Schedule(s)
3 Schedule(s)
Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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:
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