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Financial Services Reform (Consequential Provisions) Bill 2001

 

 

 

 

Financial Services Reform (Consequential Provisions) Act 2001

 

No. 123, 2001



 

 

 

 

Financial Services Reform (Consequential Provisions) Act 2001

 

No. 123, 2001

 

 

 

 

An Act to repeal or amend certain Acts as a consequence of the enactment of the Financial Services Reform Act 2001 , and for other purposes

   

   



Contents

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

2............ Commencement ............................................................................... 1

3............ Schedule(s) ....................................................................................... 6

Schedule 1—Amendments and repeals                                                                       7

Administrative Decisions (Judicial Review) Act 1977                                          7

Administrative Review Tribunal (Consequential and Transitional Provisions) Act 2001                7

Australian Industry Development Corporation Act 1970                                    7

Australian Securities and Investments Commission Act 2001                             8

Bankruptcy Act 1966                                                                                                 47

Commonwealth Serum Laboratories Act 1961                                                     47

Corporations Act 2001                                                                                              47

Corporations (Futures Organisations Levies) Act 2001                                  103

Corporations (Securities Exchanges Levies) Act 2001                                    104

Financial Transaction Reports Act 1988                                                            105

Fringe Benefits Tax Assessment Act 1986                                                            106

Income Tax Assessment Act 1936                                                                           106

Insurance Act 1973                                                                                                  106

Insurance (Agents and Brokers) Act 1984                                                          107

Insurance Contracts Act 1984                                                                               107

Interactive Gambling Act 2001                                                                              107

Life Insurance Act 1995                                                                                           108

Marine Insurance Act 1909                                                                                    108

Payment Systems and Netting Act 1998                                                               108

Retirement Savings Accounts Act 1997                                                                109

Superannuation Guarantee (Administration) Act 1992                                   111

Superannuation Industry (Supervision) Act 1993                                             112

Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001   119

Superannuation (Resolution of Complaints) Act 1993                                    120

Telstra Corporation Act 1991                                                                                120

Trade Practices Act 1974                                                                                        123

Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001         125

Schedule 2—Amendments related to possible delayed commencement of Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001                                                                                                                           126

Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001     126

Retirement Savings Accounts Act 1997                                                                126

Superannuation Industry (Supervision) Act 1993                                             127

 



Financial Services Reform (Consequential Provisions) Act 2001

No. 123, 2001

 

 

 

An Act to repeal or amend certain Acts as a consequence of the enactment of the Financial Services Reform Act 2001, and for other purposes

[ Assented to 27 September 2001 ]

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Financial Services Reform (Consequential Provisions) Act 2001 .

2   Commencement

             (1)  In this section:

FSR commencement means the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001 .

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

             (3)  Items 223 and 224 of Schedule 1 commence on the day on which this Act receives the Royal Assent.

             (4)  Items 219 to 222 of Schedule 1 are taken to have commenced immediately after the commencement of the Corporations Act 2001 . However, a person does not commit an offence if the person would not have committed the offence had those items commenced on the day on which this Act receives the Royal Assent (rather than commencing on the commencement of the Corporations Act 2001 ).

             (5)  Items 227 and 231 of Schedule 1 commence at the end of the period of 2 years starting on the FSR commencement.

             (6)  Subject to subsections (7) to (17), the other items of Schedule 1 commence on the FSR commencement.

             (7)  Subject to subsection (17), the commencement of items 2 to 5 of Schedule 1 is as follows:

                     (a)  if item 325 of Schedule 1 to the Administrative Review Tribunal (Consequential and Transitional Provisions) Act 2001 does not commence before the FSR commencement—items  2 to 5 of Schedule 1 to this Act commence on the later of:

                              (i)  the FSR commencement; and

                             (ii)  the day on which the Administrative Review Tribunal (Consequential and Transitional Provisions) Act 2001 receives the Royal Assent;

                     (b)  if item 325 of Schedule 1 to the Administrative Review Tribunal (Consequential and Transitional Provisions) Act 2001 does commence before the FSR commencement—items  2 to 5 of Schedule 1 to this Act do not ever commence.

             (8)  Subject to subsection (17), items 250 to 256 of Schedule 1 commence on the later of:

                     (a)  the FSR commencement; and

                     (b)  the commencement of Part 1 of the Interactive Gambling Act 2001 .

             (9)  If item 33 of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 commences before the FSR commencement, item 268 of Schedule 1 to this Act does not ever commence.

          (9A)  If Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 do not commence before the FSR commencement, items 276 to 278, and 290 to 325C, of Schedule 1 to this Act do not ever commence.

           (10)  If item 171 of Schedule 1 to the Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001 commences before the FSR commencement, item 286 of Schedule 1 to this Act does not ever commence.

           (11)  If item 55 of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 commences before the FSR commencement, item 331 of Schedule 1 to this Act does not ever commence.

           (12)  If item 57 of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 commences before the FSR commencement, item 332 of Schedule 1 to this Act does not ever commence.

           (13)  Subject to subsection (17), the commencement of items 342, 344 and 345 of Schedule 1 is as follows:

                     (a)  if the items to which subsection 2(2) of the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 applies do not commence before the FSR commencement—items 342,344 and 345 of Schedule 1 to this Act commence on the later of:

                              (i)  the FSR commencement; and

                             (ii)  the day on which the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 receives the Royal Assent;

                     (b)  if the items to which that subsection applies commence before the FSR commencement—items 342, 344and 345 of Schedule 1 to this Act do not ever commence.

           (14)  Subject to subsection (17), the commencement of item 343 is as follows:

                     (a)  if the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 does not receive the Royal Assent before the FSR commencement—item 343 of Schedule 1 to this Act commences on the day on which that Act receives the Royal Assent;

                     (b)  if the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 receives the Royal Assent before the FSR commencement—item 343 of Schedule 1 to this Act does not ever commence.

           (15)  Subject to subsection (17), item 365 of Schedule 1 commences on the later of:

                     (a)  the FSR commencement; and

                     (b)  the commencement of item 257 of Schedule 1 to the Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001 .

           (16)  Subject to subsection (17), the commencement of item 366 of Schedule 1 is as follows:

                     (a)  if the day specified in subsection 2.2(2) of the Criminal Code does not occur before the FSR commencement—item 366 of Schedule 1 commences on the later of:

                              (i)  the FSR commencement; and

                             (ii)  the day on which the Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001 receives the Royal Assent;

                     (b)  if the day so specified does occur before the FSR commencement—item 366 of Schedule 1 to this Act does not ever commence.

           (17)  An item of a Schedule to this Act that would otherwise commence at the same time as:

                     (a)  an item of a Schedule to the Financial Services Reform Act 2001 ; or

                     (b)  an item of a Schedule to the Corporations (Repeals, Consequentials and Transitionals) Act 2001 ;

is taken instead to commence immediately after the commencement of the item referred to in paragraph (a) or (b), if both the item of a Schedule to this Act and the item referred to in paragraph (a) or (b) affect the same Act.

           (18)  The commencement of the items of Schedule 2, other than items 1, 2, 4, 5, 9 and 10, is as follows:

                     (a)  if Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 do not commence before the FSR commencement, the items commence on the FSR commencement;

                     (b)  if Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 commence before the FSR commencement, the items do not ever commence.

           (19)  The commencement of items 1 and 2 of Schedule 2 is as follows:

                     (a)  if Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 do not commence before the FSR commencement, the items commence on the later of:

                              (i)  the FSR commencement; and

                             (ii)  immediately after the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 receives the Royal Assent;

                     (b)  if Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 commence before the FSR commencement, the items do not ever commence.

           (20)  The commencement of items 4 and 5 of Schedule 2 is as follows:

                     (a)  if item 3 of Schedule 2 to this Act commences under subsection (18), the items commence on the commencement of Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 ;

                     (b)  if item 3 of Schedule 2 to this Act does not ever commence under subsection (18), the items do not ever commence.

           (21)  The commencement of items 9 and 10 of Schedule 2 is as follows:

                     (a)  if item 8 of Schedule 2 to this Act commences under subsection (18), the items commence on the commencement of Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 ;

                     (b)  if item 8 of Schedule 2 to this Act does not ever commence under subsection (18), the items do not ever commence.

3   Schedule(s)

                   Subject to section 2, 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.