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Financial Sector Reform (Amendments and Transitional Provisions) Bill (No. 1) 1999

 

 

 

 

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999

 

No. 44, 1999



 

 

 

 

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999

 

No. 44, 1999

 

 

 

 

An Act to amend laws, and to deal with transitional matters, in connection with the reform of the financial sector, and for other purposes

   

   



Contents

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

2............ Definitions.......................................................................................... 2

3............ Commencement.................................................................................. 2

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

Schedule 1—Amendment of the Australian Prudential Regulation Authority Act 1998      5

Schedule 2—Amendment of the Banking Act 1959                                              9

Schedule 3—Amendment of the Corporations Law                                            40

Part 1—Transfer of financial institutions and friendly societies                       40

Part 2—Consequential amendments                                                                         77

Part 3—Other minor amendments                                                                             85

Schedule 4—Amendment of the Life Insurance Act 1995                              86

Schedule 5—Amendment of the Reserve Bank Act 1959                            137

Schedule 6—Miscellaneous amendments                                                              138

Australian Securities and Investments Commission Act 1989                         138

Authorised Deposit-taking Institutions Supervisory Levy Imposition Act 1998 138

Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998   139

Financial Laws Amendment Act 1997                                                                  139

Financial Sector Reform (Amendments and Transitional Provisions) Act 1998                 139

Financial Sector Reform (Consequential Amendments) Act 1998                 140

General Insurance Supervisory Levy Imposition Act 1998                              141

High Court of Australia Act 1979                                                                         141

Life Insurance Supervisory Levy Imposition Act 1998                                      142

National Health Act 1953                                                                                       142

Retirement Savings Account Providers Supervisory Levy Imposition Act 1998   143

Superannuation Supervisory Levy Imposition Act 1998                                  143

Schedule 7—Consequential amendment of Acts                                                144

Bankruptcy Act 1966                                                                                               144

Cheques Act 1986                                                                                                     144

Child Care Payments Act 1997                                                                              145

Child Support (Registration and Collection) Act 1988                                   146

Commonwealth Inscribed Stock Act 1911                                                           146

Debits Tax Administration Act 1982                                                                     147

Defence Force Retirement and Death Benefits Act 1973                                  147

Employment Services Act 1994                                                                              148

Farm Household Support Act 1992                                                                      148

Financial Corporations Act 1974                                                                         148

Financial Sector (Shareholdings) Act 1998                                                       149

Financial Transaction Reports Act 1988                                                            152

Fringe Benefits Tax Assessment Act 1986                                                            152

Health Insurance Act 1973                                                                                     152

Income Tax Assessment Act 1936                                                                           153

Income Tax Assessment Act 1997                                                                           163

Insurance Act 1973                                                                                                  163

Insurance (Agents and Brokers) Act 1984                                                          165

Insurance Contracts Act 1984                                                                               165

Life Insurance (Conduct and Disclosure) Act 1999                                          166

Military Superannuation and Benefits Act 1991                                               166

National Health Act 1953                                                                                       166

Petroleum Resource Rent Tax Assessment Act 1987                                          167

Privacy Act 1988                                                                                                      167

Proceeds of Crime Act 1987                                                                                   167

Retirement Savings Accounts Act 1997                                                                168

Sales Tax Assessment Act 1992                                                                              169

Social Security Act 1991                                                                                         169

States Grants (Housing) Act 1971                                                                        176

Superannuation Act 1976                                                                                       177

Superannuation Act 1990                                                                                       177

Superannuation Contributions Tax (Assessment and Collection) Act 1997 177

Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997                                                                                                 178

Superannuation Guarantee (Administration) Act 1992                                   178

Taxation Administration Act 1953                                                                        178

Termination Payments Tax (Assessment and Collection) Act 1997               179

Veterans’ Entitlements Act 1986                                                                           179

Wool Tax (Administration) Act 1964                                                                    181

Schedule 8—Transitional, saving and application provisions                     182

Part 1—Transitional provisions relating to transfer from State and Territory regulatory regimes            182

Division 1—Interpretation                                                                                       182

Division 2—Transitional provisions relating to staff                                          185

Division 3—Transfer of assets and liabilities                                                       186

Division 4—Transitional provisions relating to operation of the Banking Act 1959              187

Division 5—Transitional provisions relating to operation of the Life Insurance Act 1995   191

Division 6—Other transitional provisions                                                            199

Part 2—Transitional provisions relating to other amendments                      202

Part 3—Regulations                                                                                                       203

 



Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999

No. 44, 1999

 

 

 

An Act to amend laws, and to deal with transitional matters, in connection with the reform of the financial sector, and for other purposes

[ Assented to 17 June 1999 ]

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 .

2   Definitions

                   In this Act:

Corporations Law means the Corporations Law set out in section 82 of the Corporations Act 1989 .

transfer date means the date that is, under subsection 3(16), specified as the transfer date for the purposes of this Act.

3   Commencement

             (1)  Subject to this section, this Act commences on the day on which it receives the Royal Assent.

             (2)  The following provisions commence on the transfer date:

                     (a)  item 4 of Schedule 1 (the commencement of the rest of the items in this Schedule is covered by subsection (1));

                     (b)  subject to subsections (3), (4) and (5), Schedule 3, other than items 1, 33, 34, 45, 46 and 63 (the commencement of those items is covered by subsection (1));

                     (c)  Schedule 4;

                     (d)  item 26 of Schedule 6;

                     (e)  subject to subsections (12), (14) and (15), Schedule 7, other than items 43, 44, 118, 205 and 207 (the commencement of those items is covered by subsections (10), (11) and (13)).

             (3)  If item 1 of Schedule 3 commences before the commencement of Schedule 1 to the Corporate Law Economic Reform Program Act 1999 , item 60 of Schedule 3 commences on the transfer date and item 61 of Schedule 3 commences immediately after the commencement of Schedule 1 to that Act.

             (4)  If item 1 of Schedule 3 commences on the commencement of Schedule 1 to the Corporate Law Economic Reform Program Act 1999 , item 60 of Schedule 3 does not commence and item 61 of Schedule 3 commences immediately after the commencement of Schedule 1 to that Act.

             (5)  If item 1 of Schedule 3 commences after the commencement of Schedule 1 to the Corporate Law Economic Reform Program Act 1999 , item 60 of Schedule 3 does not commence and item 61 of Schedule 3 commences on the transfer date.

             (6)  Item 3 of Schedule 6 commences on a day to be fixed by Proclamation.

             (7)  Item 6 of Schedule 6 is taken to have commenced on the commencement of Schedule 12 to the Financial Laws Amendment Act 1997 .

             (8)  Item 10 of Schedule 6 is taken to have commenced immediately before the commencement of Part 1 of Schedule 13 to the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 .

             (9)  Items 18 and 19 of Schedule 6 are taken to have commenced immediately before the commencement of the Australian Prudential Regulation Authority Act 1998 .

           (10)  Items 43 and 44 of Schedule 7 commence on the later of:

                     (a)  the day fixed for the commencement of the section amended by those items, immediately after the commencement of that section; and

                     (b)  the transfer date.

           (11)  Item 118 of Schedule 7 commences on the later of:

                     (a)  immediately after the commencement of section 17 of the Life Insurance (Conduct and Disclosure) Act 1999 ; and

                     (b)  the transfer date.

           (12)  If item 7 of Schedule 2 to the Assistance for Carers Legislation Amendment Act 1999  commences on or before the transfer date, item 206 of Schedule 7 to this Act does not commence.

           (13)  Items 205 and 207 of Schedule 7 commence on the later of:

                     (a)  immediately after the commencement of item 7 of Schedule 2 to the Assistance for Carers Legislation Amendment Act 1999 ;

                     (b)  the transfer date.

           (14)  If Schedule 2 to the Superannuation Legislation (Commonwealth Employment) Repeal and Amendment Act 1999 commences on or before the transfer date, items 214 and 215 of Schedule 7 to this Act do not commence.

           (15)  If Schedule 4 to the Superannuation Legislation (Commonwealth Employment) Repeal and Amendment Act 1999 commences on or before the transfer date, items 216 and 217 of Schedule 7 to this Act do not commence.

           (16)  The Governor-General may, by Proclamation published in the Gazette , specify the date that is to be the transfer date for the purposes of this Act.

4   Schedule(s )

                   Subject to section 3, the Corporations Law and 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.