1Short title
This Act may be cited as the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000.
Parliamentary material from APH and the Federal Register of Legislation. Links open the official source in a new tab.
Bill homepage (APH)This Act may be cited as the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000.
Subject to this section, this Act commences on the day on which it receives the Royal Assent.
Items 1 and 2 of Schedule 1 are taken to have commenced immediately after the commencement of the Australian Prudential Regulation Authority Act 1998.
Items 1 and 3 of Schedule 4 are taken to have commenced on 1 July 1998, immediately after the commencement of items 51 and 58 of Schedule 1 to the Financial Sector Reform (Consequential Amendments) Act 1998.
Items 2, 4, 5, 6, 8, 9, 10 and 11 of Schedule 4 are taken to have commenced on 22 December 1998.
Items 2 and 4 of Schedule 5 are taken to have commenced on 30 June 1997, immediately after the commencement of section 2 of the Financial Laws Amendment Act 1997.
Item 1 of Schedule 6 commences, or is taken to have commenced, immediately after the commencement of item 11 of Schedule 4 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.
Subject to subsection (8), the items of Schedule 10, other than items 1, 2, 4, 6, 7, 9 and 10, commence on a day to be fixed by Proclamation.
If the items covered by subsection (7) do not commence under that subsection within the period of 6 months beginning on the day on which this Act receives the Royal Assent, they commence on the first day after the end of that period.
Items 1, 2 and 3 of Schedule 11 are taken to have commenced immediately after the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 received the Royal Assent.
Item 4 of Schedule 11 is taken to have commenced immediately after the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 received the Royal Assent.
Item 5 of Schedule 11 commences at the same time as item 5 of Schedule 10.
Part 1 of Schedule 12 commences:
after all of the Acts listed in subsection (13) have received the Royal Assent; and
on the day that is the last day on which any of those Acts received the Royal Assent.
These are the relevant Acts for the purposes of paragraph (12)(a):
this Act;
each of the Acts referred to in the definition of Validation Act in item 1 of Schedule 12 to this Act.
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—Amendment of the Australian Prudential Regulation Authority Act 1998
1 After subsection 55(1)
Insert:
Subject to subsection (2), sales tax is not payable by APRA, or by any other person, on goods that are for use by APRA.
2 Subsection 55(2)
After “subsection (1)”, insert “or subsection (1A)”.
3 Subsection 56(1)
Insert:
body regulated by APRA includes a body that has at any time been a body regulated by APRA.
4 Subsection 56(2)
Omit “(6) or (7)”, substitute “(6), (7), (7A) or (7B)”.
5 At the end of subsection 56(3)
Add:
A defendant bears an evidential burden in relation to the matters in subsection (3) (see subsection 13.3(3) of the Criminal Code).
6 At the end of subsection 56(4)
Add:
A defendant bears an evidential burden in relation to the matters in subsection (4) (see subsection 13.3(3) of the Criminal Code).
7 Subsection 56(5) (note)
Omit “Note:”, substitute “Note 1:”.
8 At the end of subsection 56(5)
Add:
A defendant bears an evidential burden in relation to the matters in subsection (5) (see subsection 13.3(3) of the Criminal Code).
9 At the end of subsection 56(6)
Add:
A defendant bears an evidential burden in relation to the matters in subsection (6) (see subsection 13.3(3) of the Criminal Code).
10 At the end of subsection 56(7)
Add:
A defendant bears an evidential burden in relation to the matters in subsection (7) (see subsection 13.3(3) of the Criminal Code).
11 After subsection 56(7)
Insert:
It is not an offence if the information, or the information contained in the document, as the case may be, is all or any of the following:
the names of bodies that are regulated by APRA;
the addresses at which bodies referred to in paragraph (a) conduct business;
any other information that is reasonably necessary to enable members of the public to contact persons who perform functions in relation to bodies referred to in paragraph (a).
A defendant bears an evidential burden in relation to the matters in subsection (7A) (see subsection 13.3(3) of the Criminal Code).
It is not an offence if the information, or the information contained in the document, as the case may be, is:
a statement of APRA’s opinion as to whether or not a body regulated by APRA is complying, or was complying at a particular time, with a particular provision of an Act covered by this section; or
a description of:
court proceedings in relation to a breach or suspected breach by a person of a provision of an Act covered by this section; or
activity engaged in, or proposed to be engaged in, by APRA in relation to such a breach or suspected breach.
A defendant bears an evidential burden in relation to the matters in subsection (7B) (see subsection 13.3(3) of the Criminal Code).
12 At the end of subsection 56(11)
Add:
For additional rules about personal information, see the Privacy Act 1988.
13 Section 57
Repeal the section.
Schedule 2—Amendment of the Banking Act 1959
1 Subsection 5(1)
Insert:
ASIC means the Australian Securities and Investments Commission.
2 After paragraph 63(5)(a)
Insert:
ASIC, a member of ASIC or a staff member (as defined in subsection 5(1) of the Australian Securities and Investments Commission Act 1989) only in the case of a demutualisation of an ADI; or
3 At the end of section 63
Add:
A reference in this section to a reconstruction of an ADI includes a reference to a demutualisation of an ADI.
The regulations may define the meaning of demutualisation for the purposes of this section. If the regulations do so, demutualisation has, in this section, the meaning given by the regulations.
The Treasurer may, in writing, determine guidelines as to acceptable standards of disclosure of information by an ADI (other than a foreign ADI) to its members in respect of a proposed demutualisation of the ADI.
The Treasurer must consider whether an ADI has complied with the guidelines (if any) in deciding whether to give a consent, for the purposes of paragraph (1)(b), to the ADI effecting a demutualisation.
In making a determination under subsection (8), the Treasurer must consult with APRA and ASIC.
A determination under subsection (8) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.
Subsections (6) to (11) do not limit the generality of the rest of this section. In particular, those subsections do not limit the matters that the Treasurer may take into account in deciding whether to give a consent, for the purposes of paragraph (1)(b), to an ADI effecting a demutualisation.
Schedule 3—Amendment of the Financial Corporations Act 1974
1 Section 3
Repeal the section, substitute:
The object of this Act is to assist the Reserve Bank by providing for the collection of information to facilitate the formulation of monetary policy.
2 Subsection 4(1) (definition of Statistician)
Repeal the definition.
3 Subparagraph 8(1)(c)(i)
Omit “$5,000,000”, substitute “$25,000,000”.
4 Paragraph 8(2)(e)
Omit “National Health Act 1953‑1973”, substitute “National Health Act 1953”.
5 Subparagraph 8(2)(k)(i)
Omit “$1,000,000”, substitute “$5,000,000”.
6 Paragraph 8(2)(l)
Omit “Governor” (wherever occurring), substitute “Reserve Bank”.
7 Subsections 10(1), (2), (4), (5), (5A), (5D) and (7)
Omit “Governor” (wherever occurring), substitute “Reserve Bank”.
8 Subsection 10(1)
Omit “he or she”, substitute “the Reserve Bank”.
9 Section 11
Repeal the section, substitute:
The Reserve Bank may, by written instrument, determine standards, consistent with the object of this Act, requiring the provision of information by:
all registered corporations; or
a specified class of registered corporations.
A standard may impose requirements about the way in which information is to be provided.
A standard may impose different requirements to be complied with in different situations or in respect of different activities.
A standard:
comes into force:
unless subparagraph (ii) applies—on the day on which the determination of the standard is made; or
if that determination specifies a later day as the day on which the standard comes into force—on the day so specified; and
continues in force until it is revoked.
The Reserve Bank may, by written instrument, vary or revoke a standard.
An instrument determining, varying or revoking a standard is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.
The Reserve Bank must ensure that registered corporations and other persons can have access to the current text of the standards by such means as the Reserve Bank considers appropriate.
The Reserve Bank may, by written instrument, exempt a registered corporation from the obligation to comply with a requirement in a standard in force under section 11. The exemption may be granted subject to conditions specified in the instrument of exemption.
The Reserve Bank may, by written instrument, vary or revoke an exemption granted under subsection (1).
The Reserve Bank must ensure that registered corporations and other persons can have access to the current text of exemptions granted under subsection (1) by such means as the Reserve Bank considers appropriate.
An instrument granting an exemption or varying or revoking an exemption is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.
A registered corporation is guilty of an offence if:
it fails to comply with a requirement of a standard in force under section 11 that is applicable to the corporation, other than a requirement about the way in which information is to be provided; and
there is no exemption in force under section 12 exempting the corporation from the obligation to comply with the requirement.
Maximum penalty: 200 penalty units
A registered corporation is guilty of an offence if:
it fails to comply with a requirement of a standard in force under section 11 that is applicable to the corporation, that is a requirement about the way in which information is to be provided; and
there is no exemption in force under section 12 exempting the corporation from the obligation to comply with the requirement.
Maximum penalty: 50 penalty units
10 Part IV
Repeal the Part.
11 Section 21
Repeal the section, substitute:
A document that is required by or under this Act or the regulations to be furnished to the Reserve Bank is to be delivered to the Head Office of the Reserve Bank.
12 Section 22A
Repeal the section, substitute:
Subject to subsection (3), the Governor may, by signed instrument, delegate any of the Reserve Bank’s functions or powers under this Act to any of the following persons:
a member of the Reserve Bank Board;
a member of the Reserve Bank Service.
Subject to subsection (3), the Governor may, by signed instrument, delegate any of the Reserve Bank’s functions or powers under this Act:
to the Chief Executive Officer of APRA, or to an APRA staff member, if the Chief Executive Officer of APRA agrees to the delegation; or
to the Australian Statistician, or to an ABS staff member, if the Australian Statistician agrees to the delegation.
Subsections (1) and (2) do not apply to the Reserve Bank’s functions and powers in relation to determining, varying or revoking standards under section 11.
In performing or exercising functions or powers under a delegation, the delegate must comply with any directions of the Governor.
For information about delegations, see sections 34AA to 34A of the Acts Interpretation Act 1901.
The Governor may, by signed instrument, vary or revoke a delegation under this section.
In this section:
ABS staff member means a person referred to in subsection 16(1) or (2) of the Australian Bureau of Statistics Act 1975.
APRA means the Australian Prudential Regulation Authority established by section 7 of the Australian Prudential Regulation Authority Act 1998.
APRA staff member has the same meaning as in the Australian Prudential Regulation Authority Act 1998.
Australian Statistician means the Australian Statistician referred to in subsection 5(2) of the Australian Bureau of Statistics Act 1975.
Reserve Bank Board means the Board referred to in section 9 of the Reserve Bank Act 1959.
Reserve Bank Service means the Reserve Bank Service referred to in subsection 66(2) of the Reserve Bank Act 1959.
If, under section 22A:
the Governor delegates to a person a function or power of the Reserve Bank; and
the delegation makes a reference to the Reserve Bank in another provision of this Act inappropriate, whether for administrative reasons or any other reason;
the Governor may, by signed instrument, direct that the provision is to have effect as if the reference to the Reserve Bank were a reference to the person referred to in paragraph (a).
If the Governor gives a direction in relation to a provision, the provision has effect in accordance with the direction while the direction is in force.
A direction:
comes into force:
unless subparagraph (ii) applies—on the day on which it is made; or
if the direction specifies a later day as the day on which the direction comes into force—on the day so specified; and
continues in force until it is revoked.
The Governor may, by signed instrument, vary or revoke a direction.
An instrument making, varying or revoking a direction is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.
13 Section 25
Omit “Reserve Bank Act 1959‑1973” (wherever occurring), substitute “Reserve Bank Act 1959”.
14 Section 26 (penalty)
Omit “10”, substitute “50”.
15 Section 30
Repeal the section.
Schedule 4—Amendment of the Financial Corporations (Transfer of Assets and Liabilities) Act 1993
1 Section 3 (subparagraph (b)(ii) of the definition of eligible foreign ADI)
Omit “3”, substitute “5”.
2 Section 3 (subparagraph (b)(ii) of the definition of eligible foreign ADI)
Omit “made either before, or not later than 5 years after, this Act commenced”, substitute “made before this Act commenced, or made after this Act commenced but before 1 July 2001”.
3 Section 3 (paragraph (b) of the definition of newly established local ADI)
Omit “3”, substitute “5”.
4 Section 3 (paragraph (b) of the definition of newly established local ADI)
Omit “made either before, or not later than 5 years after, this Act commenced”, substitute “made before this Act commenced, or made after this Act commenced but before 1 July 2001”.
5 Paragraph 4(b)
Omit “and has been from and including 18 June 1993,”.
6 Paragraphs 7(2)(a), (3)(a), (4)(a) and (5)(a)
Omit “, and has been from and including 18 June 1993,”.
7 Paragraph 7(6)(c)
Omit “within 8 years from the day on which this Act commences”, substitute “before 1 July 2004”.
8 Sub‑subparagraph 20(2)(bb)(ii)(B)
Omit “5”, substitute “8”.
9 Sub‑subparagraph 24(2)(bb)(ii)(B)
Omit “5”, substitute “8”.
10 Subsection 170‑33(2) of Schedule 1
Omit “5”, substitute “8”.
11 Subsection 170‑133(2) of Schedule 2
Omit “5”, substitute “8”.
Schedule 5—Amendment of the Financial Laws Amendment Act 1997
1 Subsection 2(2)
Repeal the subsection.
2 Before subsection 2(3)
Insert:
Items 1 and 1A of Schedule 4 are taken to have commenced on 22 December 1996.
3 Items 15, 16, 17, 18, 19 and 20 of Schedule 3
Repeal the items.
4 After item 1 of Schedule 4
Insert:
1A Section 3 (paragraph (b) of the definition of newly established local bank)
Omit “3”, substitute “5”.
Schedule 6—Amendment of the Life Insurance Act 1995
1 Section 16ZA
Omit all the words from and including “if”, substitute:
if the following requirements have been satisfied:
the assignment must be by memorandum of transfer in accordance with, or substantially in accordance with, the form set out in the relevant benefit fund rules;
the memorandum must be signed by the transferor and the transferee;
the transferor must give 2 copies of the signed memorandum to the friendly society concerned;
the assignment must be registered in a register of assignments kept by the friendly society concerned;
the date of registration must be inserted in the memorandum;
the memorandum must be signed by an officer of the friendly society concerned who is authorised to do so by the friendly society.
Schedule 7—Amendment of the Reserve Bank Act 1959
1 Section 17
Omit “Subject to subsection (2), a person”, substitute “A person”.
2 Section 17
Omit “of a corporation (other than the Reserve Bank) the business of which is wholly or mainly that of banking”, substitute “of an ADI”.
Schedule 8—Amendment of the Retirement Savings Accounts Act 1997
1 Subsection 68(1)
Omit all the words from and including “APRA” (second occurring), substitute:
APRA may refer the details of the matter to the persons specified in subsection (2).
Persons to whom APRA refers the details of the matter are subject to secrecy obligations under section 56 of the Australian Prudential Regulation Authority Act 1998. In particular, see paragraph (c) of the definition of officer in subsection 56(1), and subsections 56(2), (9) and (10), of that Act.
Schedule 9—Amendment of superannuation legislation relating to financial assistance to funds
Financial Institutions Supervisory Levies Collection Act 1998
1 Section 16 (at the end of the definition of fund)
Add “, but does not include a self managed superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993)”.
Superannuation (Financial Assistance Funding) Levy Act 1993
2 Title
Omit “any such”, substitute “certain”.
3 Section 3
Omit “such”, substitute “certain”.
4 Section 5 (at the end of the definition of fund)
Add “, but does not include a self managed superannuation fund”.
Superannuation Industry (Supervision) Act 1993
5 Section 228
Insert:
defined benefit fund means:
a public sector superannuation scheme that:
is a regulated superannuation fund; and
has at least one defined benefit member; or
a regulated superannuation fund (other than a public sector superannuation scheme) that has at least one defined benefit member.
6 Section 228
Insert:
defined benefit member means:
a member entitled, on retirement or termination of his or her employment, to be paid a benefit defined, wholly or in part, by reference to one or more of the following:
the amount of the member’s salary at a particular date, being the date of the termination of the member’s employment or of the member’s retirement or an earlier date;
the amount of the member’s salary averaged over a period before retirement;
a specified amount; or
a member who is being paid a defined benefit pension.
7 Section 228
Insert:
defined benefit pension means a pension other than:
a pension wholly determined by reference to policies of life assurance purchased or obtained by the trustee of a regulated superannuation fund solely for the purposes of providing benefits to members of that fund; or
an allocated pension (as defined in subregulation 1.03(1) of the Superannuation Industry (Supervision) Regulations 1994).
8 Section 228
Insert:
eligible loss:
in relation to a fund that is not a defined benefit fund—means a loss suffered by the fund as a result of fraudulent conduct, or theft; and
in relation to a fund that is a defined benefit fund—means so much of a loss suffered by the fund as a result of fraudulent conduct, or theft, that a standard employer-sponsor of the fund:
is required to pay to the fund; but
cannot pay to the fund while remaining able to pay all debts incurred by the standard employer-sponsor, as and when the debts become due and payable.
9 Section 228 (definition of loss)
Repeal the definition.
10 Paragraph 229(1)(a)
Repeal the paragraph, substitute:
a fund suffers an eligible loss after the commencement of this Part; and
11 At the end of Division 1 of Part 23
Add:
The Minister must make a written request to APRA for advice in relation to the application. The request may specify:
particular matters that APRA is to provide advice about; and
a time by which the advice must be provided.
APRA must comply with the request and may, in its advice, also address any other issues that APRA considers relevant to the determination of the application.
The Minister’s written request to APRA made under subsection (1) for advice in relation to the application for assistance must be laid before each House of the Parliament as soon as practicable after the Minister has made a written determination under subsection 231(1).
12 Subsection 231(1)
Omit “and any additional information given by the trustee”, substitute “, any additional information given by the trustee, and APRA’s advice under section 230A”.
13 Subsection 231(1)
Omit “loss”, substitute “an eligible loss”.
14 Section 232
Omit “loss”, substitute “eligible loss”.
Schedule 10—Other amendments of the Superannuation Industry (Supervision) Act 1993
1 Subparagraph 6(1)(a)(viii)
Omit “(other than section 140)”.
2 Subparagraph 6(1)(c)(iii)
Repeal the subparagraph.
3 Subsection 10(1) (definition of approved form)
Repeal the definition, substitute:
approved form has the meaning given by section 11A.
4 Subsection 10(1)
Insert:
signed, in relation to a body corporate, means executed by or on behalf of the body corporate in a way that is effective in law and that binds the body corporate.
5 After section 11
Insert:
In this Act, a reference to an approved form is a reference to a form approved by the Regulator, in writing, for the purposes of the provision in which the expression appears.
An approved form may require particular information to be included in the completed form.
An approved form may do either or both of the following:
require or permit the form to be attached to, or to form part of, another document;
require or permit the form to be given on a specified kind of data processing device or by specified electronic transmission, in accordance with specified software or other requirements.
An approved form may require the form to be signed by a particular person or persons. This applies whether or not a provision of this Act also requires the form to be signed.
An approved form may make different requirements to be complied with according to whether or not the form is given in a way that is required or permitted as mentioned in paragraph (3)(b).
If an approved form makes a requirement as mentioned in subsection (2), (3) or (4), a purported use of the form is not effective for the purposes of this Act unless the requirement has been complied with.
Showing the first 12 of 15 provisions. See all provisions