Definitions
8 Definitions
In this Act:
accountability map: see subsection 31(2).
accountability statement: see subsection 31(2).
accountable entity: see section 9.
accountable person: see sections 10 and 11.
ADI has the same meaning as in the Banking Act 1959.
ADI is short for authorised deposit‑taking institution.
affected person: see section 91.
annual turnover, of an accountable entity during a 12‑month period, has the same meaning as in the Corporations Act 2001.
APRA means the Australian Prudential Regulation Authority.
APRA staff member has the same meaning as in the Australian Prudential Regulation Authority Act 1998.
ASIC means the Australian Securities and Investments Commission.
ASIC staff member means a staff member within the meaning of the Australian Securities and Investments Commission Act 2001.
Australia, when used in a geographical sense, includes the external Territories.
authorised NOHC:
of an ADI—means an authorised NOHC (within the meaning of the Banking Act 1959) of the ADI; and
of a general insurer—means an authorised NOHC (within the meaning of the Insurance Act 1973) of the general insurer.
NOHC is short for non‑operating holding company.
benefit derived and detriment avoided has the same meaning as in the Corporations Act 2001.
civil penalty order has the same meaning as in the Regulatory Powers Act.
civil penalty provision has the same meaning as in the Regulatory Powers Act.
connected entity, in relation to an RSE licensee, means a connected entity (within the meaning of the Superannuation Industry (Supervision) Act 1993) of the RSE licensee.
constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.
constitutionally covered body: see section 13.
decision‑maker for a reviewable decision means:
if APRA made the reviewable decision—APRA; or
if ASIC made the reviewable decision—ASIC.
enhanced notification threshold: see subsection 31(3).
financial year, in relation to an accountable entity or significant related entity:
if the accountable entity or significant related entity is a company that is registered under the Corporations Act 2001—has the same meaning as in that Act; or
if:
the accountable entity or significant related entity is not a company that is registered under the Corporations Act 2001; and
the accountable entity or significant related entity is incorporated or registered under another law; and
a definition of financial year applies in relation to that other law;
has the same meaning as in that other law; or
in any other case—means a period of 12 months starting on 1 July.
foreign accountable entity means:
a foreign ADI (within the meaning of the Banking Act 1959); or
a foreign general insurer (within the meaning of the Insurance Act 1973); or
an eligible foreign life insurance company (within the meaning of the Life Insurance Act 1995) that is registered under section 21 of the Life Insurance Act 1995.
general insurer has the same meaning as in the Insurance Act 1973.
internal decision reviewer: see subsection 94(1).
investigator means a person the Regulator appoints under subsection 45(1).
lawyer means a duly qualified legal practitioner and, in relation to a person, means such a practitioner acting for the person.
life company means a body corporate that is registered under section 21 of the Life Insurance Act 1995.
minimum deferral period, for variable remuneration of an accountable person, has the meaning given by subsection 28(1).
Minister rules means the rules made under subsection 104(1).
officer has the same meaning as in the Corporations Act 2001.
private health insurer has the same meaning as in the Private Health Insurance (Prudential Supervision) Act 2015.
reconsideration decision means a decision made under subsection 94(2).
registered NOHC, of a life company, means a registered NOHC (within the meaning of the Life Insurance Act 1995) of the life company.
NOHC is short for non‑operating holding company.
Regulator means either APRA or ASIC, but, if the context requires the reference to be particularly to one of those bodies, then Regulator means that body.
However, ASIC is to perform functions and exercise powers under this Act only in relation to certain persons: see subsection 36(2).
Regulator rules means the rules made under subsection 105(1).
Regulatory Powers Act means the Regulatory Powers (Standard Provisions) Act 2014.
related: the question whether 2 bodies corporate are related to each other is to be determined for the purposes of this Act in the same way as for the purposes of the Corporations Act 2001.
relevant group, of an accountable entity, means the accountable entity and its significant related entities.
remuneration, of an accountable person, has a meaning affected by subsection 25(3).
reviewable decision: see section 91.
RSE licensee means a constitutional corporation, or a body corporate, that:
holds an RSE licence granted under section 29D of the Superannuation Industry (Supervision) Act 1993; and
is not the trustee of a fund that is an exempt public sector superannuation scheme (within the meaning of that Act).
significant related entity has the meaning given by section 12.
subsidiary: the question whether a body corporate is a subsidiary of another body corporate is to be determined for the purposes of this Act in the same way as for the purposes of the Corporations Act 2001.
this Act includes:
the Minister rules; and
the Regulator rules; and
the Regulatory Powers Act as it applies in relation to this Act.
variable remuneration has the meaning given by section 26.
This Act’s bill:Explanatory memorandumSecond reading speech
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