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

Schedule 4 Technical amendments relating to legislative instruments

   

Australian Securities and Investments Commission Act 2001

1  Subsection 285(4)

Repeal the subsection, substitute:

             (4)  Despite subsection 12(2) of the Legislative Instruments Act 2003 , regulations made for the purposes of this section may be expressed to take effect from a date before the regulations are registered under that Act.

Authorised Deposit-taking Institutions Supervisory Levy Imposition Act 1998

2  Subsection 7(3)

Omit “in writing”, substitute “by legislative instrument”.

3  Subsection 7(7)

Repeal the subsection.

Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998

4  Subsection 7(1)

Omit “in writing” (wherever occurring), substitute “, by legislative instrument,”.

5  Subsection 7(3)

Repeal the subsection.

Banking Act 1959

6  Subsection 63(8)

Omit “in writing”, substitute “by legislative instrument”.

7  Subsection 63(11)

Repeal the subsection.

8  Subsection 66(5)

Repeal the subsection, substitute:

             (5)  APRA may, by legislative instrument, determine that a specified word or expression is to be a restricted word or expression for the purposes of this section.

9  Saving provision

Instruments in force under subsection 66(5) of the Banking Act 1959 immediately before the commencement of item 8 continue in force, on and after that commencement, according to their terms and subject to the Legislative Instruments Act 2003 , as if they had been made under that provision of the Banking Act 1959 as amended by this Act.

Cheques Act 1986

10  Subsection 70A(4)

Repeal the subsection, substitute:

             (4)  The Reserve Bank of Australia may, by legislative instrument, determine that a settlement system is a recognised settlement system for the purposes of this section. The Reserve Bank of Australia is to take the public interest into account in determining that a settlement system is a recognised settlement system, and, in doing so, is to have regard to the rules that govern the system.

11  Saving provision

Instruments in force under subsection 70A(4) of the Cheques Act 1986 immediately before the commencement of item 10 continue in force, on and after that commencement, according to their terms and subject to the Legislative Instruments Act 2003 , as if they had been made under that provision of the Cheques Act 1986 as amended by this Act.

Commonwealth Bank Sale Act 1995

12  Subsection 19(3)

Omit “48(2) of the Acts Interpretation Act 1901 ”, substitute “12(2) of the Legislative Instruments Act 2003 ”.

Commonwealth Borrowing Levy Collection Act 1987

13  Subsection 4(1)

Omit “(1)”.

14  Subsection 4(1)

Omit “by determination published in the Gazette ”, substitute “by legislative instrument”.

15  Subsections 4(2) and (3)

Repeal the subsections.

Corporations Act 2001

16  Subsection 334(1)

After “AASB may”, insert “, by legislative instrument,”.

17  Subsection 334(1)

Omit “must be in writing and”.

18  Subsection 334(2)

Repeal the subsection (including the note).

19  Subsection 336(1)

After “AUASB may”, insert “, by legislative instrument,”.

20  Subsection 336(1)

Omit “must be in writing and”.

21  Subsection 336(2)

Repeal the subsection (including the note).

22  Subsection 850B(2)

Omit “section 48 of the Acts Interpretation Act 1901 ”, substitute “Part 5 of the Legislative Instruments Act 2003 ”.

23  Subsection 926A(4)

Omit “disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901 ”, substitute “legislative instrument”.

24  Subsection 926A(5)

Omit “subsection 48(1) of the Acts Interpretation Act 1901 as applying because of section 46A of that Act”, substitute “the Legislative Instruments Act 2003 (if the declaration is of a kind referred to in subsection (4))”.

25  Subsection 1409(4)

Repeal the subsection, substitute:

             (4)  Despite subsection 12(2) of the Legislative Instruments Act 2003 , regulations for the purposes of this section may be expressed to take effect from a date before the regulations are registered under that Act.

26  Subsection 1438(6)

Omit “in writing”, substitute “, by legislative instrument,”.

27  Paragraph 1438(7)(a)

Repeal the paragraph.

28  Subsection 1444(6)

Repeal the subsection, substitute:

             (6)  Despite subsections 12(2) and (3) of the Legislative Instruments Act 2003 , regulations made for the purposes of this section:

                     (a)  may be expressed to take effect from a date before the regulations are registered under that Act; and

                     (b)  may provide for a determination of a kind referred to in subsection (5) to take effect from a date before the determination is made (including a date before the regulations are registered under that Act).

29  Subsection 1445(1)

Omit “determination in writing, deal”, substitute “legislative instrument, make a determination dealing”.

30  Subsection 1445(2)

Repeal the subsection, substitute:

             (2)  A determination overrides any inconsistent regulations made for the purposes of section 1444, other than any such regulations that are expressed to have effect despite anything in a determination under this section (in which case, the determination is of no effect, to the extent of the inconsistency).

Currency Act 1965

31  Subsection 13(2)

Omit “signed instrument”, substitute “legislative instrument”.

32  Subsection 13(6)

Repeal the subsection.

33  Subsection 13A(1)

Omit “signed instrument”, substitute “legislative instrument”.

34  Subsection 13A(4)

Repeal the subsection.

Financial Sector (Business Transfer and Group Restructure) Act 1999

35  Subsection 46(1)

Omit “(1) APRA may, in writing”, substitute “APRA may, by legislative instrument”.

36  Subsection 46(2)

Repeal the subsection.

Financial Sector (Collection of Data) Act 2001

37  Paragraph 13(1)(a)

Omit “by writing”, substitute “by legislative instrument”.

38  Subsection 13(8)

Repeal the subsection.

39  Subsection 16(1)

Omit “by writing”, substitute “by legislative instrument”.

40  Subsection 16(3)

Repeal the subsection.

Insurance Acquisitions and Takeovers Act 1991

41  Subsection 65(1)

Omit “signed instrument”, substitute “legislative instrument”.

42  Subsection 65(3)

Repeal the subsection.

Insurance Act 1973

43  Subsection 3(2)

Omit “signed writing”, substitute “legislative instrument”.

44  Subsection 3(3)

Repeal the subsection.

45  Subsection 68(1)

Omit “written”, insert “legislative”.

46  Subsection 68(10)

Repeal the subsection.

47  Subsection 70(1)

Omit “written”, substitute “legislative”.

48  Subsection 70(7)

Repeal the subsection.

49  Paragraph 75(2)(b)

Omit “written determination made”, substitute “determination made, by legislative instrument,”.

50  Subsection 75(9)

Repeal the subsection.

Life Insurance Supervisory Levy Imposition Act 1998

51  Subsection 7(3)

Omit “in writing”, substitute “by legislative instrument”.

52  Subsection 7(7)

Repeal the subsection.

Payment Systems and Netting Act 1998

53  Subsection 9(1)

After “The Reserve Bank may”, insert “, by legislative instrument,”.

54  Subsection 9(3)

Repeal the subsection, substitute:

             (3)  An approval may be given subject to the terms and conditions specified in the approval.

Retirement Savings Account Providers Supervisory Levy Imposition Act 1998

55  Subsection 7(3)

Omit “in writing”, substitute “by legislative instrument”.

56  Subsection 7(7)

Repeal the subsection.

Superannuation Industry (Supervision) Act 1993

57  Subsection 11E(1)

Omit “(1)”.

58  Subsection 11E(1)

Omit “determines in writing”, substitute “, by legislative instrument, determines”.

59  Subsection 11E(2)

Repeal the subsection.

60  Subsection 50(6)

Omit “49A of the Acts Interpretation Act 1901 ”, substitute “14 of the Legislative Instruments Act 2003 ”.

Note:       The heading to subsection 50(6) is replaced by the heading “ Section 14 of the Legislative Instruments Act 2003 ”.

61  Paragraph 66(2)(d)

Omit “written determination”, substitute “legislative instrument”.

62  Subsection 66(2B)

Repeal the subsection.

63  Subparagraph 67(3)(b)(ii)

Omit “written determination made”, substitute “determination made, by legislative instrument,”.

64  Subsection 67(4)

Repeal the subsection.

65  Paragraph 71(1)(f)

Omit “written determination”, substitute “legislative instrument”.

66  Subsection 71(6)

Repeal the subsection.

67  Subparagraph 95(3)(b)(ii)

Omit “written determination made”, substitute “determination made, by legislative instrument,”.

68  Subsection 95(4)

Repeal the subsection.

69  Subparagraph 97(3)(b)(ii)

Omit “written determination made”, substitute “determination made, by legislative instrument,”.

70  Subsection 97(4)

Repeal the subsection.

71  Subsection 142(1)

Omit “writing”, substitute “legislative instrument”.

72  Subsection 142(8)

Repeal the subsection.

73  Subsection 142(9)

Omit “Subsection (8)”, substitute “Section 42 of the Legislative Instruments Act 2003 ”.

Superannuation Supervisory Levy Determination Validation Act 2000

74  Subsection 4(2)

Omit “48(2) of the Acts Interpretation Act 1901 ”, substitute “12(2) of the Legislative Instruments Act 2003 ”.

Superannuation Supervisory Levy Imposition Act 1998

75  Subsection 7(3)

Omit “in writing”, substitute “by legislative instrument”.

76  Subsection 7(5)

Repeal the subsection.

(125/07)