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Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017

2016-2017-2018

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2018

 

No.      , 2018

 

 

 

 

 

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

   

   



Contents

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

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

3............ Schedules............................................................................................ 2

Schedule 1—Amendment of the Banking Act 1959                                           3

Part 1—Main amendments                                                                                          3

Banking Act 1959                                                                                                         3

Part 2—Application provisions                                                                               78

Schedule 2—Amendment of the Insurance Act 1973                                     82

Part 1—Main amendments                                                                                        82

Insurance Act 1973                                                                                                    82

Part 2—Application provisions                                                                             169

Schedule 3—Amendment of the Life Insurance Act 1995                         171

Part 1—Main amendments                                                                                      171

Life Insurance Act 1995                                                                                          171

Part 2—Application provisions                                                                             256

Schedule 4—Amendment of the Financial Sector (Business Transfer and Group Restructure) Act 1999                                                                                                                           259

Financial Sector (Business Transfer and Group Restructure) Act 1999       259

Schedule 5—Amendment of the Payment Systems and Netting Act 1998               285

Part 1—Main amendments                                                                                      285

Payment Systems and Netting Act 1998                                                               285

Part 2—Application provisions                                                                             298

Schedule 6—Amendment of the Australian Prudential Regulation Authority Act 1998               299

Australian Prudential Regulation Authority Act 1998                                     299

Schedule 7—Amendments of other Acts                                                              301

Corporations Act 2001                                                                                            301

Income Tax Assessment Act 1997                                                                           301

 

 



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

The Parliament of Australia enacts:

1   Short title

                   This Act is the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018 .

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

Provisions

Commencement

Date/Details

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

The day this Act receives the Royal Assent.

 

2.  Schedules 1 to 7

The day this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedules

                   Legislation 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.