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Wednesday, 8 August 2001
Page: 29518


Mr SLIPPER (Parliamentary Secretary to the Minister for Finance and Administration) (10:58 AM) —by leave—I move:

(1) Clause 2, page 2 (lines 4 to 9), omit subclauses (2) to (4), substitute:

(2) Parts 2, 3 and 4 commence on a day to be fixed by Proclamation.

(3) If Parts 2, 3 and 4 do not commence under subsection (2) within the period of 12 months beginning on the day on which this Act receives the Royal Assent, those Parts commence on the first day after the end of that period.

(2) Heading to clause 14, page 14 (line 19), after “financial sector entity”, insert “(other than a superannuation entity)”.

(3) Clause 14, page 14 (line 22), after “financial sector entity”, insert “(other than a superannuation entity)”.

(4) Clause 31, page 26 (after line 10), after the definition of share, insert:

superannuation entity has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

In the second reading speech on these bills during the last autumn sittings, the Minister for Financial Services and Regulation stated that the government would listen carefully to issues raised by industry on the content of the legislation and would move any appropriate amendments that it agreed were necessary. This approach was essential to ensure the earliest possible commencement of this new collection procedure. Start date will be amended from 1 July 2001 to a date set by proclamation.

That consultation process has occurred and the government now moves minor amendments to the Financial Sector (Collection of Data) Bill 2001 consistent with the objective of the government of harmonising and streamlining the collection of statistical information across the financial sector.

Specifically, the amendments to clause 14 remove the application of the principal executive officer obligation to superannuation entities. This provision required a principal executive officer to be responsible for lodging key documents with APRA. Industry noted that particular types of superannuation fund structures could make it potentially confusing and difficult to identify the principal executive officer in these entities. Therefore, it would be impractical to impose this obligation on the superannuation sector. I understand that these amendments are supported by the opposition.