References to Reserve Bank—direction by the Governor
22B References to Reserve Bank—direction by the Governor
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:
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