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Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2018

2016-2017

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2017

 

No.      , 2017

 

(Treasury)

 

 

 

A Bill for an Act to amend the Banking Act 1959 , and for related purposes

   

   



Contents

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

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

3............ Schedules............................................................................................ 3

Schedule 1—The Banking Executive Accountability Regime                     4

Part 1—Main amendments                                                                                          4

Banking Act 1959                                                                                                         4

Part 2—Other amendments                                                                                       27

Australian Prudential Regulation Authority Act 1998                                       27

Banking Act 1959                                                                                                       28

Part 3—Application of amendments                                                                    31

Schedule 2—Examination powers                                                                              33

Banking Act 1959                                                                                                       33

 

 



A Bill for an Act to amend the Banking Act 1959 , and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Act 2017 .

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.  Schedule 1, items 1 to 6

1 July 2018.

1 July 2018

3.  Schedule 1, item 7

The later of:

(a) the start of 1 July 2018; and

(b) immediately after the commencement of item 4 of Schedule 4 to the Treasury Laws Amendment (Banking Measures No. 1) Act 2017 .

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

 

4.  Schedule 1, item 8

1 July 2018.

1 July 2018

5.  Schedule 1, item 9

The later of:

(a) the start of 1 July 2018; and

(b) immediately after the commencement of item 4 of Schedule 1 to the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2017 .

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

 

6.  Schedule 1, items 10 to 13

1 July 2018.

1 July 2018

7.  Schedule 1, item 14

1 July 2023.

1 July 2023

8.  Schedule 1, items 15 to 17

1 July 2018.

1 July 2018

9.  Schedule 2

1 July 2018.

1 July 2018

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.