Commonwealth Numbered Acts

FINANCIAL CLAIMS SCHEME (ADIS) LEVY ACT 2008 (NO. 103, 2008) - SECT 6

             (1)  The Governor‑General may make regulations prescribing matters required or permitted by this Act to be prescribed.

             (2)  Before the Governor‑General makes a regulation affecting the imposition or amount of a levy connected with the application of Subdivision C of Division 2AA of Part II of the Banking Act 1959 in relation to an ADI, the Minister must be satisfied the regulation will help achieve the objective in subsection (3) of this section.

             (3)  The objective is that the total amount of levy connected with the application of that Subdivision in relation to the ADI equal the excess of APRA's financial claims scheme costs for the ADI over the sum of amounts paid to APRA by the ADI in connection with that Division or in the winding up of the ADI.

[ Minister's second reading speech made in--

House of Representatives on 15 October 2008

Senate on 16 October 2008 ]