1998-1999-2000-2001

THE PARLIAMENT OF THE

COMMONWEALTH OF AUSTRALIA

HOUSE OF REPRESENTATIVES

FINANCIAL SERVICES REFORM (CONSEQUENTIAL PROVISIONS) BILL 2001

SUPPLEMENTARY EXPLANATORY MEMORANDUM

Amendments to be Moved on Behalf of the Government

(Circulated by authority of the Minister for Financial Services and Regulation,

the Hon Joe Hockey, MP)

notes on amendments

Amendment 1 - amends item 276 of Schedule 1 of the Financial Services Reform (Consequential Provisions) Bill 2001

Amendment 2 - amends item 290 of Schedule 1 of the Financial Services Reform (Consequential Provisions) Bill 2001

These two amendments insert references to subsection 1016A(3) in the proposed amendments to section 182 of the Retirement Savings Accounts Act 1997 and section 39 of the Superannuation Industry (Supervision) Act 1993 (which are included in the Financial Services Reform (Consequential Provisions) Bill 2001).

They are necessary as a consequence of item 123 of the amendments to the Financial Services Reform Bill 2001 (the FSR Bill) which are to be moved on behalf of the Government and which will omit section 1016A of the FSR Bill, as introduced, and substitute a new proposed section 1016A.

Further background to the new proposed section 1016A is to be found in the Supplementary Explanatory Memorandum for the amendments to be moved on behalf of the Government to the FSR Bill.

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