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Financial Sector Reform (Hayne Royal Commission Response—Stronger Regulators (2019 Measures)) Bill 2019


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Gives effect to certain recommendations of the Financial Services Royal Commission by amending the: Australian Securities and Investments Commission Act 2001 (ASIC Act) and National Consumer Credit Protection Act 2009 to: relocate the existing search warrant powers of the Australian and Securities Investment Commission (ASIC) from across ASIC administered legislation into the ASIC Act; and enhance ASIC's existing search warrant powers by reference to the search warrant powers in the Crimes Act 1914; Telecommunications (Interception and Access) Act 1979 to allow ASIC to receive and use interception information for its own investigations and prosecutions of serious offences; Corporations Act 2001 to replace the requirement for obtaining an Australian financial services licence (AFS licence) that a person be of 'good fame and character' with the requirement that they be a 'fit and proper person'; National Consumer Credit Protection Act 2009 and National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 to: enable ASIC to cancel an AFS licence if the licensee does not start to provide the relevant financial services within six months after the licence is granted; clarify ASIC's power to suspend or cancel an Australian credit licence if the person does not engage, or ceases to engage, in credit activities; require licensees to notify ASIC if they do not start to provide the financial services or engage in the credit activities covered by the licence within six months of it being granted; Corporations Act 2001 and National Consumer Credit Protection Act 2009 to strengthen and broadly align provisions relating to false or misleading statements; and Corporations Act 2001, National Consumer Credit Protection Act 2009 and National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 to: expand the grounds on which ASIC can make a banning order against a person; and enable ASIC to make additional types of banning orders to prohibit a person from controlling or performing any or particular functions in relation to a financial services or credit business. Also amends seven Acts to make consequential amendments and provide for transitional arrangements.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 28/11/19  
Second reading moved 28/11/19  
Second reading debate 05/02/20  
Second reading agreed to 05/02/20  
Third reading agreed to 05/02/20  
     
Senate
Introduced and read a first time 05/02/20  
Second reading moved 05/02/20  
Second reading debate 06/02/20  
Second reading agreed to 06/02/20  
Third reading agreed to 06/02/20  
     
Finally passed both Houses 06/02/20  
Assent 17/02/20 Act no: 3 - Year: 2020
     

Text of bill

  • First reading

MS-Word PDF HTML
  • As passed by both Houses

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)