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Financial Sector Legislation Amendment (Review of Prudential Decisions) Bill 2008

2008

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Financial Sector Legislation Amendment (Review of Prudential Decisions) Bill 2008

 

No.      , 2008

 

(Treasury)

 

 

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

   

   



Contents

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

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

3............ Schedule(s)......................................................................................... 4

Schedule 1—Court power of disqualification etc.                                               5

Part 1—Amendments commencing on Royal Assent                                    5

Banking Act 1959                                                                                                         5

Insurance Act 1973                                                                                                    12

Life Insurance Act 1995                                                                                            23

Retirement Savings Accounts Act 1997                                                                  29

Superannuation Industry (Supervision) Act 1993                                               34

Part 2—Amendments contingent on the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007          52

Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007                                                                                                                                        52

Insurance Act 1973                                                                                                    52

Schedule 2—Direction powers                                                                                      54

Banking Act 1959                                                                                                       54

Insurance Act 1973                                                                                                    56

Life Insurance Act 1995                                                                                            64

Superannuation Industry (Supervision) Act 1993                                               66

Schedule 3—Removal of Ministerial consent                                                       68

Part 1—Amendments commencing on Royal Assent                                  68

Insurance Act 1973                                                                                                    68

Life Insurance Act 1995                                                                                            71

Superannuation Industry (Supervision) Act 1993                                               71

Part 2—Amendments contingent on the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007          73

Division 1—Amendments if Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 commences first     73

Insurance Act 1973                                                                                                    73

Division 2—Amendments if Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 has not yet commenced              74

Insurance Act 1973                                                                                                    74

Division 3—Amendments once Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 commences     77

Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007                                                                                                                                        77

Insurance Act 1973                                                                                                    78

Schedule 4—Review of decisions                                                                                 79

Banking Act 1959                                                                                                       79

Financial Sector (Collection of Data) Act 2001                                                  81

Insurance Act 1973                                                                                                    85

Life Insurance Act 1995                                                                                            87

Superannuation Industry (Supervision) Act 1993                                               88

 



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

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008.

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

Provision(s)

Commencement

Date/Details

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

The day on which this Act receives the Royal Assent.

 

2.  Schedule 1, Part 1

The day on which this Act receives the Royal Assent.

 

3.  Schedule 1, item 71

Immediately before the commencement of items 9A, 9B, 9D, 9E, 9F and 9G of Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 .

However, the provision(s) do not commence at all if those items commence before the day on which this Act receives the Royal Assent.

 

4.  Schedule 1, items 72 to 83

The later of:

(a) the start of the day on which this Act receives the Royal Assent; and

(b) immediately after the commencement of Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 .

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

 

5.  Schedule 2

The day on which this Act receives the Royal Assent.

 

6.  Schedule 3, Part 1

The day on which this Act receives the Royal Assent.

 

7.  Schedule 3, Part 2, Division 1

The day on which this Act receives the Royal Assent.

However, the provision(s) do not commence at all if items 8 and 13 to 33 of Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 have not commenced before that day.

 

8.  Schedule 3, Part 2, Division 2

The day on which this Act receives the Royal Assent.

However, the provision(s) do not commence at all if items 8 and 13 to 33 of Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 commence before that day.

 

9.  Schedule 3, items 65 and 66

Immediately before the commencement of items 8 and 13 to 33 of Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 .

However, the provision(s) do not commence at all if those items commence before the day on which this Act receives the Royal Assent.

 

10.  Schedule 3, item 67

Immediately after the commencement of item 5 of Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 .

However, the provision(s) do not commence at all if that item commences before the day on which this Act receives the Royal Assent.

 

11.  Schedule 4

The day on which this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally passed by both Houses of the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent.

             (2)  Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act.

3   Schedule(s)

                   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.