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Financial Sector Reform (Amendments and Transitional Provisions) Bill (No.1) 2000
Schedule 3 Amendment of the Financial Corporations Act 1974

   

1  Section 3

Repeal the section, substitute:

3   Object of Act

                   The object of this Act is to assist the Reserve Bank by providing for the collection of information to facilitate the formulation of monetary policy.

2  Subsection 4(1) (definition of Statistician )

Repeal the definition.

3  Subparagraph 8(1)(c)(i)

Omit “$5,000,000”, substitute “$25,000,000”.

4  Paragraph 8(2)(e)

Omit “ National Health Act 1953-1973 ”, substitute “ National Health Act 1953 ”.

5  Subparagraph 8(2)(k)(i)

Omit “$1,000,000”, substitute “$5,000,000”.

6  Paragraph 8(2)(l)

Omit “Governor” (wherever occurring), substitute “Reserve Bank”.

7  Subsections 10(1), (2), (4), (5), (5A), (5D) and (7)

Omit “Governor” (wherever occurring), substitute “Reserve Bank”.

8  Subsection 10(1)

Omit “he or she”, substitute “the Reserve Bank”.

9  Section 11

Repeal the section, substitute:

11   Standards requiring the provision of information

             (1)  The Reserve Bank may, by written instrument, determine standards, consistent with the object of this Act, requiring the provision of information by:

                     (a)  all registered corporations; or

                     (b)  a specified class of registered corporations.

             (2)  A standard may impose requirements about the way in which information is to be provided.

             (3)  A standard may impose different requirements to be complied with in different situations or in respect of different activities.

             (4)  A standard:

                     (a)  comes into force:

                              (i)  unless subparagraph (ii) applies—on the day on which the determination of the standard is made; or

                             (ii)  if that determination specifies a later day as the day on which the standard comes into force—on the day so specified; and

                     (b)  continues in force until it is revoked.

             (5)  The Reserve Bank may, by written instrument, vary or revoke a standard.

             (6)  An instrument determining, varying or revoking a standard is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901 .

             (7)  The Reserve Bank must ensure that registered corporations and other persons can have access to the current text of the standards by such means as the Reserve Bank considers appropriate.

12   Exemption from obligation to comply with a standard

             (1)  The Reserve Bank may, by written instrument, exempt a registered corporation from the obligation to comply with a requirement in a standard in force under section 11. The exemption may be granted subject to conditions specified in the instrument of exemption.

             (2)  The Reserve Bank may, by written instrument, vary or revoke an exemption granted under subsection (1).

             (3)  The Reserve Bank must ensure that registered corporations and other persons can have access to the current text of exemptions granted under subsection (1) by such means as the Reserve Bank considers appropriate.

13   Offences of failing to comply with requirements of a standard

             (1)  A registered corporation is guilty of an offence if:

                     (a)  it fails to comply with a requirement of a standard in force under section 11 that is applicable to the corporation, other than a requirement about the way in which information is to be provided; and

                     (b)  there is no exemption in force under section 12 exempting the corporation from the obligation to comply with the requirement.

Maximum penalty: 200 penalty units

             (2)  A registered corporation is guilty of an offence if:

                     (a)  it fails to comply with a requirement of a standard in force under section 11 that is applicable to the corporation, that is a requirement about the way in which information is to be provided; and

                     (b)  there is no exemption in force under section 12 exempting the corporation from the obligation to comply with the requirement.

Maximum penalty: 50 penalty units

10  Part IV

Repeal the Part.

11  Section 21

Repeal the section, substitute:

21   Manner of furnishing documents

                   A document that is required by or under this Act or the regulations to be furnished to the Reserve Bank is to be delivered to the Head Office of the Reserve Bank.

12  Section 22A

Repeal the section, substitute:

22A   Delegation of functions or powers of Reserve Bank

             (1)  Subject to subsection (3), the Governor may, by signed instrument, delegate any of the Reserve Bank’s functions or powers under this Act to any of the following persons:

                     (a)  a member of the Reserve Bank Board;

                     (b)  a member of the Reserve Bank Service.

             (2)  Subject to subsection (3), the Governor may, by signed instrument, delegate any of the Reserve Bank’s functions or powers under this Act:

                     (a)  to the Chief Executive Officer of APRA, or to an APRA staff member, if the Chief Executive Officer of APRA agrees to the delegation; or

                     (b)  to the Australian Statistician, or to an ABS staff member, if the Australian Statistician agrees to the delegation.

             (3)  Subsections (1) and (2) do not apply to the Reserve Bank’s functions and powers in relation to determining, varying or revoking standards under section 11.

             (4)  In performing or exercising functions or powers under a delegation, the delegate must comply with any directions of the Governor.

Note:          For information about delegations, see sections 34AA to 34A of the Acts Interpretation Act 1901 .

             (5)  The Governor may, by signed instrument, vary or revoke a delegation under this section.

             (6)  In this section:

ABS staff member means a person referred to in subsection 16(1) or (2) of the Australian Bureau of Statistics Act 1975 .

APRA means the Australian Prudential Regulation Authority established by section 7 of the Australian Prudential Regulation Authority Act 1998 .

APRA staff member has the same meaning as in the Australian Prudential Regulation Authority Act 1998 .

Australian Statistician means the Australian Statistician referred to in subsection 5(2) of the Australian Bureau of Statistics Act 1975 .

Reserve Bank Board means the Board referred to in section 9 of the Reserve Bank Act 1959 .

Reserve Bank Service means the Reserve Bank Service referred to in subsection 66(2) of the Reserve Bank Act 1959 .

22B   References to Reserve Bank—direction by the Governor

             (1)  If, under section 22A:

                     (a)  the Governor delegates to a person a function or power of the Reserve Bank; and

                     (b)  the delegation makes a reference to the Reserve Bank in another provision of this Act inappropriate, whether for administrative reasons or any other reason;

the Governor may, by signed instrument, direct that the provision is to have effect as if the reference to the Reserve Bank were a reference to the person referred to in paragraph (a).

             (2)  If the Governor gives a direction in relation to a provision, the provision has effect in accordance with the direction while the direction is in force.

             (3)  A direction:

                     (a)  comes into force:

                              (i)  unless subparagraph (ii) applies—on the day on which it is made; or

                             (ii)  if the direction specifies a later day as the day on which the direction comes into force—on the day so specified; and

                     (b)  continues in force until it is revoked.

             (4)  The Governor may, by signed instrument, vary or revoke a direction.

             (5)  An instrument making, varying or revoking a direction is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901 .

13  Section 25

Omit “ Reserve Bank Act 1959-1973 ” (wherever occurring), substitute “ Reserve Bank Act 1959 ”.

14  Section 26 (penalty)

Omit “10”, substitute “50”.

15  Section 30

Repeal the section.