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Bill
- Schedule 1—Amendment of the Australian Prudential Regulation Authority Act 1998
- Schedule 2—Amendment of the Banking Act 1959
- Schedule 3—Amendment of the Financial Corporations Act 1974
- Schedule 4—Amendment of the Financial Corporations (Transfer of Assets and Liabilities) Act 1993
- Schedule 5—Amendment of the Financial Laws Amendment Act 1997
- Schedule 6—Amendment of the Life Insurance Act 1995
- Schedule 7—Amendment of the Reserve Bank Act 1959
- Schedule 8—Amendment of the Retirement Savings Accounts Act 1997
- Schedule 9—Amendment of superannuation legislation relating to financial assistance to funds
- Schedule 10—Other amendments of the Superannuation Industry (Supervision) Act 1993
- Schedule 11—Other miscellaneous minor technical amendments
- Schedule 12—Transitional, saving and application provisions
1998-99
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Financial Sector Reform (Amendments and Transitional Provisions) Bill (No. 2) 1999
No. , 1999
(Treasury)
A Bill for an Act to amend laws, and deal with transitional matters, in connection with the reform of the financial sector, and for other purposes
Contents
1............ Short title............................................................................................. 1
2............ Commencement................................................................................... 1
3............ Schedule(s)......................................................................................... 3
Schedule 1—Amendment of the Australian Prudential Regulation Authority Act 1998 4
Schedule 2—Amendment of the Banking Act 1959 7
Schedule 3—Amendment of the Financial Corporations Act 1974 8
Schedule 4—Amendment of the Financial Corporations (Transfer of Assets and Liabilities) Act 1993 14
Schedule 5—Amendment of the Financial Laws Amendment Act 1997 16
Schedule 6—Amendment of the Life Insurance Act 1995 17
Schedule 7—Amendment of the Reserve Bank Act 1959 18
Schedule 8—Amendment of the Retirement Savings Accounts Act 1997 19
Schedule 9—Amendment of superannuation legislation relating to financial assistance to funds 20
Financial Institutions Supervisory Levies Collection Act 1998 20
Superannuation (Financial Assistance Funding) Levy Act 1993 20
Superannuation Industry (Supervision) Act 1993 20
Schedule 10—Other amendments of the Superannuation Industry (Supervision) Act 1993 24
Schedule 11—Other miscellaneous minor technical amendments 29
Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 29
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 29
Income Tax Assessment Act 1936 29
Schedule 12—Transitional, saving and application provisions 31
Part 1—Transitional provisions for validation of determinations relating to financial sector supervisory levies 31
Part 2—Transitional provisions relating to amendments of the Financial Corporations Act 1974 33
Part 3—Transitional provision relating to amendment of the Life Insurance Act 1995 35
Part 4—Transitional provisions relating to amendments of the Reserve Bank Act 1959 36
Part 5—Application of amendments of superannuation legislation relating to financial assistance to funds 37
A Bill for an Act to amend laws, and deal with transitional matters, in connection with the reform of the financial sector, and for other purposes
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 2) 1999 .
2 Commencement
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(2) Items 1 and 2 of Schedule 1 are taken to have commenced immediately after the commencement of the Australian Prudential Regulation Authority Act 1998 .
(3) Items 1 and 3 of Schedule 4 are taken to have commenced on 1 July 1998, immediately after the commencement of items 51 and 58 of Schedule 1 to the Financial Sector Reform (Consequential Amendments) Act 1998 .
(4) Items 2, 4, 5 and 6 of Schedule 4 are taken to have commenced on 22 December 1998.
(5) Items 2 and 4 of Schedule 5 are taken to have commenced on 30 June 1997, immediately after the commencement of section 2 of the Financial Laws Amendment Act 1997 .
(6) Item 1 of Schedule 6 commences, or is taken to have commenced, immediately after the commencement of item 11 of Schedule 4 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 .
(7) Subject to subsection (8), the items of Schedule 10, other than items 1, 2, 4, 6, 7, 9 and 10, commence on a day to be fixed by Proclamation.
(8) If the items covered by subsection (7) do not commence under that subsection within the period of 6 months beginning on the day on which this Act receives the Royal Assent, they commence on the first day after the end of that period.
(9) Items 1, 2 and 3 of Schedule 11 are taken to have commenced immediately after the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 received the Royal Assent.
(10) Item 4 of Schedule 11 is taken to have commenced immediately after the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 received the Royal Assent.
(11) Item 5 of Schedule 11 commences at the same time as item 5 of Schedule 10 .
(12) Part 1 of Schedule 12 commences:
(a) after all of the Acts listed in subsection (13) have received the Royal Assent; and
(b) on the day that is the last day on which any of those Acts received the Royal Assent.
(13) These are the relevant Acts for the purposes of paragraph (12)(a):
(a) this Act;
(b) each of the Acts referred to in the definition of Validation Act in item 1 of Schedule 12 to this Act.
3 Schedule(s )
Subject to section 2, 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.