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Financial Sector Legislation Amendment (Simplifying Regulation and Review) Bill 2007

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2004-2005-2006-2007

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

Financial Sector Legislation Amendment (Simplifying Regulation and Review) Bill 2007

 

 

(1)     Schedule 1, item 53, page 17 (line 12), after “Part III”, insert “(other than a provision of Division 3A of that Part)”.

[provisions from which APRA may exempt persons]

(2)     Schedule 1, page 26 (after line 14), after item 65, insert:

65A  Section 49D

Repeal the section.

[self-incrimination]

(3)     Schedule 1, page 28 (after line 6), after item 71, insert:

71A  Subsection 16C(4)

After “Prudential Rules”, insert “or in the prudential standards”.

[phasing out Prudential Rules]

(4)     Schedule 1, item 149, page 44 (lines 25 and 26), omit the item.

[self-incrimination]

(5)     Schedule 1, item 150, page 45 (after line 2), after paragraph (a) of the definition of modifiable provision , insert:

                    (aa)  section 35C (except so far as it applies in relation to self-managed superannuation funds);

[modifiable provisions]

(6)     Schedule 1, item 150, page 45 (lines 7 and 8), omit paragraph (f) of the definition of modifiable provision .

[modifiable provisions]

(7)     Schedule 1, item 154, page 52 (line 17), after “under”, insert “section 129 or 130 or under”.

[self-incrimination]

(8)     Schedule 1, item 154, page 52 (after line 18), after subsection 336F(3), insert:

Note 1:       See section 130B in relation to requirements under section 129 or 130.

[self-incrimination]

(9)     Schedule 1, item 154, page 52 (line 19), after “Note”, insert “2”.

[self-incrimination]

(10)   Schedule 1, page 60 (after line 20), after item 172, insert:

Income Tax Assessment Act 1936

172A  Paragraph 121AO(2)(a)

Omit “the Life Insurance Actuarial Standards Board established under the Life Insurance Act 1995 issued a capital reserve adequacy standard applicable to the company”, substitute “a prudential standard made under section 230B of the Life Insurance Act 1995 in relation to capital adequacy applied to the company”.

[consequence of abolition of Life Insurance Actuarial Standards Board]

(11)   Schedule 1, page 72 (after line 33), after item 207, insert:

207A  Paragraph 87(1)(c)

Omit “prescribed by the regulations”, substitute “specified in the prudential standards”.

[using prudential standards instead of regulations]

(12)   Schedule 1, page 75 (after line 7), after item 212, insert:

212A  Paragraph 95(1)(d)

Omit “prescribed by the regulations”, substitute “specified in the prudential standards”.

[using prudential standards instead of regulations]

(13)   Schedule 1, item 238, page 81 (lines 25 to 27), omit the item.

[definition of this Act]

(14)   Schedule 1, item 260, page 88 (lines 12 to 13), omit the item, substitute:

260  Subsection 16C(4)

Omit “Prudential Rules or in”.

[phasing out Prudential Rules]