Victorian Consolidated Legislation

Financial Sector Reform (Victoria) Act 1999 - SECT 57

Regulations

57. Regulations

The Governor in Council may make regulations for or with respect to any matter
or thing required or permitted by this Act to be prescribed or necessary to be
prescribed to give effect to this Act. _________________

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ENDNOTES

1. General Information Minister's second reading speech- Legislative Assembly:
22 April 1999 Legislative Council: 25 May 1999 The long title for the Bill for
this Act was "A Bill to make provision for the reform of the financial sector,
to amend and repeal the Financial Institutions (Victoria) Act 1992 and the
Friendly Societies (Victoria) Act 1996 and to amend the Co-operative Housing
Societies Act 1958 and certain other Acts and for other purposes." The
Financial Sector Reform (Victoria) Act 1999 was assented to on 8 June 1999 and
came into operation as follows: Part 1 (sections 1-4), Part 6 Division 2
Subdivisions 2-4 (sections 23-28), Part 6 Division 3 Subdivisions 1-4
(sections 31-39), sections 47, 48, 57 on 8 June 1999: section 2(1); rest of
Act (except section 20, Schedule 1, Schedule 3 item 4) on 1 July 1999: Special
Gazette (No. 97) 30 June 1999 page 2; section 20 on 1 November 2000:
Government Gazette 19 October 2000 page 2521; Schedule 3 item 4 never
proclaimed, repealed by No. 74/2000 section 3 (Schedule 1 item 47.3);
Schedule 1 on 15 June 2001: Government Gazette 14 June 2001 page 1273. 2.
Table of Amendments This Version incorporates amendments made to the
Financial Sector Reform (Victoria) Act 1999 by Acts and subordinate
instruments. -------------------------------------------------------------
Audit (Amendment) Act 1999, No. 53/1999 Assent Date: 14.12.99 Commencement
Date: S. 26(Sch. item 11) on 1.1.00: Government Gazette 23.12.99 p. 2764
Current State: This information relates only to the provision/s amending the
Financial Sector Reform (Victoria) Act 1999 Statute Law Revision Act 2000, No.
74/2000 Assent Date: 21.11.00 Commencement Date: S. 3(Sch. 1 item 47) on
22.11.00: s. 2(1) Current State: This information relates only to the
provision/s amending the Financial Sector Reform (Victoria) Act 1999 Benefit
Associations (Repeal) Act 2001, No. 17/2001 Assent Date: 29.5.01 Commencement
Date: 30.5.01: s. 2 Current State: All of Act in operation
Corporations (Consequential Amendments) Act 2001, No. 44/2001 Assent Date:
27.6.01 Commencement Date: S. 3(Sch. item 44) on 15.7.01: s. 2 Current State:
This information relates only to the provision/s amending the
Financial Sector Reform (Victoria) Act 1999 Statute Law Revision Act 2007, No.
28/2007 Assent Date: 26.6.07 Commencement Date: S. 3(Sch. item 25) on 27.6.07:
s. 2(1) Current State: This information relates only to the provision/s
amending the Financial Sector Reform (Victoria) Act 1999
------------------------------------------------------------- 3. Explanatory
Details

1 S. 5(1): See regulation 4 of the Corporations (Ancillary Provisions)
Regulations 2001, S.R. No. 63/2001. 2 S. 5(3): See note 1. 3 S. 5(4): See note
1. 4 S. 14(3): See note 1. 5 S. 43(3)(b): See note 1. 6 S. 44(3)(b): See note
1. 7 S. 44(3)(c): See note 1. 8 S. 45(3)(b): See note 1. 9 S. 48(5) def. of
building society: See note 1.

























INDEX

Subject

Section

Act

commencement 2
Crown bound by 4
purpose 1
repeals 19-20 ADIs See Deposit-taking institutions

AFIC (Australian Financial Institutions Commission)

continuation for certain purposes 21
continuation of certain proceedings 29-30
definitions 3
delegation of powers 22
disclosure of information to APRA or ASIC 27
employees (def.) 3, 23
transfer of assets and liabilities 28
transfer of staff 24-26 AFIC Code 3, 43 APRA (Australian Prudential Regulation
Authority)

authorised officers 3, 9, 12-15
conferral of functions and powers on 6, 42, 46, 50, 51
definitions 3
disclosure of information to 27, 37
functions and powers of SSA 50-51
functions and powers under Codes 42-46
payments out of Supervision Fund to 31
substitution in proceedings for AFIC 30
substitution in proceedings for VicFIC 41
transfer of AFIC's assets and liabilities to 28
transfer of AFIC's staff to 24-26
transfer of VicFIC's assets and liabilities to 38
transfer of VicFIC's staff to 34-36 ASIC (Australian Securities and
Investments Commission)

conferral of functions and powers on 7, 42, 46, 49, 50, 51
disclosure of information to 27, 37
establishment of societies as companies by 49
functions and powers of SSA 50-51
functions and powers under Codes 42-46
payments out of Supervision Fund to 31
powers regarding deregistered, dissolved societies 49
substitution in proceedings for AFIC 30
substitution in proceedings for VicFIC 41
transfer of AFIC's assets and liabilities to 28
transfer of VicFIC's assets and liabilities to 38 Australian Financial
Institutions Appeals Tribunal 52 Authorised deposit-taking institutions (ADIs)
See Deposit-taking institutions



Subject

Section

Building societies

definition 48
funds of Advisory Committee 53
references to 55
supervision levy paid by 31
withdrawable shares in 48 Building Societies Act 1986 19 Code (def.) 42, 52
Committees 53 Consultancy Services Fund 31 Co-operative housing societies 39
Co-operative Housing Societies Act 1958 17 Credit unions

Contingency Fund and relevant definitions 32
funds of Advisory Committee 53
references to 55
supervision levy paid by 31 Definitions 3 Deposit-taking institutions

building societies and credit unions as 55
transfer of business 8-16 Financial institutions

definitions 3
registration under Corporations Law 5 Financial institutions agreement (def.)
50, 51 Financial Institutions Code 3, 44, 50 Financial Institutions (Victoria)
Act 1992

Consultancy Services Fund 31
repeals 19-20
Supervision Fund and supervision levy 17, 20 Fiscal bodies legislation (def.)
3 Former committees See Committees

Friendly societies

funds of Advisory Committee 53
mergers and transfers of engagements 51
references to 56
supervision levy paid by 31 Friendly Societies Code 3, 45, 51 Friendly
Societies (Victoria) Act 1986

repeals 19-20
supervision levy 17 FS (TB) Act 1999

definition 3
transfers of business under 10-11
words defined in 8 FSR Act (def.) 3 Industrial and Provident Societies Act
1958 17 Industry Supervision Fund 17-18, 53 Life insurance companies

transfer of business 8-16 Subject

Section

Mergers 50-51 Participating State (def.) 50, 51 Queensland

substitution of State in proceedings for AFIC 29 Regulations 57 Relevant
Commonwealth body (def.) 3 Repeals 19-20 Societies

cancelled registration or dissolution 49
definitions 3, 49, 50, 51
dormant accounts 47
establishment as companies by ASIC 49
mergers and transfers of engagements 50 See also Building societies; Credit
unions

SSA (State Supervisory Authority) 50, 51 State taxes 54 Supervision Fund 17,
20, 31 Supervision levy 17, 31 Transfer date (def.) 3 Transferring financial
institutions See Financial institutions

Transfers of business

assets and liabilities 10-14
certificates 12-15
compulsory transfers 11
effect of Part 4 16
interests in land 13
voluntary transfers 10 Transfers of engagements 50-51 Trustees Companies Act
1984 17 VicFIC (Victorian Financial Institutions Commission)

audit of funds 33
continuation of certain proceedings 40-41
disclosure of information to APRA or ASIC 37
dissolution 20
payments from Credit Unions Contingency Fund 32
payments out of Supervision Fund 31
transfer of assets and liabilities 38-39
transfer of staff to APRA 34-36 Victoria

substitution of State in proceedings for VicFIC 40
transfer of VicFIC's assets and liabilities to State 39



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Financial Sector Reform (Victoria) Act 1999 No. 37 of 1999