect of the
determination of the standards.
Part
3—Transitional provision
relating to amendment of the Life Insurance Act 1995
8 Treatment of assignments under section
16ZA
(1) If an assignment of an interest in a benefit fund of a friendly society
was made:
(a) before the day on which this Act receives the Royal Assent;
and
(b) in accordance with section 16ZA of the Life Insurance Act 1995,
as then in force, disregarding the effect of item 1 of Schedule 6 to this
Act;
the assignment is taken to have been made in accordance with section 16ZA
of the Life Insurance Act 1995 as amended by that item.
(2) Expressions used in this item have the same meanings as they have in
the Life Insurance Act 1995.
Part
4—Transitional provisions
relating to amendments of the Reserve Bank Act 1959
9 Disqualification
(1) This item applies if a person:
(a) was a member of the Reserve Bank Board immediately before the
commencement of Schedule 7 to this Act; and
(b) held a position as a director, officer or employee of a particular ADI
immediately before that commencement; and
(c) was not disqualified from the Reserve Bank Board under section 17 of
the old Act, immediately before that commencement, because of holding that
position with that ADI; and
(d) would, apart from this item, have been disqualified from the Reserve
Bank Board under section 17 of the amended Act, immediately after that
commencement, because of holding that position with that ADI.
(2) Despite section 17 of the amended Act, the person is not disqualified
from the Reserve Bank Board under that section merely because the person
continues to hold that position with that ADI after that commencement.
(3) In this item:
ADI has the same meaning as in the amended Act.
amended Act means the Reserve Bank Act 1959 as in
force immediately after the commencement of Schedule 7 to this Act.
disqualified from the Reserve Bank Board means not capable of
appointment, or of continuing to act, as a member of the Reserve Bank
Board.
old Act means the Reserve Bank Act 1959 as in force
immediately before the commencement of Schedule 7 to this Act.
Reserve Bank means the Reserve Bank of
Australia.
Part
5—Application of amendments
of superannuation legislation relating to financial assistance to
funds
10
Application of amendments of superannuation legislation relating to financial
assistance to funds
The amendments made by Schedule 9 only apply in relation to losses incurred
by a fund after the commencement of that Schedule.