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

2004-2005-2006-2007

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

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

 

No.      , 2007

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to banking, insurance, superannuation and other matters in the Treasury portfolio, and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedule(s)......................................................................................... 2

Schedule 1—Streamlining prudential regulation                                                 3

Part 1—Amendments commencing on Royal Assent                                    3

A New Tax System (Australian Business Number) Act 1999                                 3

Banking Act 1959                                                                                                         4

Corporations Act 2001                                                                                              16

Insurance Act 1973                                                                                                    17

Life Insurance Act 1995                                                                                            26

Superannuation Industry (Supervision) Act 1993                                               43

Part 2—Amendments commencing 1 January 2008                                     53

Anti-Money Laundering and Counter-Terrorism Financing Act 2006            53

Banking Act 1959                                                                                                       53

Corporations Act 2001                                                                                              59

Income Tax Assessment Act 1997                                                                             60

Insurance Act 1973                                                                                                    61

Life Insurance Act 1995                                                                                            69

Superannuation Industry (Supervision) Act 1993                                               82

Part 3—Amendments commencing 12 months after Royal Assent     85

A New Tax System (Australian Business Number) Act 1999                               85

Superannuation Industry (Supervision) Act 1993                                               85

Part 4—Amendments commencing 1 July 2011                                            88

Life Insurance Act 1995                                                                                            88

Part 5—Application, transitional and saving provisions                             91

Schedule 2—Financial assistance                                                                                 94

Financial Institutions Supervisory Levies Collection Act 1998                       94

Superannuation Industry (Supervision) Act 1993                                               94

Schedule 3—Accounts, reporting etc. obligations                                             98

Financial Institutions Supervisory Levies Collection Act 1998                       98

Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001      98

Income Tax Assessment Act 1936                                                                             98

Superannuation Industry (Supervision) Act 1993                                               98

Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 106

Schedule 4—Technical amendments relating to legislative instruments 107

Australian Securities and Investments Commission Act 2001                         107

Authorised Deposit-taking Institutions Supervisory Levy Imposition Act 1998   107

Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998   107

Banking Act 1959                                                                                                     107

Cheques Act 1986                                                                                                     108

Commonwealth Bank Sale Act 1995                                                                     108

Commonwealth Borrowing Levy Collection Act 1987                                      109

Corporations Act 2001                                                                                            109

Currency Act 1965                                                                                                   111

Financial Sector (Business Transfer and Group Restructure) Act 1999       111

Financial Sector (Collection of Data) Act 2001                                                111

Insurance Acquisitions and Takeovers Act 1991                                               112

Insurance Act 1973                                                                                                  112

Life Insurance Supervisory Levy Imposition Act 1998                                      113

Payment Systems and Netting Act 1998                                                               113

Retirement Savings Account Providers Supervisory Levy Imposition Act 1998   113

Superannuation Industry (Supervision) Act 1993                                             113

Superannuation Supervisory Levy Determination Validation Act 2000       115

Superannuation Supervisory Levy Imposition Act 1998                                  115

 



A Bill for an Act to amend the law relating to banking, insurance, superannuation and other matters in the Treasury portfolio, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day on which this Act receives the Royal Assent.

 

2.  Schedule 1, Part 1

The day on which this Act receives the Royal Assent.

 

3.  Schedule 1, Part 2

1 January 2008.

1 January 2008

4.  Schedule 1, Part 3

On the day after the end of the period of 12 months beginning on the day on which this Act receives the Royal Assent.

 

5.  Schedule 1, Part 4

1 July 2011.

1 July 2011

6. Schedule 1, Part 5

The day on which this Act receives the Royal Assent.

 

7.  Schedules 2, 3 and 4

The day on which this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally passed by both Houses of the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent.

             (2)  Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act.

3   Schedule(s)

                   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.