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This is a Bill, not an Act. For current law, see the Acts databases.
1998-1999-2000-2001
The
Parliament of the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Financial Sector
(Collection of Data—Consequential and Transitional Provisions) Bill
2001
No. ,
2001
(Treasury)
A Bill
for an Act to repeal and amend various Acts, and to deal with transitional
matters, in connection with the enactment of the Financial Sector (Collection
of Data) Act 2001, and for related purposes
ISBN:
0642 468966
Contents
Financial Corporations Act
1974 3
Part 1—Australian Prudential Regulation Authority Act
1998 4
Part 2—Banking Act
1959 7
Part 3—Insurance Act
1973 9
Part 4—Life Insurance Act
1995 12
Part 5—Retirement Savings Accounts Act
1997 16
Part 6—Superannuation Industry (Supervision) Act
1993 19
Part 7—Other
Acts 26
Broadcasting Services Act
1992 26
Cheques Act
1986 26
Financial Corporations (Transfer of Assets and Liabilities) Act
1993 26
Financial Institutions Supervisory Levies Collection Act
1998 26
Income Tax Assessment Act
1936 27
Insurance Acquisitions and Takeovers Act
1991 28
National Crime Authority Act
1984 31
Reserve Bank Act
1959 31
Taxation Administration Act
1953 31
Telecommunications (Consumer Protection and Service Standards) Act
1999 31
A Bill for an Act to repeal and amend various Acts, and
to deal with transitional matters, in connection with the enactment of the
Financial Sector (Collection of Data) Act 2001, and for related
purposes
The Parliament of Australia enacts:
This Act may be cited as the Financial Sector (Collection of
Data—Consequential and Transitional Provisions) Act 2001.
(1) Sections 1, 2 and 3 commence on the day on which this Act
receives the Royal Assent.
(2) Parts 1 to 6 of Schedule 2 commence on 1 July
2001.
(3) Schedule 1, Part 7 of Schedule 2 and Schedule 3
commence on the same day as Part 2 of the Financial Sector (Collection
of Data) Act 2001.
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this Act is amended or repealed as set out in the applicable items in the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.
Financial Corporations Act
1974
1 The whole of the Act.
Repeal the Act.
Part 1—Australian
Prudential Regulation Authority Act 1998
1 Subsection 56(1)
Insert:
financial sector entity has the same meaning as in the
Financial Sector (Collection of Data) Act 2001.
2 Subsection 56(1) (after paragraph (b) of
the definition of Act covered by this section)
Insert:
(ba) the Financial Sector (Collection of Data) Act 2001;
3 Subsection 56(1) (at the end of
paragraph (c) of the definition of protected
document)
Add “or”.
4 Subsection 56(1) (after paragraph (c) of
the definition of protected document)
Insert:
(ca) a registered entity; or
(cb) a body corporate (including a body corporate that has ceased to
exist) that has at any time been, or is, related (within the meaning of the
Corporations Law) to a registered entity; or
(cc) a person who has been, is, or proposes to be, a customer of a
registered entity;
5 Subsection 56(1) (at the end of
paragraph (c) of the definition of protected
information)
Add “or”.
6 Subsection 56(1) (after paragraph (c) of
the definition of protected information)
Insert:
(ca) a registered entity; or
(cb) a body corporate (including a body corporate that has ceased to
exist) that has at any time been, or is, related (within the meaning of the
Corporations Law) to a registered entity; or
(cc) a person who has been, is, or proposes to be, a customer of a
registered entity;
7 Subsection 56(1)
Insert:
registered entity means a corporation that is, or has at any
time been, a registered entity within the meaning of the Financial Sector
(Collection of Data) Act 2001.
8 Paragraph 56(2)(c)
After “(5),”, insert “(5A), (5B), (5C),”.
9 After subsection 56(5)
Insert:
(5A) It is not an offence if the production by a person of a document that
was given to APRA under section 9 or 13 of the Financial Sector
(Collection of Data) Act 2001 is to the Australian Statistician for the
purposes of the Census and Statistics Act 1905.
Note: A defendant bears an evidential burden in relation to
matters in subsection (5A) (see section 13.3(3) of the Criminal
Code).
(5B) It is not an offence if the production by a person of a document that
was given to APRA under section 9 or 13 of the Financial Sector
(Collection of Data) Act 2001 is to:
(a) the Reserve Bank of Australia; or
(b) another prescribed authority.
Note: A defendant bears an evidential burden in relation to
matters in subsection (5B) (see section 13.3(3) of the Criminal
Code).
(5C) If a document relating to a financial sector entity (other than an
entity that is, or is included in a class of entities that are, excluded by the
regulations from the operation of this subsection) is a reporting document
that:
(a) was given by the entity to APRA under section 13 of the
Financial Sector (Collection of Data) Act 2001; and
(b) is determined by APRA under section 57 to be a document that does
not contain confidential information;
it is not an offence to disclose the document, or any information contained
in the document, to any person (including to disclose the document by making it
available for inspection by the public or to disclose the information by making
a document containing the information so available).
Note: A defendant bears an evidential burden in relation to
matters in subsection (5C) (see section 13.3(3) of the Criminal
Code).
10 At the end of
Part 6
Add:
(1) APRA may determine whether a document that was given to APRA by a
registered entity, or by a body regulated by APRA, under section 13 of the
Financial Sector (Collection of Data) Act 2001 contains confidential
information, but must not make such a determination unless APRA has:
(a) given to the entity or body, or to an association or other body
representing the class of entities or bodies within which the entity or body is
included, a reasonable opportunity to make representations as to whether
information of the kind contained in the document is confidential; and
(b) taken any such representations into account.
(2) A determination made under subsection (1) is a disallowable
instrument for the purposes of section 46A of the Acts Interpretation
Act 1901.
11 Subparagraph 9A(2)(a)(i)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
12 Subparagraph
11AB(2)(a)(i)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
13 After paragraph
11CA(1)(d)
Insert:
; or (e) the body corporate has contravened a requirement under the
Financial Sector (Collection of Data) Act 2001.
14 Subparagraphs 16B(2)(a)(ii), (3)(a)(ii) and
(4)(a)(ii)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
15 At the end of
section 16C
Add “or the Financial Sector (Collection of Data) Act
2001”.
16 Part VI
Repeal the Part.
17 Subsection 62(5)
Repeal the subsection.
18 Application
(1) The amendments made by this Part apply to a financial sector entity
(within the meaning of the Financial Sector (Collection of Data) Act
2001) that is a body referred to in subitem (2) only on and after the
day on which the reporting standards determined under section 13 of that
Act begin to apply under section 15 of that Act to a class or kind of
financial sector entities in which that body is included.
(2) The bodies are:
(a) ADIs; and
(b) authorised NOHCs; and
(c) subsidiaries of ADIs; and
(d) subsidiaries of authorised NOHCs.
(3) Expressions used in subitem (2) have the same meanings as in the
Banking Act 1959.
19 Subsection 3(1) (definition of
accounts)
Omit “subsections 44(1) and (3) and 49J(1) and (3)”.
20 Subsection 3(1) (definition of quarterly
statutory accounts)
Repeal the definition.
21 Subsection 3(1) (definition of statutory
accounts)
Repeal the definition, substitute:
statutory accounts, in relation to a body corporate, means
the reporting documents that the body corporate is required under
section 13 of the Financial Sector (Collection of Data) Act 2001 to
lodge with APRA.
22 Subsection 3(1) (definition of yearly
statutory accounts)
Repeal the definition, substitute:
yearly statutory accounts, in relation to a body corporate,
means the reporting documents that the body corporate is required under
section 13 of the Financial Sector (Collection of Data) Act 2001 to
lodge with APRA in respect of a financial year.
23 Paragraph 23(f)
After “Act”, insert “and the Financial Sector
(Collection of Data) Act 2001”.
24 Paragraph 24(f)
After “Act”, insert “and the Financial Sector
(Collection of Data) Act 2001”.
25 Sections 44 and 45
Repeal the sections.
26 Section 49
Repeal the section.
27 Sections 49J and
49K
Repeal the sections.
28 Section 49P
Repeal the section.
29 Paragraph 52(1)(b)
After “Act” (wherever occurring), insert “or the
Financial Sector (Collection of Data) Act 2001”.
30 Subsection 52(1B)
After “Act” (second and third occurring), insert “or the
Financial Sector (Collection of Data) Act 2001”.
31 Subsection 62(1)
After “Act” (second and third occurring), insert “or the
Financial Sector (Collection of Data) Act 2001”.
32 Subparagraph
62(1A)(b)(ii)
After “Act” (wherever occurring), insert “or the
Financial Sector (Collection of Data) Act 2001”.
33 Subsection 115(1)
After “Act” (second occurring), insert “or the
Financial Sector (Collection of Data) Act 2001”.
34 Subsection 115A(1)
After “Act” (last occurring), insert “or the Financial
Sector (Collection of Data) Act 2001”.
35 Paragraph 115A(2)(a)
After “Act” (last occurring), insert “or the Financial
Sector (Collection of Data) Act 2001”.
36 Subparagraph
115A(3)(a)(i)
After “Act”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
37 Subparagraph 117A(1)(a)
After “Act”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
38 Subsection 123(2)
Repeal the subsection.
Note: The heading to section 123 is altered by omitting
“, accounts”.
39 Subsection 123(4)
Omit “or (2)”.
40 Subsection 128(1)
Omit “, 44”.
41 Subsection 128(1)
Omit “, 49J”.
42 Paragraph 128(1)(b)
Omit “44,”.
43 Paragraph 128(1)(b)
Omit “, 49J”.
44 Paragraph 132(c)
Repeal the paragraph.
45 Application
The amendments made by this Part apply only on and after the day on which
the reporting standards determined under section 13 of the Financial
Sector (Collection of Data) Act 2001 begin to apply under section 15 of
that Act to financial sector entities (within the meaning of that Act) whose
sole or principal business in Australia is insurance business (within the
meaning of the Insurance Act 1973).
Part 4—Life
Insurance Act 1995
46 Paragraph 21(3)(e)
After “Act”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
47 Section 57
Omit “section 82”, substitute “the Financial
Sector (Collection of Data) Act 2001”.
48 Section 82
Repeal the section.
49 Subsection 83(2)
Repeal the subsection, substitute:
(2) The audit must be carried out before reporting documents as at the end
of that financial year are given to APRA under the Financial Sector
(Collection of Data) Act 2001.
50 Subsection 83(3)
Omit “prepared under subsection 82(1) are not effective for the
purposes of this Act”, substitute “referred to in
subsection (2) are not effective for the purposes of this Act or the
Financial Sector (Collection of Data) Act 2001”.
51 Paragraph 88(1)(a)
After “Act”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
52 Subparagraph 88(3)(a)(i)
After “Act”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
53 Paragraph 89(2)(a)
After “Act”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
54 Paragraph 92(1)(a)
Omit “section 82”, substitute “the Financial
Sector (Collection of Data) Act 2001”.
55 Paragraph 98(1)(a)
After “Act”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
56 Subparagraph 98(3)(a)(i)
After “Act”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
57 Sections 117 and
118
Repeal the sections.
58 Section 121
Repeal the section.
59 Section 122
Omit “referred to in subsection 82(1)”, substitute “under
the Financial Sector (Collection of Data) Act 2001”.
60 Subsection 124(1)
Omit “section 118”, substitute “the Financial
Sector (Collection of Data) Act 2001”.
61 Subsection 125A(1) (paragraph (b) of the
definition of provision to which this section
applies)
Repeal the paragraph.
62 Subsection 125B(1) (paragraph (b) of the
definition of provision to which this section
applies)
Repeal the paragraph.
63 Subparagraph 136(b)(i)
After “Life Insurance Act 1945”, insert “or the
Financial Sector (Collection of Data) Act 2001”.
64 Subparagraph 136(b)(ii)
After “Act”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
65 Paragraphs 150(1)(b) and
(c)
After “Act”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
66 Section 166
After “Act” (first occurring), insert “or the operation
of the Financial Sector (Collection of Data) Act 2001”.
67 At the end of
section 166
Add “or the provisions of the Financial Sector (Collection of
Data) Act 2001”.
68 At the end of subsection
230A(3)
Add “or the Financial Sector (Collection of Data) Act
2001”.
69 Paragraph 230B(1)(a)
After “Act”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
70 Subsection 236(1) (paragraph (zb) of the
definition of reviewable decision)
Repeal the paragraph.
71 Subsection 236(1) (paragraphs (zd), (ze)
and (zf) of the definition of reviewable decision)
Repeal the paragraphs.
72 Sections 243 and
244
Repeal the sections.
73 Subsection 248(2)
After “Act”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
74 Schedule
Insert:
reporting document has the same meaning as in the
Financial Sector (Collection of Data) Act 2001.
75 Application
The amendments made by this Part apply only on and after the day on which
the reporting standards determined under section 13 of the Financial
Sector (Collection of Data) Act 2001 begin to apply under section 15 of
that Act to financial sector entities (within the meaning of that Act) that are
registered under the Life Insurance Act 1995.
Part 5—Retirement
Savings Accounts Act 1997
76 Subparagraph 3(1)(a)(iv)
Repeal the subparagraph, substitute:
(iv) section 183; and
77 Paragraph 3(2)(d)
Omit “, 184, 193 and 194”, substitute “and
184”.
78 Section 16 (definition of
lodge)
Repeal the definition.
79 Section 16 (paragraph (o) of the
definition of reviewable decision)
Omit “182; or”, substitute “182.”.
80 Section 16 (paragraph (p) of the
definition of reviewable decision)
Repeal the paragraph.
81 Section 37
Omit “and to require RSA providers to provide an annual return to
APRA”.
82 Paragraphs 44(1)(a) and
(b)
Repeal the paragraphs.
Note: The heading to section 44 is replaced by the
heading “RSA provider to give copy of audit report to
APRA”.
83 At the end of subsection
44(1)
Add:
Note: The Financial Sector (Collection of Data) Act
2001 makes provision for annual returns and other financial documents to be
given by RSA providers to APRA.
84 Subsections 44(3) and
(4)
Repeal the subsections, substitute:
Endorsement of report on return
(4) If the return given under the Financial Sector (Collection of Data)
Act 2001 is not given on a data processing device, or by way of electronic
transmission, the report referred to in subsection (1) may be endorsed on
the return.
85 Subsection 64(2)
Omit “returns in accordance with section 44”, substitute
“reporting documents referred to in section 13 of the Financial
Sector (Collection of Data) Act 2001”.
86 Subsections 65(1) and
(3)
After “regulations”, insert “and the Financial Sector
(Collection of Data) Act 2001”.
87 Paragraph 66(1)(a)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
88 Subparagraphs 67(1)(a)(iii) and
68(1)(a)(iii)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
89 Subsection 95(1)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
90 Subsection 144(2)
Repeal the subsection, substitute:
Financial returns
(2) The form of a financial return a copy of which is required to be given
by an RSA provider to APRA under section 13 of the Financial Sector
(Collection of Data) Act 2001 may require the return to contain the
provider’s tax file number.
91 Subparagraph
161(1)(a)(ii)
After “Act”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
92 Paragraph 182(2)(a)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
93 Sections 193 and
194
Repeal the sections.
94 Application
The amendments made by this Part apply only on and after the day on which
the reporting standards determined under section 13 of the Financial
Sector (Collection of Data) Act 2001 begin to apply under section 15 of
that Act to financial sector entities (within the meaning of that Act) that are
RSA providers (within the meaning of the Retirement Savings Accounts Act
1997).
Part 6—Superannuation
Industry (Supervision) Act 1993
95 Subsection 10(1) (paragraph (zf) of the
definition of reviewable decision)
Omit “fund; or”, substitute “fund.”.
96 Subsection 10(1) (paragraph (zg) of the
definition of reviewable decision)
Repeal the paragraph
97 Paragraphs 36(1)(a) and
(b)
Repeal the paragraphs.
Note: The heading to section 36 is replaced by the
heading “Trustee to give copy of audit report to
APRA”.
98 After subsection 36(1)
Insert:
Note: The Financial Sector (Collection of Data) Act
2001 makes provision for annual returns and other financial documents to be
given by trustees to APRA.
99 Subsections 36(3) and
(4)
Repeal the subsections, substitute:
Endorsement of report on return
(4) If the return given under the Financial Sector (Collection of Data)
Act 2001 is not given on a data processing device, or by way of electronic
transmission, the report referred to in subsection (1) may be endorsed on
the return.
100 Subsection 36(5)
Omit “under this section”, substitute “under the
Financial Sector (Collection of Data) Act 2001”.
101 Section 39
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
102 Subparagraph
42(1)(b)(i)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
103 Sub-subparagraph
42(1)(b)(ii)(A)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
104 Subparagraph
42(1AA)(c)(i)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
105 Subparagraph
42(1AA)(c)(ii)
After “regulations” (first occurring), insert “or the
Financial Sector (Collection of Data) Act 2001”.
106 Subparagraph
42(1AA)(c)(ii)
After “regulations” (last occurring), insert “and the
Financial Sector (Collection of Data) Act 2001”.
107 Subsection 42(1AB)
Omit “were”, substitute “or the Financial Sector
(Collection of Data) Act 2001 was”.
108 Subsection 42(1AB)
After “regulations” (last occurring), insert “and the
Financial Sector (Collection of Data) Act 2001”.
109 Subparagraph
42(1AC)(d)(i)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
110 Subparagraph
42(1AC)(d)(ii)
After “regulations” (first occurring), insert “or the
Financial Sector (Collection of Data) Act 2001”.
111 Subparagraph
42(1AC)(d)(ii)
After “regulations” (last occurring), insert “and the
Financial Sector (Collection of Data) Act 2001”.
112 Subsection 42(1AD)
Omit “were”, substitute “or the Financial Sector
(Collection of Data) Act 2001 was”.
113 Subsection 42(1AD)
After “regulations” (last occurring), insert “and the
Financial Sector (Collection of Data) Act 2001”.
114 Subsection 42(1A)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
115 Subparagraphs 42A(2)(b)(ii) and
(3)(d)(i)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
116 Subparagraph
42A(3)(d)(ii)
After “regulations” (first occurring), insert “or the
Financial Sector (Collection of Data) Act 2001”.
117 Subparagraph
42A(3)(d)(ii)
After “regulations” (last occurring), insert “and the
Financial Sector (Collection of Data) Act 2001”.
118 Paragraph 42A(3)(g)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
119 Subparagraph
42A(4)(c)(i)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
120 Subparagraph
42A(4)(c)(ii)
After “regulations” (first occurring), insert “or the
Financial Sector (Collection of Data) Act 2001”.
121 Subparagraph
42A(4)(c)(ii)
After “regulations” (last occurring), insert “and the
Financial Sector (Collection of Data) Act 2001”.
122 Subparagraph
42A(4)(f)(ii)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
123 Paragraphs 42A(5)(a) and
(b)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
124 Subsection 42A(6)
Omit “were”, insert “or the Financial Sector
(Collection of Data) Act 2001 was”.
125 Subsection 42A(6)
After “regulations” (last occurring), insert “and the
Financial Sector (Collection of Data) Act 2001”.
126 Subparagraph 43(b)(i)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
127 Sub-subparagraphs 43(b)(ii)(A) and
43(b)(iii)(A)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
128 Subparagraph 44(b)(i)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
129 Sub-subparagraphs 44(b)(ii)(A) and
44(b)(iii)(A)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
130 Paragraph 63(3)(a)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
131 Paragraph 111(1)(b)
Repeal the paragraph, substitute:
(b) so keep its accounts as to enable the preparation of reporting
documents referred to in section 13 of the Financial Sector (Collection
of Data) Act 2001; and
132 Section 112
Repeal the section.
133 Subparagraph
113(3)(a)(i)
Repeal the subparagraph, substitute:
(i) relate solely to the audit of financial statements given to APRA under
the Financial Sector (Collection of Data) Act 2001 and prepared in
respect of a year of income; or
134 Paragraph 113(3)(b)
After “regulations”, insert “and the Financial Sector
(Collection of Data) Act 2001”.
135 Paragraphs 120A(1)(a) and
(2)(a)
After “Act”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
136 Paragraphs 129(1)(a) and
(b)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
137 Paragraph 130(1)(b)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
138 Subparagraph
131(1)(a)(iii)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
139 Subparagraph
131A(1)(a)(iii)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
140 Subsection 252C(1) (after paragraph (b)
of the definition of Act covered by this section)
Insert:
(ba) the Financial Sector (Collection of Data) Act 2001;
141 Paragraph 252G(1)(b)
After “Act”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
142 Subsection 252G(1)
(note)
Omit “section 36”, substitute “the Financial
Sector (Collection of Data) Act 2001”.
143 Paragraph 263(1)(a)
After “regulations”, insert “or the Financial Sector
(Collection of Data) Act 2001”.
144 Subsection 299U(2)
Repeal the subsection, substitute:
Financial return
(2) The form of a financial return a copy of which is required to be given
by a superannuation entity to APRA under section 13 of the Financial
Sector (Collection of Data) Act 2001 may require the return to contain
the entity’s tax file number.
145 Subparagraph
313(1)(a)(ii)
After “Act”, insert “or under the Financial Sector
(Collection of Data) Act 2001 in connection with a superannuation
entity”.
146 Sections 347A and
348
Repeal the sections.
147 Application
The amendments made by this Part apply only on and after the day on which
the reporting standards determined under section 13 of the Financial
Sector (Collection of Data) Act 2001 begin to apply under section 15 of
that Act to financial sector entities (within the meaning of that Act) that are
trustees of superannuation entities (within the meaning of the Superannuation
Industry (Supervision) Act 1993).
Broadcasting Services Act
1992
148 Subclause 4(4) of Schedule 1
(subparagraph (c)(i) of the definition of authorised
lender)
Repeal the subparagraph, substitute:
(i) that is a registered entity under the Financial Sector (Collection
of Data) Act 2001; or
149 Subsection 3(1) (definition of FCA
institution)
Omit “registered corporation under the Financial Corporations Act
1974”, substitute “registered entity under the Financial
Sector (Collection of Data) Act 2001”.
Financial Corporations
(Transfer of Assets and Liabilities) Act 1993
150 Section 3 (paragraph (b) of the
definition of eligible subsidiary)
Repeal the paragraph, substitute:
(b) is a financial corporation that is a registered entity under the
Financial Sector (Collection of Data) Act 2001; and
151 Paragraph 4(b)
Repeal the paragraph, substitute:
(b) is, under the Financial Sector (Collection of Data) Act 2001, a
registered entity included in the category for money market
corporations.
Financial Institutions
Supervisory Levies Collection Act 1998
152 Paragraph 9(2)(a)
Omit “lodgement of a return under section 36 of the
Superannuation
Industry (Supervision) Act 1993”, substitute “giving of a copy
of a financial statement to APRA under the Financial Sector (Collection of
Data) Act 2001”.
153 Transitional
The amendment made by item 152 applies to the payment of levy (within
the meaning of the Financial Institutions Supervisory Levies Collection Act
1998) for the financial year beginning on 1 July 2002 and for all
subsequent financial years.
Income Tax Assessment Act
1936
154 Subparagraph
128AE(2)(e)(i)
Repeal the subparagraph, substitute:
(i) that is, under the Financial Sector (Collection of Data) Act
2001, a registered entity included in the category for money market
corporations; or
155 Section 159GZA (definition of
financial institution)
Repeal the definition, substitute:
financial institution has the meaning given by
section 159GZAA.
156 After
section 159GZA
Insert:
(1) In this Division, unless the contrary intention applies:
financial institution means:
(a) a body corporate that is an ADI (authorised deposit-taking
institution) for the purposes of the Banking Act 1959; or
(b) a corporation to which subsection (2) applies.
(2) This subsection applies to a corporation that is a registrable
corporation for the purposes of the Financial Sector (Collection of Data) Act
2001 because of paragraph 6(1)(a) or (b) of that Act or would be such a
registrable corporation because of that paragraph if paragraphs 6(2)(h), (i) and
(j) of that Act were omitted and the following paragraph substituted:
(h) the sole or principal purpose for which the corporation borrows money
is to lend money to an associate, within the meaning of Division 16F of
Part III of the Income Tax Assessment Act 1936, of the corporation
or of a foreign controller, within the meaning of that Division, of the
corporation.
157 Section 317 (paragraph (c) of the
definition of AFI or Australian Financial
Institution)
Repeal the paragraph, substitute:
(c) a registered entity under the Financial Sector (Collection of Data)
Act 2001;
Insurance Acquisitions and
Takeovers Act 1991
158 Section 4 (definition of
value)
Repeal the definition, substitute:
value of an asset of a company at a particular time means the
amount that, if:
(a) an accounting period of the company had ended at that time;
and
(b) the company had, under the Financial Sector (Collection of Data)
Act 2001, given to APRA copies of financial statements for, or as at the end
of, that accounting period; and
(c) the financial statements had been prepared in accordance with
applicable accounting principles;
would have been shown in those statements as the value of the asset at that
time.
159 Sections 77, 78 and
79
Repeal the sections, substitute:
(1) This section applies if:
(a) a company authorised under the Insurance Act 1973 to carry on
insurance business, or a company registered under the Life Insurance Act
1995, had, under the Financial Sector (Collection of Data) Act 2001,
given to APRA copies of financial statements for, or as at the end of, a
particular accounting period; and
(b) an amount is shown in those statements as the value of an asset of the
company as at the end of the accounting period.
(2) For the purposes of this Act, the financial statements are prima facie
evidence of the value of the asset as at the end of the accounting
period.
(3) APRA may certify that a document is a copy of the financial
statements.
(4) This section applies to the certified copy as if it were the
original.
(1) This section applies if:
(a) a company registered under the Life Insurance Act 1995 had,
under the Financial Sector (Collection of Data) Act 2001, given to APRA
copies of financial statements for, or as at the end of, a particular accounting
period; and
(b) an amount is shown in those statements as the total net liabilities in
respect of all of the company’s contracts of life insurance as at the end
of the accounting period.
(2) For the purposes of this Act, the financial statements are prima facie
evidence of the total net liabilities in respect of all of the company’s
contracts of life insurance as at the end of the accounting period.
(3) APRA may certify that a document is a copy of the financial
statements.
(4) This section applies to the certified copy as if it were the
original.
(1) This section applies if:
(a) a company authorised under the Insurance Act 1973 to carry on
insurance business had, under the Financial Sector (Collection of Data) Act
2001, given to APRA copies of financial statements for, or as at the end of,
a particular accounting period; and
(b) either:
(i) an amount is shown in those statements as the company’s unearned
premiums provision as at the end of the accounting period; or
(ii) an amount is shown in those statements as the company’s
outstanding claims provision as at the end of the accounting period.
(2) For the purposes of this Act, the financial statements are prima facie
evidence of:
(a) if subparagraph (1)(b)(i) applies—the company’s
unearned premiums provision as at the end of the accounting period; or
(b) if subparagraph (1)(b)(ii) applies—the company’s
outstanding claims provision as at the end of the accounting period.
(3) APRA may certify that a document is a copy of the financial
statements.
(4) This section applies to the certified copy as if it were the
original.
160 Application
The amendments made by items 158 and 159 apply to financial sector
entities (within the meaning of the Financial Sector (Collection of Data) Act
2001) that are companies authorised under the Insurance Act 1973 to
carry on insurance business, or companies registered under the Life Insurance
Act 1995, only on and after the day on which the reporting standards
determined under section 13 of the Financial Sector (Collection of Data)
Act 2001 begin to apply under section 15 of that Act to the financial
sector entities concerned.
National Crime Authority
Act 1984
161 Schedule 1
Omit “Financial Corporations Act 1974,
section 27”.
162 Subsection 79A(1) (definition of
protected document)
Omit “, the repealed Banks (Shareholdings) Act 1972 or the
Financial Corporations Act 1974”, substitute “or the repealed
Banks (Shareholdings) Act 1972”.
163 Subsection 79A(1) (definition of
protected information)
Omit “, the repealed Banks (Shareholdings) Act 1972 or the
Financial Corporations Act 1974”, substitute “or the repealed
Banks (Shareholdings) Act 1972”.
164 Subsection 79A(2)
Omit “, the repealed Banks (Shareholdings) Act 1972 or the
Financial Corporations Act 1974”, substitute “or the repealed
Banks (Shareholdings) Act 1972”.
165 Subsection 79A(8)
Omit “, the repealed Banks (Shareholdings) Act 1972 or the
Financial Corporations Act 1974”, substitute “or the repealed
Banks (Shareholdings) Act 1972”.
Taxation Administration
Act 1953
166 Section 13L (paragraph (c) of the
definition of financial institution)
Repeal the paragraph, substitute:
(c) a registered entity under the Financial Sector (Collection of Data)
Act 2001.
Telecommunications
(Consumer Protection and Service Standards) Act 1999
167 Paragraph 90(3)(d)
Omit “registered corporation within the meaning of the Financial
Corporations Act 1974”, substitute “registered entity under the
Financial Sector (Collection of Data) Act 2001”.
1 Treatment of certain exemptions and
determinations in connection with obligations of corporations to
register
An exemption or determination by the Reserve Bank that was in force
immediately before the commencement of this Schedule under paragraph 8(2)(l) of
the Financial Corporations Act 1974 continues to have effect as if it
were an exemption or determination by APRA under paragraph 7(2)(j) of the
Financial Sector (Collection of Data) Act 2001.
2 Former Register of
Corporations
On the commencement of this Schedule, the Register of Corporations that,
immediately before that commencement, was kept by the Reserve Bank under
subsection 9(9) of the Financial Corporations Act 1974 continues in
existence as the Register of Entities kept by APRA under section 8 of the
Financial Sector (Collection of Data) Act 2001.
3 Former list of registered corporations and
categories
(1) On the commencement of this Schedule:
(a) the list (the former list) of registered corporations,
divided into categories, that, immediately before that commencement, was
prepared by the Reserve Bank under section 10 of the Financial
Corporations Act 1974 continues in existence as a list (the new
list) of the names of registered entities, divided into categories, kept
by APRA under subsection 11(1) of the Financial Sector (Collection of Data)
Act 2001; and
(b) a reference in any instrument having effect under an Act to a
corporation included in a particular category in the former list is taken to be
a reference to that corporation in its capacity as a registered entity included
in the corresponding category in the new list.
(2) An obligation on the Reserve Bank to publish notice, or to notify a
person, of a matter under section 10 of the Financial Corporations Act
1974, being an obligation that is undischarged as at the commencement of
this Schedule, becomes, on that commencement, an obligation that APRA is to
discharge in respect of the corresponding matter under section 11 of the
Financial Sector (Collection of Data) Act 2001.
(3) A determination by the Reserve Bank that was in force under a provision
of section 10 of the Financial Corporations Act 1974 immediately
before the commencement of this Schedule continues to have effect, after that
commencement, as if it were a determination by APRA under the corresponding
provision of section 11 of the Financial Sector (Collection of Data) Act
2001.
(4) A request to the Reserve Bank under subsection 10(7) of the
Financial Corporations Act 1974 that has not been dealt with by the
commencement of this Schedule is, after that commencement, to be dealt with by
APRA as if it were a request under subsection 11(7) of the Financial Sector
(Collection of Data) Act 2001.
4 Definitions
In this Schedule:
APRA means the Australian Prudential Regulation
Authority.
Reserve Bank means the Reserve Bank of Australia.