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This is a Bill, not an Act. For current law, see the Acts databases.
2010-2011-2012-2013
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Export Finance and Insurance
Corporation Amendment (New Mandate
and Other Measures) Bill 2013
No. , 2013
(Trade and Competitiveness)
A Bill for an Act to amend the Export Finance and
Insurance Corporation Act 1991, and for related
purposes
i Export Finance and Insurance Corporation Amendment (New Mandate and Other
Measures) Bill 2013 No. , 2013
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedule(s) ........................................................................................ 2
Schedule 1--Amendments
3
Part 1--Main amendments
3
Export Finance and Insurance Corporation Act 1991
3
Part 2--Consequential amendments
8
Corporations Act 2001
8
Insurance Contracts Act 1984
8
Export Finance and Insurance Corporation Amendment (New Mandate and Other Measures) Bill
2013 No. , 2013 1
A Bill for an Act to amend the Export Finance and
1
Insurance Corporation Act 1991, and for related
2
purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Export Finance and Insurance
6
Corporation Amendment (New Mandate and Other Measures) Act
7
2013.
8
2 Commencement
9
(1) Each provision of this Act specified in column 1 of the table
10
commences, or is taken to have commenced, in accordance with
11
column 2 of the table. Any other statement in column 2 has effect
12
according to its terms.
13
2 Export Finance and Insurance Corporation Amendment (New Mandate and Other
Measures) Bill 2013 No. , 2013
1
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
A single day to be fixed by Proclamation.
However, if the provision(s) do not
commence within the period of 6 months
beginning on the day this Act receives the
Royal Assent, they commence on the day
after the end of that period.
Note:
This table relates only to the provisions of this Act as originally
2
enacted. It will not be amended to deal with any later amendments of
3
this Act.
4
(2) Any information in column 3 of the table is not part of this Act.
5
Information may be inserted in this column, or information in it
6
may be edited, in any published version of this Act.
7
3 Schedule(s)
8
Each Act that is specified in a Schedule to this Act is amended or
9
repealed as set out in the applicable items in the Schedule
10
concerned, and any other item in a Schedule to this Act has effect
11
according to its terms.
12
Amendments Schedule 1
Main amendments Part 1
Export Finance and Insurance Corporation Amendment (New Mandate and Other Measures) Bill
2013 No. , 2013 3
Schedule 1
--
Amendments
1
Part 1
--
Main amendments
2
Export Finance and Insurance Corporation Act 1991
3
1 Subsection 3(1)
4
Insert:
5
accounting standard has the same meaning as in the Corporations
6
Act 2001.
7
2 Subsection 3(1)
8
Insert:
9
market failure means a failure, relating to the provision of
10
insurance or another financial service or product, of a kind
11
specified in a legislative instrument made by the Minister for the
12
purposes of this definition.
13
3 Subsection 3(1) (definition of short-term insurance
14
contract)
15
Repeal the definition.
16
4 Subsection 3(1)
17
Insert:
18
SME (short for small and medium enterprises), in relation to the
19
provision of insurance or another financial service or product by
20
EFIC, has the meaning given by section 3A.
21
5 Subsection 3(5)
22
Repeal the subsection, substitute:
23
(5) In this Act, a reference to Australian export trade includes a
24
reference to any transaction (including the rendering of a service)
25
resulting in:
26
(a) an increase in exports from Australia; or
27
(b) access to new markets for Australian exports; or
28
(c) an increase in dividend flows from overseas to Australia; or
29
Schedule 1 Amendments
Part 1 Main amendments
4 Export Finance and Insurance Corporation Amendment (New Mandate and Other
Measures) Bill 2013 No. , 2013
(d) any other benefit specified in a legislative instrument made
1
by the Minister for the purposes of this paragraph.
2
6 After section 3
3
Insert:
4
3A SME
5
(1) An SME (short for small and medium enterprises), in relation to
6
the provision of insurance or another financial service or product
7
by EFIC, means a company registered under the Corporations Act
8
2001 that:
9
(a) has consolidated revenue, for the most recent financial year
10
of the SME ending before the start of the provision of the
11
insurance or other financial service or product, of less than
12
the amount specified in a legislative instrument made by the
13
Minister for the purposes of this paragraph; or
14
(b) has, during that financial year, an average number of
15
employees that is less than the number specified in a
16
legislative instrument made by the Minister for the purposes
17
of this paragraph.
18
(2) Consolidated revenue is to be calculated for the purposes of
19
paragraph (1)(a) in accordance with accounting standards in force
20
at the relevant time (even if the standard does not otherwise apply
21
to the financial year of the SME concerned).
22
(3) In counting employees for the purposes of paragraph (1)(b), take
23
part-time employees into account as an appropriate fraction of a
24
full-time equivalent.
25
7 Before section 14
26
Insert:
27
13A Market failures
28
(1) EFIC must not provide insurance, or another financial service or
29
product, under this Part unless the insurance or other financial
30
service or product (as the case may be) is unlikely, wholly or
31
mainly because of a market failure, to be provided by any private
32
sector provider.
33
Amendments Schedule 1
Main amendments Part 1
Export Finance and Insurance Corporation Amendment (New Mandate and Other Measures) Bill
2013 No. , 2013 5
(2) To avoid doubt, subsection (1) does not limit the provision of
1
insurance or other financial services or products under Part 5.
2
8 Section 16 (heading)
3
Repeal the heading, substitute:
4
16 Guarantees in relation to loans to Australian suppliers etc.
5
9 Paragraph 16(1)(a)
6
Repeal the paragraph, substitute:
7
(a) a person (in this section called the lender) has lent, or
8
proposes to lend, money to:
9
(i) a person who is carrying on business in Australia; or
10
(ii) an eligible foreign subsidiary; and
11
10 At the end of section 16
12
Add:
13
(3) EFIC must not give a guarantee under this section in relation to an
14
eligible foreign subsidiary unless the relevant SME has certified to
15
EFIC that there will not, during the term of the guarantee, be a net
16
reduction, in connection with the giving of the guarantee, in the
17
number of persons employed in Australia by the SME.
18
(4) For the purposes of this section, an eligible foreign subsidiary is a
19
body that:
20
(a) is a subsidiary (within the meaning of the Corporations Act
21
2001) of an SME that is carrying on business in Australia;
22
and
23
(b) is not carrying on business in Australia.
24
11 Section 17 (heading)
25
Omit "and subsidies".
26
12 Paragraph 19(1)(c)
27
Omit "associated with such a transaction", substitute "integral to an
28
export contract or an eligible export transaction".
29
Schedule 1 Amendments
Part 1 Main amendments
6 Export Finance and Insurance Corporation Amendment (New Mandate and Other
Measures) Bill 2013 No. , 2013
13 At the end of Part 4
1
Add:
2
23A Focus on providing services and products to SMEs
3
(1) In providing insurance and other financial services and products
4
under this Part, EFIC must focus on providing such services and
5
products to SMEs.
6
(2) To avoid doubt, subsection (1) does not limit the provision of
7
insurance or other financial services or products under Part 5.
8
14 Paragraph 34(1)(e)
9
Repeal the paragraph.
10
15 Paragraph 34(1)(f)
11
Omit "2 nor more than 5", substitute "3 nor more than 6".
12
16 Subsection 34(4)
13
Omit "2", substitute "3".
14
17 Subsections 35(1) and (1A)
15
Omit ", other than the government member,".
16
18 Subsection 35(2)
17
Repeal the subsection.
18
19 Subsection 37(1)
19
Omit "(other than the government member)".
20
20 Subsection 39(1)
21
Omit "(1)" (first occurring).
22
21 Subsection 39(2)
23
Repeal the subsection.
24
22 Subsections 61A(1) and 62A(1)
25
Omit "in respect of short-term insurance contracts entered into by
26
EFIC".
27
Amendments Schedule 1
Main amendments Part 1
Export Finance and Insurance Corporation Amendment (New Mandate and Other Measures) Bill
2013 No. , 2013 7
23 Subsection 63A(2)
1
Omit "over other insurers because of the operation of section 63 in
2
relation to its short-term insurance contracts", substitute ", because of
3
the operation of section 63, over other persons or bodies who provide
4
insurance or financial service and products that EFIC may provide".
5
24 Subsection 63A(3)
6
Omit "in relation to its short-term insurance contracts".
7
25 Paragraph 87(1)(e)
8
Omit "34(1)(e) or (f)", substitute "34(1)(f)".
9
26 Application of amendments
10
Sections 13A and 23A of the Export Finance and Insurance
11
Corporation Act 1991, as inserted by this Schedule, apply in relation to:
12
(a) contracts entered into on or after the commencement of this
13
item; and
14
(b) guarantees given on or after the commencement of this item;
15
and
16
(c) loans made on or after the commencement of this item.
17
Schedule 1 Amendments
Part 2 Consequential amendments
8 Export Finance and Insurance Corporation Amendment (New Mandate and Other
Measures) Bill 2013 No. , 2013
Part 2
--
Consequential amendments
1
Corporations Act 2001
2
27 Paragraph 765A(1)(f)
3
Omit ", other than a short-term insurance contract within the meaning of
4
the Export Finance and Insurance Corporation Act 1991".
5
Insurance Contracts Act 1984
6
28 Paragraph 9(1)(ca)
7
Omit ", other than short-term insurance contracts within the meaning of
8
the Export Finance and Insurance Corporation Act 1991 that are
9
entered into on or after the commencement of this paragraph".
10
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