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Financial Sector Legislation Amendment (Review of Prudential Decisions) 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 (Review of Prudential Decisions) Bill 2007

 

No.      , 2007

 

(Treasury)

 

 

A Bill for an Act to amend the law relating to the financial sector, and for related purposes

   

   



Contents

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

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

3............ Schedule(s)......................................................................................... 8

Schedule 1—Court power of disqualification etc.                                             10

Part 1—Amendments commencing on Royal Assent                                  10

Banking Act 1959                                                                                                       10

Insurance Act 1973                                                                                                    17

Life Insurance Act 1995                                                                                            27

Retirement Savings Accounts Act 1997                                                                  31

Superannuation Industry (Supervision) Act 1993                                               36

Part 2—Amendments contingent on the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007                                                                              53

Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007              53

Insurance Act 1973                                                                                                    54

Life Insurance Act 1995                                                                                            55

Superannuation Industry (Supervision) Act 1993                                               58

Part 3—Amendments contingent on the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007          59

Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007                                                                                                                                        59

Insurance Act 1973                                                                                                    59

Schedule 2—Direction powers                                                                                      61

Part 1—Amendments commencing on Royal Assent                                  61

Banking Act 1959                                                                                                       61

Insurance Act 1973                                                                                                    63

Life Insurance Act 1995                                                                                            72

Superannuation Industry (Supervision) Act 1993                                               74

Part 2—Amendments contingent on the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007                                                                              75

Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007              75

Schedule 3—Removal of Ministerial consent                                                       76

Part 1—Amendments commencing on Royal Assent                                  76

Insurance Act 1973                                                                                                    76

Life Insurance Act 1995                                                                                            79

Superannuation Industry (Supervision) Act 1993                                               79

Part 2—Amendments contingent on the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007                                                                              81

Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007              81

Life Insurance Act 1995                                                                                            81

Part 3—Amendments contingent on the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007          82

Division 1—Amendments if Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 commences first     82

Insurance Act 1973                                                                                                    82

Division 2—Amendments if Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 has not yet commenced              82

Insurance Act 1973                                                                                                    82

Division 3—Amendments once Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 commences     85

Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007                                                                                                                                        85

Insurance Act 1973                                                                                                    85

Schedule 4—Review of decisions                                                                                 86

Part 1—Amendments commencing on Royal Assent                                  86

Banking Act 1959                                                                                                       86

Financial Sector (Collection of Data) Act 2001                                                  88

Insurance Act 1973                                                                                                    92

Life Insurance Act 1995                                                                                            93

Superannuation Industry (Supervision) Act 1993                                               95

Part 2—Amendments contingent on other Acts                                            97

Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007              97

Insurance Act 1973                                                                                                    97

Life Insurance Act 1995                                                                                            97

 



A Bill for an Act to amend the law relating to 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 (Review of Prudential Decisions) 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, item 56

Immediately before the commencement of item 244 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 .

However, the provision(s) do not commence at all if that item commences before the day on which this Act receives the Royal Assent.

 

4.  Schedule 1, item 57

The later of:

(a) the start of the day on which this Act receives the Royal Assent; and

(b) immediately after the commencement of item 180 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 .

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

 

5.  Schedule 1, item 58

The day on which this Act receives the Royal Assent.

However, the provision(s) do not commence at all if item 181 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 commences before that day.

 

6.  Schedule 1, item 59

The day on which this Act receives the Royal Assent.

However, the provision(s) do not commence at all if items 182 to 184 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 commence before that day.

 

7.  Schedule 1, item 60

The day on which this Act receives the Royal Assent.

However, the provision(s) do not commence at all if items 182 to 184 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 have not commenced before that day.

 

8.  Schedule 1, item 61

The day on which this Act receives the Royal Assent.

However, the provision(s) do not commence at all if item 64 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 commences before that day.

 

9.  Schedule 1, items 62 to 64

The later of:

(a) the start of the day on which this Act receives the Royal Assent; and

(b) immediately after the commencement of item 64 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 .

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

 

10.  Schedule 1, items 65 to 70

The later of:

(a) the start of the day on which this Act receives the Royal Assent; and

(b) immediately after the commencement of items 207, 211 and 212 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 .

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

 

11.  Schedule 1, items 71 and 72

The later of:

(a) immediately after the commencement of the provisions covered by table item 2; and

(b) the commencement of Part 2 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 .

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

 

12.  Schedule 1, item 73

The later of:

(a) immediately after the commencement of the provisions covered by table item 2; and

(b) the commencement of item 8 of Schedule 3 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 .

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

 

13.  Schedule 1, item 74

The later of:

(a) immediately after the commencement of the provisions covered by table item 2; and

(b) the commencement of Part 2 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 .

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

 

14.  Schedule 1, item 75

The day on which this Act receives the Royal Assent.

However, the provision(s) do not commence at all if item 244 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 has not commenced before that day.

 

15.  Schedule 1, item 76

Immediately before the commencement of items 9A, 9B, 9D, 9E, 9F and 9G of Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 .

However, the provision(s) do not commence at all if that those items commence before the day on which this Act receives the Royal Assent.

 

16.  Schedule 1, items 77 to 87

The later of:

(a) the start of the day on which this Act receives the Royal Assent; and

(b) immediately after the commencement of Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 .

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

 

17.  Schedule 2, Part 1

The day on which this Act receives the Royal Assent.

 

18.  Schedule 2, item 28

Immediately before the commencement of item 121 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 .

However, the provision(s) do not commence at all if that item commences before the day on which this Act receives the Royal Assent.

 

19.  Schedule 3, Part 1

The day on which this Act receives the Royal Assent.

 

20.  Schedule 3, item 36

Immediately before the commencement of item 96 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 .

However, the provision(s) do not commence at all if that item commences before the day on which this Act receives the Royal Assent.

 

21.  Schedule 3, item 37

The later of:

(a) the start of the day on which this Act receives the Royal Assent; and

(b) immediately after the commencement of item 91 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 .

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

 

22.  Schedule 3, item 38

The day on which this Act receives the Royal Assent.

However, the provision(s) do not commence at all if item 91 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 commences before that day.

 

23.  Schedule 3, Part 3, Division 1

The day on which this Act receives the Royal Assent.

However, the provision(s) do not commence at all if items 13 and 16 of Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 have not commenced before that day.

 

24.  Schedule 3, Part 3, Division 2

The day on which this Act receives the Royal Assent.

However, the provision(s) do not commence at all if items 13 to 33 of Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 commence before that day.

 

25.  Schedule 3, item 62

Immediately before the commencement of items 13 to 33 of Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 .

However, the provision(s) do not commence at all if those items commence before the day on which this Act receives the Royal Assent.

 

26.  Schedule 3, items 63 to 65

Immediately after the commencement of Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 .

However, the provision(s) do not commence at all if that Schedule commences before the day on which this Act receives the Royal Assent.

 

27.  Schedule 4, Part 1

The day on which this Act receives the Royal Assent.

 

28.  Schedule 4, item 43

Immediately before the commencement of item 126 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 .

However, the provision(s) do not commence at all if that item commences before the day on which this Act receives the Royal Assent.

 

29.  Schedule 4, item 44

Immediately before the commencement of items 227 and 230 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 .

However, the provision(s) do not commence at all if those items commence before the day on which this Act receives the Royal Assent.

 

30.  Schedule 4, item 45

The later of:

(a) the start of the day on which this Act receives the Royal Assent; and

(b) immediately after the commencement of item 56 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 .

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

 

31.  Schedule 4, item 46

The day on which this Act receives the Royal Assent.

However, the provision(s) do not commence at all if item 227 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 commences before that day.

 

32.  Schedule 4, item 47

The day on which this Act receives the Royal Assent.

However, the provision(s) do not commence at all if item 227 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 has not commenced before that day.

 

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.