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42    Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Bill 2017

Order of the day read for the further consideration of the bill in committee of the whole.

 

 

 

In the committee

Consideration resumed of the bill, as amended.

On the motion of Senator Whish-Wilson the following amendments, taken together by leave, were debated and agreed to:

Schedule 1, item 2, page 9 (line 26), after “1052B”, insert “, 1052BA”.

Schedule 1, item 2, page 11 (after line 7), after section 1052B, insert:

1052BA   Directions to ensure sufficient financing

     (1)   ASIC may give AFCA a written direction under this section if ASIC considers that AFCA has not done all things reasonably practicable to ensure that the operations of the AFCA scheme are sufficiently financed.

     (2)   The direction must set out the specific measures that AFCA must take to ensure that the operations of the AFCA scheme are sufficiently financed.

     (3)   ASIC must not give a direction under this section unless ASIC has given AFCA written notice of at least 1 month of ASIC’s intention to issue the direction.

     (4)   AFCA must comply with a direction made under this section.

Note:         Failure to comply with this subsection is an offence (see subsection 1311(1)).

     (5)   If AFCA fails to comply with the direction, ASIC may apply to the Court for, and the Court may make, an order that AFCA comply with the direction.

     (6)   A direction made under this section is not a legislative instrument .

Schedule 1, item 3, page 29 (after table item 311), insert:

311A

Subsection 1052BA(4)

100 penalty units for each day, or part of a day, in respect of which the offence is committed.

Bill, as amended, agreed to and reported with amendments.

 

 

 

The Acting Deputy President (Senator McCarthy) resumed the chair and the Temporary Chair of Committees reported accordingly.

On the motion of the Assistant Minister for Agriculture and Water Resources (Senator Ruston) the report from the committee was adopted.

On the motion of Senator Ruston the bill was debated and read a third time.