Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000

A document that is not required to be lodged in an approved form may be lodged with the Regulator electronically only if:

the Regulator and the person seeking to lodge it (either on the person’s own behalf or on another person’s behalf) have agreed, in writing, that it may be lodged electronically; or

the Regulator has approved, in writing, the electronic lodgment of documents of that kind.

The document is taken to be lodged with the Regulator if it is lodged in accordance with the agreement or approval (including any requirements of the agreement or approval as to authentication).

6 Paragraph 18(3)(b)

Omit “under the common or official seal of”, substitute “signed by”.

7 Subsection 19(4)

Omit all the words from and including “written notice” to and including the end of paragraph (b), substitute:

written notice that is:

in the approved form; and

signed by the trustee or each trustee;

8 Subsections 36A(4), (5) and (6)

Repeal the subsections.

9 Subsection 131A(1)

Omit all the words from and including “the Regulator” (second occurring), substitute:

the Regulator may refer the details of the matter to the persons specified in subsection (2).

Note: Persons to whom the Regulator refers the details of the matter are subject to secrecy obligations under section 56 of the Australian Prudential Regulation Authority Act 1998 (if APRA is the Regulator) or section 252C of this Act (if the Commissioner of Taxation is the Regulator). In particular, see paragraph (c) of the definition of officer in subsection (1), and subsections (2), (9) and (10), of those sections.

10 Subsection 140(2)

Omit “a form approved by ASIC”, substitute “the approved form”.

11 Subsection 254(1)

Omit “the prescribed information to APRA or such other body or person as is specified in the regulations”, substitute “such information to APRA, or to such other body or person as is specified in the regulations, as is required by the approved form”.

12 Subsection 254(1) (note)

Repeal the note, substitute:

Note: The approved form for information required to be given under this subsection may require the trustee to set out the tax file number of the entity. See subsection 299U(8).

13 Subsection 299U(8)

Repeal the subsection, substitute:

Information to be given after establishment of entity

The approved form for information required to be given under subsection 254(1) may require the tax file number of the entity to be given.

Schedule 11—Other miscellaneous minor technical amendments

Financial Sector Reform (Amendments and Transitional Provisions) Act 1998

1 Subsection 2(16)

Omit “Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1998” (wherever occurring), substitute “Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2000”.

2 Subsection 2(17)

Omit “Superannuation Legislation Amendment Act 1998” (wherever occurring), substitute “Superannuation Legislation Amendment Act 1999”.

3 Part 3 of Schedule 17 (heading)

Repeal the heading, substitute:

Part 3—Amendment to take account of Schedule 3 to the Superannuation Legislation Amendment Act 1999

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999

4 After subsection 3(7)

Insert:

Items 8, 9, 11 and 12 of Schedule 6 are taken to have commenced immediately after the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 received the Royal Assent.

Income Tax Assessment Act 1936

5 Subsection 161(3)

Omit “physically”.

Schedule 12—Transitional, saving and application provisions

Part 1—Transitional provisions for validation of determinations relating to financial sector supervisory levies

1 Definitions

In this Part:

Collection Act means the Financial Institutions Supervisory Levies Collection Act 1998.

deferred payment day means the day that is 6 weeks after the day on which this Part commences.

Imposition Act means any of the following Acts:

the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998;

the General Insurance Supervisory Levy Imposition Act 1998;

the Life Insurance Supervisory Levy Imposition Act 1998;

the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998;

the Superannuation Supervisory Levy Imposition Act 1998.

levy paying entity has the same meaning as in the Collection Act.

Validation Act means any of the following Acts:

the Authorised Non‑operating Holding Companies Supervisory Levy Determination Validation Act 2000;

the General Insurance Supervisory Levy Determination Validation Act 2000;

the Life Insurance Supervisory Levy Determination Validation Act 2000;

the Retirement Savings Account Providers Supervisory Levy Determination Validation Act 2000;

the Superannuation Supervisory Levy Determination Validation Act 2000.

2 Deferral of date for paying levy

This item applies to a levy paying entity if, because of section 4 of a Validation Act:

the entity is liable to pay levy imposed by an Imposition Act; and

the levy payable by the entity would, apart from this item, have been due and payable under section 9 of the Collection Act before the deferred payment day.

The levy payable by the entity is taken to be due and payable on the deferred payment day, despite section 9 of the Collection Act.

Note: This provision affects the calculation of late payment penalty (if any) under section 10 of the Collection Act.

3 No retrospective criminal liability

Nothing in this Part or the Validation Acts is taken to make a person criminally liable in respect of acts or omissions of the person before the day on which this Part commences, if the person would not have been so liable had this Part and the Validation Acts not been enacted.

Part 2—Transitional provisions relating to amendments of the Financial Corporations Act 1974

4 Definitions

In this Part:

amended Act means the Financial Corporations Act 1974 as in force immediately after the commencement of Schedule 3 to this Act.

old Act means the Financial Corporations Act 1974 as in force immediately before the commencement of Schedule 3 to this Act.

registered corporation has the same meaning as in the amended Act.

Reserve Bank means the Reserve Bank of Australia.

5 Treatment of exemptions and determinations under paragraph 8(2)(l)

An exemption or determination in force immediately before the commencement of Schedule 3 to this Act under paragraph 8(2)(l) of the old Act continues in force after that commencement as if it were an exemption or determination under paragraph 8(2)(l) of the amended Act.

6 Treatment of matters under section 10

The following provisions apply in relation to matters under section 10 of the old Act:

the list under subsection 10(1) of the old Act, being that list as in force immediately before the commencement of Schedule 3 to this Act, has effect after that commencement as if it were prepared by the Reserve Bank under subsection 10(1) of the amended Act;

an obligation on the Governor of the Reserve Bank to publish notice of a matter, being an obligation that is undischarged as at the commencement of Schedule 3 to this Act, becomes, on that commencement, an obligation that the Reserve Bank is to discharge;

a determination in force under a provision of section 10 of the old Act immediately before the commencement of Schedule 3 to this Act continues to have effect, after that commencement, as if it were a determination under that provision of section 10 of the amended Act;

a request under subsection 10(7) of the old Act that has not been dealt with by the commencement of Schedule 3 to this Act is, after that commencement, to be dealt with as if it were a request under subsection 10

of the amended Act.

7 Standards taken to have been determined on commencement

Immediately after the commencement of Schedule 3 to this Act, the Reserve Bank is taken to have determined standards under section 11 of the amended Act that require classes of registered corporations:

to provide to the Reserve Bank the same information that those classes of corporations were required to provide under section 11 of the old Act; and

to provide that information in the same way in which those classes of corporations were required to provide that information under section 11 of the old Act.

The standards come into force on that commencement.

Subsection 11(6) of the amended Act does not apply in respect of the determination of the standards.

Part 3—Transitional provision relating to amendment of the Life Insurance Act 1995

8 Treatment of assignments under section 16ZA

If an assignment of an interest in a benefit fund of a friendly society was made:

before the day on which this Act receives the Royal Assent; and

in accordance with section 16ZA of the Life Insurance Act 1995, as then in force, disregarding the effect of item 1 of Schedule 6 to this Act;

the assignment is taken to have been made in accordance with section 16ZA of the Life Insurance Act 1995 as amended by that item.

Expressions used in this item have the same meanings as they have in the Life Insurance Act 1995.

Part 4—Transitional provisions relating to amendments of the Reserve Bank Act 1959

9 Disqualification

This item applies if a person:

was a member of the Reserve Bank Board immediately before the commencement of Schedule 7 to this Act; and

held a position as a director, officer or employee of a particular ADI immediately before that commencement; and

was not disqualified from the Reserve Bank Board under section 17 of the old Act, immediately before that commencement, because of holding that position with that ADI; and

would, apart from this item, have been disqualified from the Reserve Bank Board under section 17 of the amended Act, immediately after that commencement, because of holding that position with that ADI.

Despite section 17 of the amended Act, the person is not disqualified from the Reserve Bank Board under that section merely because the person continues to hold that position with that ADI after that commencement.

In this item:

ADI has the same meaning as in the amended Act.

amended Act means the Reserve Bank Act 1959 as in force immediately after the commencement of Schedule 7 to this Act.

disqualified from the Reserve Bank Board means not capable of appointment, or of continuing to act, as a member of the Reserve Bank Board.

old Act means the Reserve Bank Act 1959 as in force immediately before the commencement of Schedule 7 to this Act.

Reserve Bank means the Reserve Bank of Australia.

Part 5—Application of amendments of superannuation legislation relating to financial assistance to funds

10 Application of amendments of superannuation legislation relating to financial assistance to funds

The amendments made by Schedule 9 only apply in relation to losses incurred by a fund after the commencement of that Schedule.

[Minister’s second reading speech made in—

House of Representatives on 30 June 1999

Senate on 29 September 1999]

(153/99)