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Financial Sector Reform (Amendments and Transitional Provisions) Bill (No.1) 2000

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.