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Financial Sector (Collection of Data) Bill 2001

Part 4 Miscellaneous

   

26   Saving of other laws

                   This Act is not intended to exclude or limit the operation of any other laws of the Commonwealth, or the operation of any laws of a State or Territory, in so far as those laws are capable of operating concurrently with this Act.

27   Entities may be directed to comply with Act

                   If a financial sector entity is convicted of an offence against this Act as a result of the entity having failed to comply with a provision of this Act or of the regulations, or with a reporting standard made or direction given by APRA, the Federal Court of Australia may direct the entity to comply, within a period specified by the Court, with the provision, reporting standard or direction, as the case may be.

28   Validity of acts and transactions of financial sector entities

                   The validity of an act or transaction of a financial sector entity is not affected merely because a provision of this Act or of the regulations, a reporting standard or a direction has not been complied with.

29   Corporation not to hold out that it is a registered entity

                   A corporation must not, in the course of carrying on any business, advertise or hold out, by the use of the words “registered under the Financial Sector (Collection of Data) Act 2001 ”, the words “registered with APRA” or words having a similar meaning, that the corporation is a registered entity or has any special status under or because of this Act, whether or not the corporation is a registered entity.

Penalty:  50 penalty units.

30   Regulations

                   The Governor-General may make regulations prescribing all matters:

                     (a)  required or permitted by this Act to be prescribed; or

                     (b)  necessary or convenient to be prescribed for carrying out or giving effect to this Act.