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Financial Sector Reform (Amendments and Transitional Provisions) Bill 1998
Financial Secor Reform Bill

 

 

 

 

Financial Sector Reform (Amendments and Transitional Provisions) Act 1998

 

No. 54, 1998

 

 

 

 

   

   



 

 

 

 

Financial Sector Reform (Amendments and Transitional Provisions) Act 1998

 

No. 54, 1998

 

 

 

 

An Act to amend laws, and to deal with transitional matters, in connection with the reform of the financial sector, and for other purposes

   

   



Contents

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

2............ Commencement..................................................................................

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

Schedule 1—Amendment of the Australian Securities Commission Act 1989       

Schedule 2—Amendment of the Banking Act 1959                                       

Schedule 3—Repeal of the Banks (Shareholdings) Act 1972                    

Schedule 4—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989                                                                                                                           

Part 1—Changing the administration of the Corporations Law           

Part 2—Changing references to “ASC” to “ASIC”                                    

Schedule 5—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Company Law Review Act 1998      

Part 1—General amendments to take account of Schedule 1 to the Company Law Review Act 1998     

Part 2—Changing “ASC” to “ASIC” to take account of Schedule 1 to the Company Law Review Act 1998                                                                                                                   

Part 3—General amendments to take account of Schedules 2 to 4 to the Company Law Review Act 1998                                                                                                                             

Part 4—Changing “ASC” to “ASIC” to take account of Schedules 2 to 4 to the Company Law Review Act 1998                                                                                                         

Part 5—General amendments to take account of Schedule 5 to the Company Law Review Act 1998     

Schedule 6—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Managed Investments Act 1998        

Part 1—General amendments to take account of Schedule 1 to the Managed Investments Act 1998       

Part 2—Changing “ASC” to “ASIC” to take account of Schedule 1 to the Managed Investments Act 1998                                                                                                                   

Part 3—General amendments to take account of Schedule 2 to the Managed Investments Act 1998       

Part 4—Changing “ASC” to “ASIC” to take account of Schedule 2 to the Managed Investments Act 1998                                                                                                                 

Schedule 7—Amendment of the Financial Corporations Act 1974    

Schedule 8—Amendment of the Insurance Acquisitions and Takeovers Act 1991                     

Schedule 9—Amendment of the Insurance Act 1973                                  

Part 1—Changing the administration of the Act (main amendments)

Part 2—Changing “Commissioner” to “APRA” (main amendments)

Part 3—Changing the administration of the Act (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998)                                       

Part 4—Changing “Commissioner” to “APRA” (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998)                                       

Schedule 10—Amendment of the Insurance (Agents and Brokers) Act 1984       

Part 1—Changing the administration of the Act                                        

Part 2—Changing “Commissioner” to “ASIC”                                           

Part 3—Changing “Commissioner’s” to “ASIC’s”                                   

Part 4—Amendments to take account of Schedule 1 to the Insurance Laws Amendment Act 1998         

Schedule 11—Repeal of the Insurance and Superannuation Commissioner Act 1987             

Schedule 12—Amendment of the Insurance Contracts Act 1984        

Part 1—Changing the administration of the Act                                        

Part 2—Changing “Commissioner” to “ASIC”                                           

Schedule 13—Amendment of the Life Insurance Act 1995                     

Part 1—Changing the administration of the Act                                        

Part 2—Changing “Commissioner” to “APRA”                                         

Part 3—Changing “Commissioner’s” to “APRA’s”                                 

Part 4—Changing “Commissioner’s rules” to “Prudential Rules”     

Part 5—Changing “Commissioner” to “ASIC”                                           

Part 6—Changing “Commissioner” to “Regulator”                                  

Part 7—Other amendments                                                                                   

Schedule 14—Amendment of the Reserve Bank Act 1959                      

Schedule 15—Amendment of the Retirement Savings Accounts Act 1997              

Part 1—Changing the administration of the Act                                        

Part 2—Changing “Commissioner” to “APRA”                                         

Part 3—Changing “Commissioner” to “ASIC”                                           

Part 4—Changing “Commissioner” to “Regulator”                                  

Part 5—Changing “Commissioner’s” to “Regulator’s”                           

Schedule 16—Amendment of the Superannuation Industry (Supervision) Act 1993                

Part 1—Changing the administration of the Act                                        

Part 2—Changing “Commissioner” to “APRA”                                         

Part 3—Changing “Commissioner’s” to “APRA’s”                                 

Part 4—Changing “Commissioner” to “ASIC”                                           

Part 5—Changing “Commissioner” to “Regulator”                                  

Part 6—Changing “Commissioner’s” to “Regulator’s”                           

Part 7—Amendments to take account of Part 1 of Schedule 2 to the Superannuation Legislation Amendment Act 1998                                                                           

Part 8—Amendments to take account of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1998                            

Schedule 17—Amendment of the Superannuation (Resolution of Complaints) Act 1993       

Part 1—Amendments relating to changing “Commissioner” to “ASIC”                 

Part 2—Changing “Commissioner” to “ASIC”                                           

Part 3—Amendment to take account of Schedule 3 to the Superannuation Legislation Amendment Act 1998                                                                                                                 

Schedule 18—Amendment and repeal of other Acts                                   

Part 1—Amendment and repeal of levy Acts                                              

General Insurance Supervisory Levy Act 1989                                                 

Insurance Supervisory Levies Collection Act 1989                                          

Life Insurance Supervisory Levy Act 1989                                                         

Retirement Savings Accounts Supervisory Levy Act 1997                              

Superannuation Entities (Taxation) Act 1987                                                  

Superannuation Supervisory Levy Act 1991                                                     

Part 2—Amendment of other Acts                                                                    

Acts Interpretation Act 1901                                                                                 

Australian Prudential Regulation Authority Act 1998                                   

Corporations Act 1989                                                                                          

Crimes Act 1914                                                                                                      

Financial Corporations (Transfer of Assets and Liabilities) Act 1993        

Financial Transactions Reports Act 1988                                                         

Schedule 19—Transitional provisions                                                                   

Part 1—Transitional provisions relating to amendments of the Banking Act 1959                     

Part 2—Transitional provisions relating to amendments of the Financial Corporations Act 1974                

Part 3—Transitional provisions relating to the establishment of APRA and the repeal of the Insurance and Superannuation Commissioner Act 1987                                     

Division 1—Interpretation                                                                                     

Division 2—Transfer of staff                                                                                

Division 3—Transfer of assets and liabilities                                                     

Division 4—Other general transitional provisions                                             

Part 4—Transitional provisions relating to amendments of the Reserve Bank Act 1959          

Part 5—Transitional provisions relating to the Payment Systems (Regulation) Act 1998        

Part 6—Transitional provisions relating to levies                                        

Part 7—Regulations dealing with transitional matters                     

 



Financial Sector Reform (Amendments and Transitional Provisions) Act 1998

No. 54, 1998

 

 

 

An Act to amend laws, and to deal with transitional matters, in connection with the reform of the financial sector, and for other purposes

[ Assented to 29 June 1998 ]

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 .

2   Commencement

             (1)  Subject to this section, this Act commences on the day on which it receives the Royal Assent.

             (2)  The following provisions of this Act commence on the commencement of the Australian Prudential Regulation Authority Act 1998 :

                     (a)  Schedule 1;

                     (b)  Schedule 2, other than item 86;

                     (c)  Schedule 3;

                     (d)  Schedule 4;

                     (e)  Schedule 7;

                      (f)  Schedule 8;

                     (g)  Schedule 9, subject to subsections (9) and (10);

                     (h)  Parts 1 to 3 of Schedule 10;

                      (i)  Schedule 11;

                      (j)  Schedule 12, subject to subsection (12);

                     (k)  Parts 1 to 6 of Schedule 13;

                      (l)  Schedule 14;

                    (m)  Schedule 15;

                     (n)  Parts 1 to 6 of Schedule 16;

                     (o)  Schedule 17;

                     (p)  Schedule 18, other than the items amending the Australian Prudential Regulation Authority Act 1998 .

             (3)  Subject to subsection (4), item 86 of Schedule 2 commences on a day to be fixed by Proclamation.

             (4)  If item 86 of Schedule 2 does not commence under subsection (3) within the period of 24 months beginning on the day on which this Act receives the Royal Assent, it commences on the first day after the end of that period.

             (5)  Part 3 of Schedule 4 is taken to have commenced on 3 May 1998.

             (6)  Parts 1 to 4 of Schedule 5 commence:

                     (a)  on the commencement of the Australian Prudential Regulation Authority Act 1998 if item 32 of Schedule 3 to the Company Law Review Act 1998 commences before the commencement of the Australian Prudential Regulation Authority Act 1998 ; or

                     (b)  immediately after the commencement of item 32 of Schedule 3 to the Company Law Review Act 1998 if that item does not commence before the commencement of the Australian Prudential Regulation Authority Act 1998 .

             (7)  Part 5 of Schedule 5 commences:

                     (a)  on the commencement of the Australian Prudential Regulation Authority Act 1998 if Schedule 5 to the Company Law Review Act 1998 commences before the commencement of the Australian Prudential Regulation Authority Act 1998 ; or

                     (b)  immediately after the commencement of Schedule 5 to the Company Law Review Act 1998 if that Schedule does not commence before the commencement of the Australian Prudential Regulation Authority Act 1998 .

             (8)  Schedule 6 commences:

                     (a)  on the commencement of the Australian Prudential Regulation Authority Act 1998 if the Managed Investments Act 1998 commences before the commencement of the Australian Prudential Regulation Authority Act 1998 ; or

                     (b)  immediately after the commencement of the Managed Investments Act 1998 if that Act does not commence before the commencement of the Australian Prudential Regulation Authority Act 1998 .

             (9)  If item 5 of Schedule 2 to the Insurance Laws Amendment Act 1998 commences on or before the commencement of the Australian Prudential Regulation Authority Act 1998 , items 76, 128 and 143 to 149 of Schedule 9 to this Act do not commence.

           (10)  Parts 3 and 4 of Schedule 9 commence:

                     (a)  on the commencement of the Australian Prudential Regulation Authority Act 1998 if that Act commences after the commencement of item 5 of Schedule 2 to the Insurance Laws Amendment Act 1998 ; or

                     (b)  immediately after the commencement of item 5 of Schedule 2 to the Insurance Laws Amendment Act 1998 if the Australian Prudential Regulation Authority Act 1998 commences on or before the commencement of that item.

           (11)  The items in Part 4 of Schedule 10 listed in the table commence:

                     (a)  on the commencement of the Australian Prudential Regulation Authority Act 1998 if the corresponding item of Schedule 1 to the Insurance Laws Amendment Act 1998 commences before the commencement of the corresponding item; or

                     (b)  immediately after the commencement of the corresponding item of Schedule 1 to the Insurance Laws Amendment Act 1998 if that item does not commence before the commencement of the Australian Prudential Regulation Authority Act 1998 .

 

Corresponding items table





Item



Item in Part 4 of Schedule 10 to this Act

Corresponding item of Schedule 1 to the Insurance Laws Amendment Act 1998

1

61

47

2

62

52

3

63

60

4

64

66

           (12)  If, under subsection (2), Schedule 12 commences on the same day as provisions of the Insurance Laws Amendment Act 1998 commence, that Schedule commences on that day immediately after the commencement of those provisions.

           (13)  Part 7 of Schedule 13 commences on the day on which this Act receives the Royal Assent.

           (14)  Part 7 of Schedule 16 commences:

                     (a)  on the commencement of the Australian Prudential Regulation Authority Act 1998 if Part 1 of Schedule 2 to the Superannuation Legislation Amendment Act 1998 commences before the commencement of the Australian Prudential Regulation Authority Act 1998 ; or

                     (b)  immediately after the commencement of Part 1 of Schedule 2 to the Superannuation Legislation Amendment Act 1998 if that Part does not commence before the commencement of the Australian Prudential Regulation Authority Act 1998 .

           (15)  Items 232 to 234 of Part 8 of Schedule 16 commence:

                     (a)  immediately after the commencement of the Australian Prudential Regulation Authority Act 1998 if item 42 of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1998 commences before the commencement of the Australian Prudential Regulation Authority Act 1998 ; or

                     (b)  immediately after the commencement of item 42 of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1998 if that item does not commence before the commencement of the Australian Prudential Regulation Authority Act 1998 .



           (16)  Items 235 and 236 of Part 8 of Schedule 16 commence:

                     (a)  on the commencement of the Australian Prudential Regulation Authority Act 1998 if item 50 of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1998 commences before the commencement of the Australian Prudential Regulation Authority Act 1998 ; or

                     (b)  immediately after the commencement of item 50 of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1998 if that item does not commence before the commencement of the Australian Prudential Regulation Authority Act 1998 .

           (17)  Part 3 of Schedule 17 has effect only if the Australian Prudential Regulation Authority Act 1998 commences before the commencement of Schedule 3 to the Superannuation Legislation Amendment Act 1998 and, if so, Part 3 commences immediately after the commencement of Schedule 3 to the Superannuation Legislation Amendment Act 1998 .

           (18)  The items in Schedule 18 amending the Australian Prudential Regulation Authority Act 1998 commence:

                     (a)  on the commencement of the Australian Prudential Regulation Authority Act 1998 if the Public Service Act 1998 commences before the commencement of the Australian Prudential Regulation Authority Act 1998 ; or

                     (b)  immediately after the commencement of the Public Service Act 1998 if that Act does not commence before the commencement of the Australian Prudential Regulation Authority Act 1998 .

           (19)  Schedule 19 commences on the day on which this Act receives the Royal Assent.

3   Schedule(s)

                   Subject to section 2, the Corporations Law and 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.