2022-2023

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Financial Accountability Regime (Consequential Amendments) Bill 2023

 

No.      , 2023

 

(Treasury)

 

 

 

A Bill for an Act to deal with consequential amendments and transitional matters arising from the enactment of the Financial Accountability Regime Act 2023 , and for related purposes

   

   

Contents

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

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

3............ Schedules............................................................................................ 2

Schedule 1—Consequential amendments                                                                4

Part 1—Amendments for the start of the financial accountability regime              4

Australian Prudential Regulation Authority Act 1998                                           4

Australian Securities and Investments Commission Act 2001                              7

Banking Act 1959                                                                                                        10

Corporations Act 2001                                                                                               11

Financial Regulator Assessment Authority Act 2021                                           12

Financial Sector (Transfer and Restructure) Act 1999                                        12

Insurance Act 1973                                                                                                     12

Life Insurance Act 1995                                                                                             14

National Consumer Credit Protection Act 2009                                                   17

Payment Systems and Netting Act 1998                                                                  18

Private Health Insurance (Prudential Supervision) Act 2015                            18

Superannuation Industry (Supervision) Act 1993                                                 20

Part 2—Amendments for the end of the banking executive accountability regime           22

Australian Prudential Regulation Authority Act 1998                                         22

Banking Act 1959                                                                                                        22

Schedule 2—Application, saving and transitional provisions                  24

Part 1—Preliminary                                                                                                      24

Part 2—Banking sector                                                                                               26

Division 1—Key personnel obligations                                                                  26

Division 2—Deferred remuneration obligations                                                   30

Division 3—Notification obligations                                                                      32

Division 4—Regulatory powers and enforcement                                                33

Part 3—Other sectors                                                                                                   37

Division 1—Key personnel obligations                                                                  37

Division 2—Deferred remuneration obligations                                                   38

Division 3—Insurance                                                                                               38

Division 4—Life insurance                                                                                       38

Division 5—Private health insurance                                                                      39

Division 6—Superannuation                                                                                     39

Part 4—APRA and ASIC                                                                                           40

Division 1—Transition from the BEAR                                                                 40

Division 2—Application of the FAR                                                                      41

Part 5—Transitional rules                                                                                          42

 

 

A Bill for an Act to deal with consequential amendments and transitional matters arising from the enactment of the Financial Accountability Regime Act 2023 , and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Financial Accountability Regime (Consequential Amendments) Act 2023 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information
Column 1	Column 2	Column 3
Provisions	Commencement	Date/Details
1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table	The day after this Act receives the Royal Assent.
2.  Schedule 1, Part 1	At the same time as the Financial Accountability Regime Act 2023 commences. However, the provisions do not commence at all if that Act does not commence.
3.  Schedule 1, Part 2	The day that is 6 months after the Financial Accountability Regime Act 2023 commences. However, the provisions do not commence at all if that Act does not commence.
4.  Schedule 2	At the same time as the Financial Accountability Regime Act 2023 commences. However, the provisions do not commence at all if that Act does not commence.

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedules

                   Legislation 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.