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The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Financial Sector Legislation Amendment Bill (No. 1) 2000
No. , 2000
(Treasury)
A Bill for an Act to amend laws in connection with the reform of the financial sector, and for related purposes
Contents
1............ Short title............................................................................................. 1
2............ Commencement................................................................................... 1
3............ Schedule(s)......................................................................................... 2
4............ Actuarial services provided by APRA................................................ 2
5............ Compensation for acquisition of property........................................... 2
Schedule 1—Banking Act 1959 4
Schedule 2—Reserve Bank Act 1959 10
Schedule 3—Superannuation Industry (Supervision) Act 1993 13
Part 1—Amendments relating to enforcement 13
Part 2—Amendments relating to application of Criminal Code 24
Division 1—Substantive amendments 24
Division 2—Technical amendments 36
Schedule 4—Miscellaneous amendments 40
Australian Prudential Regulation Authority Act 1998 40
Financial Corporations Act 1974 40
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 40
Retirement Savings Accounts Act 1997 40
Superannuation (Resolution of Complaints) Act 1993 41
A Bill for an Act to amend laws in connection with the reform of the financial sector, and for related purposes
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Financial Sector Legislation Amendment Act (No. 1) 2000 .
2 Commencement
(1) Subject to subsection (2), this Act commences on the 28th day after the day on which it receives the Royal Assent.
(2) Item 21 of Schedule 1 commences on the day on which this Act receives the Royal Assent.
3 Schedule(s)
Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
4 Actuarial services provided by APRA
(1) APRA is taken to have had the function of providing actuarial services for the period commencing on 1 July 1998 and ceasing at the end of the day on which the Australian Government Actuary ceases to be a part of APRA.
(2) Subsection (1) does not mean that APRA did not or does not have the power to provide actuarial services that are incidental to another function of APRA.
(3) Subsection (1) confers functions and powers to the extent to which they are not in excess of the legislative power of the Commonwealth.
(4) In this section:
APRA means the Australian Prudential Regulation Authority established by section 7 of the Australian Prudential Regulation Authority Act 1998 .
5 Compensation for acquisition of property
(1) If:
(a) apart from this section, the operation of section 4 would result in the acquisition of property from a person otherwise than on just terms; and
(b) the acquisition would be invalid because of paragraph 51(xxxi) of the Constitution;
the Commonwealth is liable to pay to the person compensation of a reasonable amount as agreed on between the Commonwealth and the person. If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the Court determines.
(2) Any damages or compensation recovered or other remedy given in a proceeding that is commenced otherwise than under this section is to be taken into account in assessing compensation payable in a proceeding that is commenced under this section and that arises out of the same event or transaction.
(3) In this section:
acquisition of property and just terms have the same respective meanings as in paragraph 51(xxxi) of the Constitution.