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Financial Services Reform (Consequential Provisions) Bill 2001

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1998-1999-2000-2001

 

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

 

THE SENATE

 

 

Financial Services Reform (Consequential Provisions) Bill 2001

 

 

Schedule of the amendments made by the Senate

 

 

 

 

 

(1)     Clause 2, page 3 (after line 4), after subclause (9), insert:

          (9A)  If Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 do not commence before the FSR commencement, items 276 to 278, and 290 to 325C, of Schedule 1 to this Act do not ever commence.

(2)     Clause 2, page 4 (after line 34), at the end of the clause, add:

           (18)  The commencement of the items of Schedule 2, other than items 1, 2, 4, 5, 9 and 10, is as follows:

                     (a)  if Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 do not commence before the FSR commencement, the items commence on the FSR commencement;

                     (b)  if Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 commence before the FSR commencement, the items do not ever commence.

           (19)  The commencement of items 1 and 2 of Schedule 2 is as follows:

                     (a)  if Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 do not commence before the FSR commencement, the items commence on the later of:

                              (i)  the FSR commencement; and

                             (ii)  immediately after the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 receives the Royal Assent;

                     (b)  if Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 commence before the FSR commencement, the items do not ever commence.

           (20)  The commencement of items 4 and 5 of Schedule 2 is as follows:

                     (a)  if item 3 of Schedule 2 to this Act commences under subsection (18), the items commence on the commencement of Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 ;

                     (b)  if item 3 of Schedule 2 to this Act does not ever commence under subsection (18), the items do not ever commence.

           (21)  The commencement of items 9 and 10 of Schedule 2 is as follows:

                     (a)  if item 8 of Schedule 2 to this Act commences under subsection (18), the items commence on the commencement of Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 ;

                     (b)  if item 8 of Schedule 2 to this Act does not ever commence under subsection (18), the items do not ever commence.

(3)     Schedule 1, item 10, page 7 (lines 23 to 25), omit the item.

(4)     Schedule 1, items 67 to 69, page 22 (lines 20 to 27), omit the items, substitute:

67  Subsection 12DL(1)

Repeal the subsection, substitute:

             (1)  A person must not send another person (the targeted person ) a credit card or a debit card except in accordance with subsection (2).

Note:          Failure to comply with this subsection is an offence (see section 12GB).

Note:       The heading to section 12DL is altered by inserting “ credit cards and ” after “ Unsolicited ”.

(5)     Schedule 1, items 79 to 82, page 23 (line 24) to page 24 (line 6), omit the items, substitute:

79  Subsection 12DL(4)

Repeal the subsection, substitute:

             (4)  A person must not take any action that enables:

                     (a)  another person who has a credit card to use the card as a debit card; or

                     (b)  another person who has a debit card to use the card as a credit card;

except in accordance with a request in writing by the other person.

Note:          Failure to comply with this subsection is an offence (see section 12GB).

(6)     Schedule 1, page 24 (after line 11), after item 83, insert:

83A  Subsection 12DL(5) (definition of credit card )

Repeal the definition, substitute:

credit card means an article that:

                     (a)  is of a kind described in one or more of the following subparagraphs:

                              (i)  an article of a kind commonly known as a credit card;

                             (ii)  a similar article intended for use in obtaining cash, goods or services on credit;

                            (iii)  an article of a kind that persons carrying on business commonly issue to their customers or prospective customers for use in obtaining goods or services from those persons on credit; and

                     (b)  is part of, or provides access to, a credit facility that is a financial product;

or an article that may be used as an article referred to in paragraphs (a) and (b).

83B  Subsection 12DL(5) (definition of debit card )

Repeal the definition, substitute:

debit card means:

                     (a)  an article intended for use by a person in obtaining access to an account that is:

                              (i)  held by the person for the purpose of withdrawing or depositing cash or obtaining goods or services; and

                             (ii)  a financial product; or

                     (b)  an article that may be used as an article referred to in paragraph (a).

(7)     Schedule 1, page 28 (after line 12), after item 116, insert:

116A  Subsection 12GJ(2)

Repeal the subsection, substitute:

             (2)  With respect to any matter:

                     (a)  arising under this Division; or

                     (b)  arising under Part 3 in its application in relation to an investigation of a contravention of this Division;

in respect of which a civil proceeding is instituted under this Subdivision or under Part 3 as so applying:

                     (c)  the several courts of the States are invested with federal jurisdiction within the limits of their several jurisdictions, whether those limits are as to locality, subject-matter or otherwise; and

                     (d)  subject to the Constitution, jurisdiction is conferred on the several courts of the Territories.

116B  Paragraph 12GK(1)(a)

Omit “other than the Minister or ASIC”.

116C  Paragraph 12GK(1)(b)

Repeal the paragraph, substitute:

                     (b)  a matter for determination in the proceeding arose under:

                              (i)  this Division; or

                             (ii)  Part 3 in its application in relation to an investigation of a contravention of this Division;

116D  Paragraph 12GK(4)(b)

Repeal the paragraph, substitute:

                     (b)  a matter for determination in the proceeding arose under:

                              (i)  this Division; or

                             (ii)  Part 3 in its application in relation to an investigation of a contravention of this Division;

116E  Paragraph 12GK(5)(b)

Repeal the paragraph, substitute:

                     (b)  a matter for determination in the proceeding arose under:

                              (i)  this Division; or

                             (ii)  Part 3 in its application in relation to an investigation of a contravention of this Division;

(8)     Schedule 1, item 223, page 47 (after line 24), after subsection (1), insert:

          (1A)  Other expressions used in this Part that are defined in Division 2 of Part 7.1 have the same meanings as they are given by that Division. This has effect subject to:

                     (a)  any contrary intention in a provision of this Part; or

                     (b)  regulations made for the purposes of this paragraph.

(9)     Schedule 1, item 223, page 66 (after line 2), after section 1424, insert:

1424A   Treatment of unregulated clearing and settlement facilities operated by holders of old Corporations Act approvals

             (1)  This section applies in relation to a clearing and settlement facility if:

                     (a)  the facility was being operated immediately before the FSR commencement by a body corporate in relation to which an approval under section 1131 of the old Corporations Act was in force at that time; but

                     (b)  the services provided by the facility as so operated were not such that section 1128 of the old Corporations Act required the operator to be so approved.

             (2)  In this section:

                     (a)  a reference to the unregulated services is a reference to the services referred to in paragraph (1)(b); and

                     (b)  a reference to regulated services is a reference to services that, if they had been provided by the facility immediately before the commencement, would have been services to which section 1128 of the old Corporations Act applied.

             (3)  For the purposes of section 1425 (as it operates of its own force, rather than because of section 1424), the facility is not to be regarded as a facility that was being operated immediately before the FSR commencement.

             (4)  If the operator has, before the FSR commencement, indicated an intention that they propose to extend the services provided by the facility so that they also cover regulated services:

                     (a)  regulations made for the purposes of subsection 1424(1) may identify the facility as a proposed clearing and settlement facility, but only in relation to those regulated services; and

                     (b)  if they do so, section 1424, and section 1425 as it applies because of section 1424, apply in relation to the facility and those regulated services as if the facility did not already provide the unregulated services.

(10)   Schedule 1, item 223, page 66 (lines 30 and 31), omit “facility can only provide services”, substitute “licence only covers the facility providing services”.

(11)   Schedule 1, item 223, page 74 (table item 10, 2nd column), omit “ Any other person who carries on activities ”, substitute “ A person who carries on any other activities (that is, activities that are not regulated activities for the purposes of any of items 1 to 9) ”.

(12)   Schedule 1, item 223, page 74 (table item 10, 3rd column), after “ class of activities ”, insert “ so ”.

(13)   Schedule 1, item 223, page 75 (line 14), after “7.8”, insert “(other than section 992A)”.

(14)   Schedule 1, item 223, page 81 (line 23), after “ representatives ”, insert “ —general ”.

(15)   Schedule 1, item 223, page 81 (after line 32), after subsection 1436(1), insert:

          (1A)  However, if a person who, under subsection (1), would be the representative of another person is a financial services licensee in their own right, the licensee, when engaged in activities covered by their licence, is taken not to be acting as representative of that other person.



(16)   Schedule 1, item 223, page 82 (after line 28), after section 1436, insert:

1436A   Treatment of representatives—insurance agents

             (1)  This section has effect despite anything else in this Subdivision, including sections 1436 and 1437.

             (2)  This section applies if, immediately before the FSR commencement, a person is an insurance intermediary (but not an insurance broker) within the meaning of the Insurance (Agents and Brokers) Act 1984 as then in force because of an agreement they have with an insurer under section 10 of that Act. For the purposes of this section:

                     (a)  the person is the insurance agent ; and

                     (b)  the agreement is the authorising agreement ; and

                     (c)  the matters dealt with in the provisions included in the agreement in compliance with section 10 of that Act, and any other matters included in the agreement that are related to those matters, are the relevant matters ; and

                     (d)  the insurer is the principal .

If, immediately before the FSR commencement, the person has more than one such agreement, this section applies separately in relation to each of those agreements.

             (3)  For the purposes of this section, the transition period is the period starting on the FSR commencement and ending when the first of the following events occurs:

                     (a)  the period of 2 years starting on the FSR commencement ends;

                     (b)  the authorising agreement ceases to be in force;

                     (c)  the insurance agent has lodged with ASIC notice in writing that the agent no longer wants to be covered by the Insurance (Agents and Brokers) Act 1984 :

                              (i)  from a specified date, being a date that is after the notice is given to ASIC; or

                             (ii)  from the end of a specified period, being a period that ends after the notice is given to ASIC;

                            and that date arrives or period ends;

                     (d)  the insurance agent is granted a licence under section 913B (including as it has effect because of section 1434) of the amended Corporations Act that covers the insurance agent engaging in (as licensee) the range of activities that they previously engaged in as agent under the authorising agreement.

             (4)  A notice (the original notice ) given for the purposes of paragraph (3)(c) may before the date, or the end of the period, specified in the original notice as mentioned in that paragraph:

                     (a)  be varied to specify another date or period, being a date or period that would satisfy the requirements of subparagraph (3)(c)(i) or (ii) if the reference in that subparagraph to when the notice (being the original notice) is given to ASIC were instead a reference to when the notice of variation is given to ASIC under this subsection; or

                     (b)  be revoked.

The variation or revocation must be made by notice in writing lodged with ASIC.

             (5)  Subject to subsection (7), during the transition period, the Insurance (Agents and Brokers) Act 1984 as in force immediately before the FSR commencement, and any associated provisions, (the relevant old legislation ) continue to apply (despite the repeal of that Act) to, and in relation to, the insurance agent, the principal and the relevant matters.

             (6)  Subject to subsection (7), during the transition period, the relevant new legislation (within the meaning of section 1431) does not apply to, or in relation to, the insurance agent, the principal and the relevant matters.

             (7)  Regulations made for the purposes of this subsection may do either or both of the following:

                     (a)  provide that specified provisions of the relevant old legislation apply (with or without specified modifications), or do not apply, to the insurance agent, the principal and some or all of the relevant matters;

                     (b)  provide that specified provisions of the relevant new legislation apply (with or without specified modifications), or do not apply, to the insurance agent, the principal and some or all of the relevant matters.

The regulations may provide as mentioned in paragraph (a) or (b) even after the end of the transition period.

             (8)  If:

                     (a)  before the end of the transition period, or such longer period during which regulations made for the purposes of subsection (7) provide for the application of some or all of the relevant old legislation, the insurance agent engages in conduct that, under the authorising agreement as then in force, creates a right to brokerage, commission or other remuneration (which may be a present right, or a future right that is dependent on matters specified in the authorising agreement); and

                     (b)  that right is still in existence immediately before the end of that period;

the right is not taken to be brought to an end merely because of the repeal of the relevant old legislation or the enactment of the relevant new legislation, or because under this section the relevant old legislation ceases to apply and the relevant new legislation starts to apply.

             (9)  Subsection (8) is not intended to affect, in any way, the determination of the question whether any other right (whether or not it is under an agreement under section 10 of the Insurance (Agents and Brokers) Act 1984 ) is in any way affected by the provisions of the Financial Services Reform Act 2001 or the Financial Services Reform (Consequential Provisions) Act 2001 (including the amendments made by those Acts).

(17)   Schedule 1, item 223, page 82 (line 31), after “Subdivision”, insert “(other than section 1436A)”.

(18)   Schedule 1, item 223, page 88 (line 26), at the end of section 1441, add:

               ; or (c)  an insurance agent (as defined in section 1436A).

(19)   Schedule 1, item 223, page 89 (after line 34), at the end of Division 1, add:

Subdivision F Certain other product-related requirements

1442A   Deferred application of hawking prohibition

             (1)  For the purposes of this section, the transition period is the period starting on the FSR commencement and ending on whichever of the following first occurs:

                     (a)  the day fixed by Proclamation for the purposes of this paragraph;

                     (b)  the end of the period of 6 months starting on the FSR commencement.

             (2)  Regulations made for the purposes of this section may provide for specified provisions of legislation that is repealed by the Financial Services Reform Act 2001 or the Financial Services Reform (Consequential Provisions) Act 2001 , being provisions that deal with the same or a similar matter as that dealt with in section 992A of the amended Corporations Act, to continue to apply (whether with or without specified modifications) during the transition period.

             (3)  During the transition period, section 992A of the amended Corporations Act does not apply to any person, except to the extent (if any) provided for in regulations made for the purposes of this section.

1442B   Deferred application of confirmation of transaction and cooling-off provisions etc.

             (1)  This section applies to all financial products issued by a person, other than financial products in a class of products that are first issued by the person after the FSR commencement.

             (2)  For the purposes of this section, the transition period , in relation to a financial product to which this section applies, is the period starting on the FSR commencement and ending on whichever of the following first occurs:

                     (a)  the day fixed by Proclamation for the purposes of this paragraph;

                     (b)  the end of the period of 6 months starting on the FSR commencement;

                     (c)  the new product disclosure provisions (within the meaning of section 1438) start to apply in relation to the product.

             (3)  Subject to subsection (5), the following provisions (the preserved provisions ), to the extent they are relevant to a financial product to which this section applies, continue to apply, despite their repeal, in relation to the financial product during the transition period:

                     (a)  Division 6 of Part 19 of the Superannuation Industry (Supervision) Act 1993 , and any associated provisions;

                     (b)  Division 7 of Part 5 of the Retirement Savings Accounts Act 1997 , and any associated provisions;

                     (c)  sections 64 and 64A of the Insurance Contracts Act 1984 , and any associated provisions;

                     (d)  any other provisions specified in regulations made for the purposes of this paragraph, and any associated provisions in relation to provisions so specified.

             (4)  Subject to subsection (5), during the transition period, the following provisions (the deferred provisions ) of the amended Corporations Act do not apply in relation to a financial product to which this section applies:

                     (a)  section 1017F;

                     (b)  sections 1019A and 1019B;

                     (c)  any other provisions of Part 7.9 of the amended Corporations Act that are not part of the new product disclosure provisions (within the meaning of section 1438) and that are specified in regulations made for the purposes of this paragraph.

             (5)  Regulations made for the purposes of this subsection may do either or both of the following:

                     (a)  provide that specified provisions of the preserved provisions apply (with or without specified modifications), or do not apply, in relation to a financial product to which this section applies;

                     (b)  provide that specified provisions of the deferred provisions apply (with or without specified modifications), or do not apply, in relation to a financial product to which this section applies.

The regulations may provide as mentioned in paragraph (a) or (b) even after the end of the transition period.

(20)   Schedule 1, page 109 (after line 29), after item 325, insert:

325A  Paragraph 63(3)(a)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001 ”, substitute “one or more of the regulatory provisions (as defined in section 38A)”.

325B  Subsection 63(5)

Omit all the words from and including “the provisions of”, substitute “the regulatory provisions (as defined in section 38A) applicable to the fund”.

325C  Subsection 63(6)

Omit “this Act”, substitute “the applicable provisions of that Part”.

(21)   Schedule 1, page 115 (after line 13), after item 364, insert:

364A  Paragraph 51AF(2)(c)

Repeal the paragraph, substitute:

                     (c)  section 63A does not apply to:

                              (i)  a credit card that is part of, or that provides access to, a credit facility that is a financial product; or

                             (ii)  a debit card that allows access to an account that is a financial product.

364B  Subsection 51AF(3)

Insert:

credit card has the same meaning as in section 63A.

364C  Subsection 63A(3) (definition of credit card )

Repeal the definition, substitute:

credit card means an article that is of a kind described in one or more of the following paragraphs:

                     (a)  an article of a kind commonly known as a credit card;

                     (b)  a similar article intended for use in obtaining cash, goods or services on credit;

                     (c)  an article of a kind that persons carrying on business commonly issue to their customers or prospective customers for use in obtaining goods or services from those persons on credit;

or an article that may be used as an article referred to in paragraph (a), (b) or (c).

364D  Subsection 63A(3) (definition of debit card )

Repeal the definition, substitute:

debit card means:

                     (a)  an article intended for use by a person in obtaining access to an account that is held by the person for the purpose of withdrawing or depositing cash or obtaining goods or services; or

                     (b)  an article that may be used as an article referred to in paragraph (a).

(22)   Schedule 1, page 115 (after line 17), after item 365, insert:

365A  Paragraph 75AZA(2)(c)

Repeal the paragraph, substitute:

                     (c)  section 75AZP does not apply to:

                              (i)  a credit card that is part of, or that provides access to, a credit facility that is a financial product; or

                             (ii)  a debit card that allows access to an account that is a financial product.

365B  Subsection 75AZA(3)

Insert:

credit card has the same meaning as in section 75AZP.

(23)   Page 115 (after line 22), at the end of the bill, add:

Schedule 2 Amendments related to possible delayed commencement of Parts 5 and 6 of Schedule  2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001

   

Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001

1  Items 92 and 92A of Schedule 2

Repeal the items.

2  Items 101 to 130AA of Schedule 2

Repeal the items.

Retirement Savings Accounts Act 1997

3  Before subsection 182(1)

Insert:

Definition

          (1A)  In this section:

regulatory provision , in relation to an RSA institution, means:

                     (a)  a provision of this Act or the regulations; or

                     (b)  any of the following provisions of the Corporations Act 2001 as applying in relation to RSA products (within the meaning of Chapter 7 of that Act) that are provided by the RSA institution:

                              (i)  subsection 1013K(1) or (2);

                             (ii)  subsection 1016A(2) or (3);

                            (iii)  subsection 1017B(1);

                            (iv)  subsection 1017C(2), (3) or (5);

                             (v)  subsection 1017D(1);

                            (vi)  subsection 1017DA(3);

                           (vii)  subsection 1017E(3) or (4);

                          (viii)  subsection 1020E(8) or (9);

                            (ix)  subsection 1021C(1) or (3);

                             (x)  subsection 1021D(1);

                            (xi)  subsection 1021E(1);

                           (xii)  subsection 1021O(1) or (3);

                          (xiii)  section 1041E;

                          (xiv)  subsection 1041F(1);

                           (xv)  any other provisions that are specified in regulations made for the purposes of this subparagraph.

4  Subsection 182(1A) (after paragraph (a) of the definition of regulatory provision )

Insert:

                    (aa)  a provision of the Financial Sector (Collection of Data) Act 2001 ; or

5  Application of amendment made by item 4

The amendment made by item 4 applies only on and after the day on which the reporting standards determined under section 13 of the Financial Sector (Collection of Data) Act 2001 begin to apply under section 15 of that Act to financial sector entities (within the meaning of that Act) that are RSA providers (within the meaning of the Retirement Savings Accounts Act 1997 ).

6  Paragraph 182(2)(a)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

7  Subsection 182(4)

Omit “the provisions of this Act and the regulations”, substitute “the regulatory provisions”.

Superannuation Industry (Supervision) Act 1993

8  Before section 39

Insert in Division 2 of Part 5:

38A   Meaning of regulatory provision

                   In this Division:

regulatory provision , in relation to a superannuation entity, means:

                     (a)  a provision of this Act or the regulations; or

                     (b)  any of the following provisions of the Corporations Act 2001 as applying in relation to financial products (within the meaning of Chapter 7 of that Act) that are interests in the superannuation entity:

                              (i)  subsection 1013K(1) or (2);

                             (ii)  subsection 1016A(2) or (3);

                            (iii)  subsection 1017B(1);

                            (iv)  subsection 1017C(2), (3) or (5);

                             (v)  subsection 1017D(1);

                            (vi)  subsection 1017DA(3);

                           (vii)  subsection 1017E(3) or (4);

                          (viii)  subsection 1020E(8) or (9);

                            (ix)  subsection 1021C(1) or (3);

                             (x)  subsection 1021D(1);

                            (xi)  subsection 1021E(1);

                           (xii)  subsection 1021O(1) or (3);

                          (xiii)  section 1041E;

                          (xiv)  subsection 1041F(1);

                           (xv)  subsection 1043A(1) or (2);

                          (xvi)  any other provisions that are specified in regulations made for the purposes of this subparagraph.

9  Section 38A (after paragraph (a) of the definition of regulatory provision )

Insert:

                    (aa)  a provision of the Financial Sector (Collection of Data) Act 2001 ; or

10  Application of amendment made by item 9

The amendment made by item 9 applies only on and after the day on which the reporting standards determined under section 13 of the Financial Sector (Collection of Data) Act 2001 begin to apply under section 15 of that Act to financial sector entities (within the meaning of that Act) that are trustees of superannuation entities (within the meaning of the Superannuation Industry (Supervision) Act 1993 ).

11  Subsection 39(1)

Omit “this Act or the regulations”, substitute “a regulatory provision”.

12  After subsection 39(1)

Insert:

          (1A)  In relation to a regulatory provision that states that a person commits an offence if they engage, or fail to engage, in specified conduct, a person is, for the purposes of this Division, taken to contravene the provision if the person engages, or fails to engage, in that conduct.

13  Subparagraph 42(1)(b)(i)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

14  Sub-subparagraph 42(1)(b)(ii)(A)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

15  Subparagraph 42(1AA)(c)(i)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

16  Subparagraph 42(1AA)(c)(ii)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

17  Subparagraph 42(1AA)(c)(ii)

Omit “this Act and the regulations”, substitute “the regulatory provisions”.

18  Subsection 42(1AB)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

19  Subsection 42(1AB)

Omit “this Act and the regulations”, substitute “the regulatory provisions”.

20  Subparagraph 42(1AC)(d)(i)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

21  Subparagraph 42(1AC)(d)(ii)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

22  Subparagraph 42(1AC)(d)(ii)

Omit “this Act and the regulations”, substitute “the regulatory provisions”.

23  Subsection 42(1AD)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

24  Subsection 42(1AD)

Omit “this Act and the regulations”, substitute “the regulatory provisions”.

25  Subsection 42(1A)

Omit “this Act or the regulations”, substitute “a regulatory provision”.

26  Subparagraph 42A(2)(b)(ii)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

27  Subparagraph 42A(3)(d)(i)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

28  Subparagraph 42A(3)(d)(ii)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

29  Subparagraph 42A(3)(d)(ii)

Omit “this Act and the regulations”, substitute “the regulatory provisions”.

30  Paragraph 42A(3)(g)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

31  Subparagraph 42A(4)(c)(i)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

32  Subparagraph 42A(4)(c)(ii)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

33  Subparagraph 42A(4)(c)(ii)

Omit “this Act and the regulations”, substitute “the regulatory provisions”.

34  Subparagraph 42A(4)(f)(ii)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

35  Paragraph 42A(5)(a)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

36  Paragraph 42A(5)(b)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

37  Subparagraph 42A(5)(b)(ii)

After “contravention”, insert “or contraventions”.

38  Subsection 42A(6)

Omit “the Act or the regulations”, substitute “any of the regulatory provisions”.

39  Subsection 42A(6)

Omit “this Act and the regulations”, substitute “the regulatory provisions”.

40  Subparagraph 43(b)(i)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

41  Sub-subparagraph 43(b)(ii)(A)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

42  Sub-subparagraph 43(b)(iii)(A)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

43  Subparagraph 44(b)(i)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

44  Sub-subparagraph 44(b)(ii)(A)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

45  Sub-subparagraph 44(b)(iii)(A)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

46  Paragraph 63(3)(a)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions (as defined in section 38A)”.

47  Subsection 63(5)

Omit all the words from and including “the provisions of”, substitute “the regulatory provisions (as defined in section 38A) applicable to the fund”.

48  Subsection 63(6)

Omit “this Act”, substitute “the applicable provisions of that Part”.

 

 

 

 

 

 

HARRY EVANS

Clerk of the Senate

 

 

The Senate

23 August 2001