Commonwealth Numbered Acts

FINANCIAL SECTOR REFORM (AMENDMENTS AND TRANSITIONAL PROVISIONS) ACT 1998No. 54, 1998 - LONG TITLE

Contents

1 Short title

2 Commencement

3 Schedule(s)

Schedule 1--Amendment of the Australian Securities Commission Act 1989

Schedule 2--Amendment of the Banking Act 1959

Schedule 3--Repeal of the Banks (Shareholdings) Act 1972

Schedule 4--Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989

Part 1--Changing the administration of the Corporations Law

Part 2--Changing references to "ASC" to "ASIC"

Schedule 5--Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Company Law Review Act 1998

Part 1--General amendments to take account of Schedule 1 to the Company Law Review Act 1998

Part 2--Changing "ASC" to "ASIC" to take account of Schedule 1 to the Company Law Review Act 1998

Part 3--General amendments to take account of Schedules 2 to 4 to the Company Law Review Act 1998

Part 4--Changing "ASC" to "ASIC" to take account of Schedules 2 to 4 to the Company Law Review Act 1998

Part 5--General amendments to take account of Schedule 5 to the Company Law Review Act 1998

Schedule 6--Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Managed Investments Act 1998

Part 1--General amendments to take account of Schedule 1 to the Managed Investments Act 1998

Part 2--Changing "ASC" to "ASIC" to take account of Schedule 1 to the Managed Investments Act 1998

Part 3--General amendments to take account of Schedule 2 to the Managed Investments Act 1998

Part 4--Changing "ASC" to "ASIC" to take account of Schedule 2 to the Managed Investments Act 1998

Schedule 7--Amendment of the Financial Corporations Act 1974

Schedule 8--Amendment of the Insurance Acquisitions and Takeovers Act 1991

Schedule 9--Amendment of the Insurance Act 1973

Part 1--Changing the administration of the Act (main amendments)

Part 2--Changing "Commissioner" to "APRA" (main amendments)

Part 3--Changing the administration of the Act (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998)

Part 4--Changing "Commissioner" to "APRA" (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998)

Schedule 10--Amendment of the Insurance (Agents and Brokers) Act 1984

Part 1--Changing the administration of the Act

Part 2--Changing "Commissioner" to "ASIC"

Part 3--Changing "Commissioner's" to "ASIC's"

Part 4--Amendments to take account of Schedule 1 to the Insurance Laws Amendment Act 1998

Schedule 11--Repeal of the Insurance and Superannuation Commissioner Act 1987

Schedule 12--Amendment of the Insurance Contracts Act 1984

Part 1--Changing the administration of the Act

Part 2--Changing "Commissioner" to "ASIC"

Schedule 13--Amendment of the Life Insurance Act 1995

Part 1--Changing the administration of the Act

Part 2--Changing "Commissioner" to "APRA"

Part 3--Changing "Commissioner's" to "APRA's"

Part 4--Changing "Commissioner's rules" to "Prudential Rules"

Part 5--Changing "Commissioner" to "ASIC"

Part 6--Changing "Commissioner" to "Regulator"

Part 7--Other amendments

Schedule 14--Amendment of the Reserve Bank Act 1959

Schedule 15--Amendment of the Retirement Savings Accounts Act 1997

Part 1--Changing the administration of the Act

Part 2--Changing "Commissioner" to "APRA"

Part 3--Changing "Commissioner" to "ASIC"

Part 4--Changing "Commissioner" to "Regulator"

Part 5--Changing "Commissioner's" to "Regulator's"

Schedule 16--Amendment of the Superannuation Industry (Supervision) Act 1993

Part 1--Changing the administration of the Act

Part 2--Changing "Commissioner" to "APRA"

Part 3--Changing "Commissioner's" to "APRA's"

Part 4--Changing "Commissioner" to "ASIC"

Part 5--Changing "Commissioner" to "Regulator"

Part 6--Changing "Commissioner's" to "Regulator's"

Part 7--Amendments to take account of Part 1 of Schedule 2 to the Superannuation Legislation Amendment Act 1998

Part 8--Amendments to take account of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1998

Schedule 17--Amendment of the Superannuation (Resolution of Complaints) Act 1993

Part 1--Amendments relating to changing "Commissioner" to "ASIC"

Part 2--Changing "Commissioner" to "ASIC"

Part 3--Amendment to take account of Schedule 3 to the Superannuation Legislation Amendment Act 1998

Schedule 18--Amendment and repeal of other Acts

Part 1--Amendment and repeal of levy Acts

General Insurance Supervisory Levy Act 1989

Insurance Supervisory Levies Collection Act 1989

Life Insurance Supervisory Levy Act 1989

Retirement Savings Accounts Supervisory Levy Act 1997

Superannuation Entities (Taxation) Act 1987

Superannuation Supervisory Levy Act 1991

Part 2--Amendment of other Acts

Acts Interpretation Act 1901

Australian Prudential Regulation Authority Act 1998

Corporations Act 1989

Crimes Act 1914

Financial Corporations (Transfer of Assets and Liabilities) Act 1993

Financial Transactions Reports Act 1988

Schedule 19--Transitional provisions

Part 1--Transitional provisions relating to amendments of the Banking Act 1959

Part 2--Transitional provisions relating to amendments of the Financial Corporations Act 1974

Part 3--Transitional provisions relating to the establishment of APRA and the repeal of the Insurance and Superannuation Commissioner Act 1987

Division 1--Interpretation

Division 2--Transfer of staff

Division 3--Transfer of assets and liabilities

Division 4--Other general transitional provisions

Part 4--Transitional provisions relating to amendments of the Reserve Bank Act 1959

Part 5--Transitional provisions relating to the Payment Systems (Regulation) Act 1998

Part 6--Transitional provisions relating to levies

Part 7--Regulations dealing with transitional matters

Financial Sector Reform (Amendments and Transitional Provisions) Act 1998

No. 54, 1998

An Act to amend laws, and to deal with transitional matters, in connection with the reform of the financial sector, and for other purposes

[ Assented to 29 June 1998 ]

The Parliament of Australia enacts: