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Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

Financial Sector Legislation Amendment (Review of Prudential Decisions) Bill 2008


Type
Government
Originating house
Senate
Status
Act
Portfolio
Treasury

Summary

Amends the: Banking Act 1959, Insurance Act 1973, Life Insurance Act 1995, Superannuation Industry (Supervision) Act 1993, Retirement Savings Accounts Act 1997, Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 and Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 to introduce a court-based process for disqualifying an individual from operating an Australian Prudential Regulation Authority (APRA) regulated entity; Banking Act 1959, Insurance Act 1973 and Life Insurance Act 1995 in relation to APRA’s specific direction powers; Superannuation Industry (Supervision) Act 1993 to incorporate a materiality test into the trigger for APRA to issue a direction to freeze assets of a superannuation entity; Insurance Act 1973, Life Insurance Act 1995 and Superannuation Industry (Supervision) Act 1993 to remove ministerial consent from administrative decisions made by APRA or the Australian Taxation Office (ATO) under those Acts; and Banking Act 1959, Financial Sector (Collection of Data) Act 2001, Insurance Act 1973, Life Insurance Act 1995 and Superannuation Industry (Supervision) Act 1993 to apply merits review to appropriate decisions made by APRA or the ATO. Also makes consequential amendments to other Acts.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

Senate
Introduced and read a first time 13/02/08  
Second reading moved 13/02/08  
Second reading debate 11/03/08  
Second reading agreed to 11/03/08  
Third reading agreed to 11/03/08  
     
House of Representatives
Introduced and read a first time 11/03/08  
Referred to Main Committee 19/03/08  
Second reading moved 20/03/08  
Second reading agreed to 20/03/08  
Reported from Main Committee 13/05/08  
Third reading agreed to 13/05/08  
     
Text of bill as passed both Houses 13/05/08  
Assent 26/05/08 Act no.: 25 - Year: 2008
     

Text of bill

  • First reading

MS-Word PDF HTML
  • As passed by both Houses

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes