1Short title
This Act may be cited as the Financial Sector (Collection of Data-Consequential and Transitional Provisions) Act 2001.
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Bill homepage (APH)This Act may be cited as the Financial Sector (Collection of Data-Consequential and Transitional Provisions) Act 2001.
Sections 1, 2 and 3 commence on the day on which this Act receives the Royal Assent.
Schedules 1 to 3 commence on the same day as Parts 2 to 4 of the Financial Sector (Collection of Data) Act 2001.
Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1-Repeal
Financial Corporations Act 1974
1 The whole of the Act.
Repeal the Act.
Schedule 2-Amendments
Part 1-Australian Prudential Regulation Authority Act 1998
Insert:
financial sector entity has the same meaning as in the Financial Sector (Collection of Data) Act 2001.
Insert:
the Financial Sector (Collection of Data) Act 2001;
Add "or".
Insert:
a registered entity; or
a body corporate (including a body corporate that has ceased to exist) that has at any time been, or is, related (within the meaning of the Corporations Law) to a registered entity; or
a person who has been, is, or proposes to be, a customer of a registered entity;
Add "or".
Insert:
a registered entity; or
a body corporate (including a body corporate that has ceased to exist) that has at any time been, or is, related (within the meaning of the Corporations Law) to a registered entity; or
a person who has been, is, or proposes to be, a customer of a registered entity;
Insert:
registered entity means a corporation that is, or has at any time been, a registered entity within the meaning of the Financial Sector (Collection of Data) Act 2001.
After "(5),", insert "(5A), (5B), (5C),".
Insert:
It is not an offence if the production by a person of a document that was given to APRA under section 9 or 13 of the Financial Sector (Collection of Data) Act 2001 is to the Australian Statistician for the purposes of the Census and Statistics Act 1905.
A defendant bears an evidential burden in relation to matters in subsection (5A) (see section 13.3(3) of the Criminal Code).
It is not an offence if the production by a person of a document that was given to APRA under section 9 or 13 of the Financial Sector (Collection of Data) Act 2001 is to:
the Reserve Bank of Australia; or
another prescribed authority.
A defendant bears an evidential burden in relation to matters in subsection (5B) (see section 13.3(3) of the Criminal Code).
If a document relating to a financial sector entity (other than an entity that is, or is included in a class of entities that are, excluded by the regulations from the operation of this subsection) is a reporting document that:
was given by the entity to APRA under section 13 of the Financial Sector (Collection of Data) Act 2001; and
is determined by APRA under section 57 to be a document that does not contain confidential information;
it is not an offence to disclose the document, or any information contained in the document, to any person (including to disclose the document by making it available for inspection by the public or to disclose the information by making a document containing the information so available).
A defendant bears an evidential burden in relation to matters in subsection (5C) (see section 13.3(3) of the Criminal Code).
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