Commonwealth Consolidated Acts

FINANCIAL SECTOR REFORM (AMENDMENTS AND TRANSITIONAL PROVISIONS) ACT (NO. 1) 1999 - SCHEDULE 6

Australian Securities and Investments Commission Act 1989

1 After subsection 11(9)

Insert:

(9A)

The Commission may have functions or powers conferred on it by or under a law of a State or Territory if:

(a)

that law provides for, or relates to, the repeal, amendment or termination (however described) of the operation of, any of the replaced legislation within the meaning of item 22 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 ; and

(b)

the conferral of the powers or functions is in accordance with:

(i)

provisions of an agreement entered into by the Commonwealth and the State or Territory, being provisions approved by the Minister for the purposes of this subsection; or

(ii)

an approval given by the Minister for the purposes of this subsection.

The Commission has the functions and powers so conferred by that law.

Note 1: The heading to section 11 is replaced by the heading "National scheme functions and powers and other functions and powers conferred by the States and Territories".

Note 2: The heading to section 12A is replaced by the heading "Other functions and powers".

2 Subparagraphs 102(2B)(i) and (ii)

Renumber the subparagraphs as paragraphs (a) and (b).

3 Subparagraph 127(4)(aa)(ii)

Repeal the subparagraph.

Authorised Deposit-taking Institutions Supervisory Levy Imposition Act 1998

4 Paragraph 8(3)(b)

Before "where", insert "except".

Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998

5 Paragraph 8(3)(b)

Before "where", insert "except".

Financial Laws Amendment Act 1997

6 Item 9 of Schedule 12

Repeal the item, substitute:

9 Subsection 68(1)

Omit "may give", substitute "may, with the Treasurer's agreement, give".

Financial Sector Reform (Amendments and Transitional Provisions) Act 1998

7 Subsection 2(5)

Repeal the subsection.

8 Subsection 2(14)

Omit " Superannuation Legislation Amendment Act 1998 " (wherever occurring), substitute " Superannuation Legislation Amendment Act 1999 ".

9 Subsection 2(15)

Omit " Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1998 " (wherever occurring), substitute " Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1999 ".

10 Item 11 of Schedule 13

Repeal the item, substitute:

11 Subsections 133(2) to (3)

Omit "The Commissioner" (wherever occurring), substitute "The authorised person".

11 Part 7 of Schedule 16 (heading)

Repeal the heading, substitute:

Part 7—Amendments to take account of Part 1 of Schedule 2 to the Superannuation Legislation Amendment Act 1999
12 Part 8 of Schedule 16 (heading)

Repeal the heading, substitute:

Part 8—Amendments to take account of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1999
13 Item 236 of Schedule 16

Repeal the item, substitute:

236 Section 148F

Omit "The Commissioner", substitute "APRA".

237 Section 148F

Omit "the Commissioner", substitute "APRA".

14 Item 5 of Schedule 19

Repeal the item.

Financial Sector Reform (Consequential Amendments) Act 1998

15 Subsections 2(3), (6), (8), (9), (10), (11) and (12)

Repeal the subsections.

16 Items 7, 8 and 9 of Schedule 1, and the heading above those items

Repeal the items and the heading.

17 Items 39, 40 and 41 of Schedule 1, and the heading above those items.

Repeal the items and the heading.

18 Item 76 of Schedule 1

Omit "23(2)", substitute "23A(2)".

19 Item 23 of Schedule 2

Omit "laws", substitute "law".

General Insurance Supervisory Levy Imposition Act 1998

20 Paragraph 9(3)(b)

Before "where", insert "except".

High Court of Australia Act 1979

21 Subsection 4(1)

Insert: