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Financial System Legislation Amendment (Resilience and Collateral Protection) Bill 2016

2016

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

Financial System Legislation Amendment (Resilience and Collateral Protection) Bill 2016

 

No.      , 2016

 

 

 

 

 

A Bill for an Act to amend the law in relation to payment systems and netting and other aspects of the financial sector, and for related purposes

   

   



Contents

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

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

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

Schedule 1—Amendments                                                                                                 3

Part 1—Payment systems and netting                                                                   3

Payment Systems and Netting Act 1998                                                                   3

Part 2—Other amendments                                                                                       24

Banking Act 1959                                                                                                       24

Financial Sector (Business Transfer and Group Restructure) Act 1999         24

Insurance Act 1973                                                                                                    26

Life Insurance Act 1995                                                                                            26

Private Health Insurance (Prudential Supervision) Act 2015                           27

Part 3—Application                                                                                                      28

 

 



A Bill for an Act to amend the law in relation to payment systems and netting and other aspects of the financial sector, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Financial System Legislation Amendment (Resilience and Collateral Protection) Act 2016 .

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 this Act receives the Royal Assent.

 

2.  Schedule 1

The 28th day after this Act receives the Royal Assent.

 

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.