Commonwealth of Australia Bills Commonwealth of Australia Bills[Index] [Search] [Download] [Related Items] [Help]
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) Bill 2001
No.
, 2001
(Treasury)
A
Bill for an Act to provide for the collection of information from bodies in the
financial sector, and for related purposes
ISBN: 0642 468982
Contents
A Bill for an Act to provide for the collection of
information from bodies in the financial sector, and for related
purposes
The Parliament of Australia enacts:
This Act may be cited as the Financial Sector (Collection of Data) Act
2001.
(1) Parts 1 and 5 commence on the day on which this Act receives the
Royal Assent.
(2) Part 2 commences on a day to be fixed by Proclamation.
(3) If Part 2 does not commence under subsection (2) within the
period of 12 months beginning on the day on which this Act receives the Royal
Assent, that Part commences on the first day after the end of that
period.
(4) Parts 3 and 4 commence on 1 July 2001.
(1) The object of this Act is to enable the collection by the Australian
Prudential Regulation Authority (APRA) of information to assist it
in the prudential regulation of bodies in the financial sector and to facilitate
the formulation by the Reserve Bank of monetary policy.
(2) In order to achieve that object, this Act:
(a) provides for certain corporations to be registered, and divided into
categories, by APRA; and
(b) authorises APRA to determine reporting standards for corporations that
are so registered and for certain other bodies that it regulates and to require
them to provide APRA with information about their businesses and
activities.
This Act extends to every external Territory.
(1) This Act deals with financial sector entities.
(2) Financial sector entities are either registered entities
or regulated entities.
(3) A registered entity is a corporation whose name is
entered in the Register of Entities kept by APRA under section 8.
(4) A regulated entity is any of the following:
(a) a body regulated by APRA (within the meaning of subsection 3(2) of the
Australian Prudential Regulation Authority Act 1998);
(b) a supervised body corporate within the meaning of section 49A of
the Insurance Act 1973;
(c) a subsidiary of an ADI, or a subsidiary of an authorised NOHC, within
the meaning of the Banking Act 1959.
Chapter 2 of the Criminal Code applies to all offences
against this Act.
Note: Chapter 2 of the Criminal Code sets out
the general principles of criminal responsibility.
(1) Subject to subsection (2), a corporation is a registrable
corporation if, and only if, the corporation is a foreign corporation, a trading
corporation formed within the limits of Australia or a financial corporation so
formed and:
(a) the sole or principal business activities in Australia of the
corporation are the borrowing of money and the provision of finance;
or
(b) the sum of the values of such of the assets in Australia of the
corporation as consist of debts due to the corporation, being debts resulting
from transactions entered into in the course of the provision of finance by the
corporation, exceeds:
(i) 50%; or
(ii) if a greater or lesser percentage is prescribed by the
regulations—the percentage so prescribed;
of the sum of the values of all the assets in Australia of the
corporation; or
(c) the corporation engages in the provision of finance in the course of
carrying on in Australia a business (whether or not that business is its sole or
principal business) of selling goods by retail and the sum of the values of such
of the assets of the corporation and of any corporation that is related to the
corporation as consist of debts due to the corporation concerned, being debts
resulting from transactions entered into in the course of the provision of
finance by that corporation, exceeds:
(i) $25,000,000; or
(ii) if a greater or lesser amount is prescribed by the
regulations—the amount so prescribed.
(2) A corporation is not a registrable corporation if:
(a) the corporation, not being a company, society or association, is
established for a public purpose by a law of the Commonwealth, of a State or of
a Territory; or
(b) the corporation is an ADI for the purposes of the Banking Act
1959; or
(c) the corporation is a benefit society registered under a law of a State
or of a Territory providing for the registration of benefit societies;
or
(d) the corporation is a medical benefits organisation or hospital
benefits organisation registered under the National Health Act 1953;
or
(e) the corporation is registered under the Life Insurance Act
1995; or
(f) the sole or principal business in Australia of the corporation is
insurance business within the meaning of the Insurance Act 1973;
or
(g) the corporation is authorised by a law of a State or of a Territory to
act as an executor, administrator and trustee; or
(h) the sole or principal purpose for which the corporation borrows money
is to lend money to a corporation or corporations that, because of subsection
34(2) or (3), is not or are not to be taken to be related to the first-mentioned
corporation but would, but for that subsection, be treated as being so related
because of subsection 34(1); or
(i) the sum of the values of all the assets of the corporation and of
every corporation that is related to the corporation does not exceed:
(i) $5,000,000; or
(ii) if a greater or lesser amount is prescribed by the
regulations—the amount so prescribed; or
(j) APRA has, by order in writing published in such manner and form as
APRA determines to be appropriate, exempted the corporation from the obligation
to register under this Act.
(3) The reference in paragraph (2)(h) to the lending of money to a
corporation does not include a reference to the provision of finance to the
corporation by way of acquiring debts due to the corporation or of purchasing
securities other than securities issued by the corporation.
(1) APRA must cause a Register of Entities to be kept for the purposes of
this Act.
(2) APRA must ensure that the Register of Entities is available for
inspection by any member of the public at an office of APRA during normal
business hours.
(3) A person may:
(a) inspect the Register of Entities; or
(b) take an extract from, or make a copy of, that Register;
if the person pays the fee (if any) prescribed by the
regulations.
(1) If, on the commencement of this Part, a registrable corporation is not
a registered entity, the corporation must, before the end of 60 days after the
date of commencement of this Part, give to APRA the documents mentioned in
subsection (5).
Penalty: 50 penalty units.
Note: If a corporation to which subsection (1) applies
fails to give the documents to APRA before the end of the period specified in
that subsection, the obligation to give them to APRA continues after the end of
that period with daily offences being committed until the obligation is complied
with (see section 4K of the Crimes Act 1914).
(2) If, after the commencement of this Part, a corporation becomes a
registrable corporation, whether at the time of its incorporation or at a later
time and whether or not the corporation has previously been a registrable
corporation, the corporation must, before the end of 60 days after the day on
which it becomes a registrable corporation, give to APRA the documents mentioned
in subsection (5).
Penalty: 50 penalty units.
Note: If a corporation to which subsection (2) applies
fails to give the documents to APRA before the end of the period specified in
that subsection, the obligation to give them to APRA continues after the end of
that period with daily offences being committed until the obligation is complied
with (see section 4K of the Crimes Act 1914).
(3) APRA may, before the end of the period referred to in
subsection (1) or (2) (including any period that is taken to be substituted
for that period by any other application or applications of this subsection)
allow a longer period for the giving by a particular corporation of documents in
accordance with that subsection and, in that case, the longer period is taken,
for the purposes of the application of that subsection in relation to that
corporation, to be substituted for the period referred to in that
subsection.
(4) Neither subsection (1) nor (2) applies to a corporation if,
before the end of the period referred to in that subsection (including any
period that is taken to be substituted for that period by any application or
applications of subsection (3) in relation to that corporation), the
corporation ceases to be a registrable corporation.
Note: A defendant bears an evidential burden in relation to
matters in subsection (4) (see subsection 13.3(3) of the Criminal
Code).
(5) The documents referred to in subsections (1) and (2)
are:
(a) a statement in writing setting out:
(i) the name, the place and date of incorporation and the address of the
registered office of the corporation; and
(ii) the name, and the address of the registered office, of every
corporation that is related to the corporation; and
(iii) particulars of the principal methods by which the corporation
ordinarily borrows moneys; and
(iv) particulars of the principal kinds of finance ordinarily provided by
the corporation; and
(b) a copy of the last audited balance-sheet of the corporation;
and
(c) if there is no such balance-sheet or the balance-sheet includes both
assets and liabilities in Australia and assets and liabilities outside Australia
but does not show the assets and liabilities in Australia separately from the
assets and liabilities outside Australia—a statement showing the assets
and liabilities in Australia of the corporation.
(6) If:
(a) a registered entity changes its name or the address of its registered
office; or
(b) a change takes place in the principal methods by which a registered
entity ordinarily borrows moneys or in the principal kinds of finance ordinarily
provided by a registered entity; or
(c) a corporation that is related to a registered entity ceases to be so
related; or
(d) a corporation becomes related to a registered entity;
the registered entity must, before the end of the period of 60 days after
the occurrence of the event concerned, notify APRA in writing
accordingly.
Penalty: 10 penalty units.
Note: If a financial sector entity to which
subsection (6) applies fails to notify APRA before the end of the period
specified in that subsection, the obligation to notify APRA continues after the
end of that period with daily offences being committed until the obligation is
complied with (see section 4K of the Crimes Act
1914).
(7) A corporation is not required by this section to give to APRA a
statement or notification in relation to a matter if a statement or notification
in relation to that matter has already been given to APRA by another
corporation.
Note: A defendant bears an evidential burden in relation to
matters in subsection (7) (see subsection 13.3(3) of the Criminal
Code).
(8) A statement or notification by a corporation to APRA under this
section must be signed by a senior officer of the corporation.
(9) APRA must, if requested to do so by the Secretary to the Department,
give the Secretary a copy of a document received by APRA under this
section.
(10) An offence for a contravention of subsection (1), (2) or (6) is
an offence of strict liability.
APRA must:
(a) cause to be entered in the Register of Entities the name, the address
of the registered office, and any other particulars that it considers
appropriate to be entered, of every corporation that gives to APRA the documents
mentioned in subsection 9(5); and
(b) if a registered entity notifies APRA in accordance with subsection
9(6), or APRA otherwise becomes aware, of a change in the name or the address of
the registered office of the entity, or of a change in any other particulars
relating to the entity that are entered in the Register—cause the Register
to be altered accordingly; and
(c) if a corporation whose name is entered in the Register ceases to
exist, or ceases to be a registrable corporation—cause the
corporation’s name, the address of its registered office, and any other
particulars relating to it, to be removed from the Register.
(1) APRA must keep a list of the names of registered entities, divided
into categories as APRA determines.
(2) APRA may at any time vary the list for the purpose of adding to it the
names of corporations that become registered entities, or removing from it the
names of corporations that are found not to be or cease to be registered
entities, or for the purpose of transferring a corporation from one category to
another category.
(3) In determining the category in which a corporation is to be included
or in determining whether a corporation should be transferred from one category
to another category, APRA must have regard to:
(a) the assets and liabilities of the corporation; and
(b) the principal methods by which the corporation ordinarily borrows
moneys; and
(c) the principal kinds of finance ordinarily provided by the
corporation;
and must try to ensure that, as far as practicable, corporations carrying
on the same or similar kinds of business are included in the same
category.
(4) APRA must cause a copy of the list, and, if a variation of the list is
made, a copy of the variation, to be published in the Gazette.
(5) If APRA prepares a new list in substitution for the existing list and
any variations made to that list, subsection (4) applies in respect of the
new list and any variation made to that list.
(6) As soon as practicable after a corporation is included in a category
or is transferred from one category to another category, APRA must notify the
corporation of the category in which it has been included or to which it has
been transferred.
(7) If:
(a) after a corporation has been included in a category, the corporation
requests APRA to transfer the corporation to another category; or
(b) after a corporation has been transferred from one category to another
category, the corporation requests APRA to re-transfer the corporation to the
former category or to transfer the corporation to a third category;
and the corporation gives information or makes submissions to APRA in
support of the request, APRA must, after taking into account the information or
submissions:
(c) reconsider the question of the category in which the corporation
should be included; and
(d) if APRA thinks that the corporation should be transferred to a
different category, vary the list accordingly.
(1) This Part does not apply in respect of registered entities until the
date of commencement of Part 2.
(2) Until that date, a reference in this Part to a financial sector entity
is taken to be a reference only to such an entity that is a regulated
entity.
(1) APRA may:
(a) by writing, determine reporting standards that are required to be
complied with by financial sector entities with respect to any of the following
documents (reporting documents):
(i) statements, reports, returns, certificates or other documents
containing information of a financial or accounting nature relating to the
business or activities of the entities;
(ii) surveys, reports, returns, certificates or other documents containing
other information relating to the business or activities of the entities;
and
(b) publish those reporting standards in any way that it considers
appropriate.
Note: When APRA has determined a reporting standard, it has
power at any time to revoke or vary the standard (see subsection 33(3) of the
Acts Interpretation Act 1901).
(2) The reporting standards may include matters relating to:
(a) the forms of reporting documents; and
(b) the information to be contained in reporting documents; and
(c) the persons who are to sign reporting documents; and
(d) the times as at which, or the periods to which, the information in
reporting documents is to relate; and
(e) the giving of reporting documents to APRA, and the specifying of, or
the authorising of APRA to specify, the times before which, or the periods
within which, those documents are to be so given; and
(f) the discretion of APRA, in particular cases, to vary reporting
standards, including, but not limited to, the discretion to vary any times or
periods specified in or under the standards as mentioned in
paragraph (e).
(3) The reporting standards may impose:
(a) different requirements to be complied with by different financial
sector entities or classes of financial sector entities, including (to avoid
doubt) requirements to be complied with only by a particular entity or
particular entities; and
(b) different requirements to be complied with in different situations and
in respect of different businesses or activities.
(4) A reporting standard that is determined for a particular financial
sector entity may, in addition to, or instead of, a reporting standard that
would apply to the entity apart from this subsection, require the entity to
provide information relating to the consolidated position of the entity and its
subsidiaries other than subsidiaries (if any) excluded from the requirement by
that reporting standard.
(5) When preparing proposed reporting standards:
(a) subject to subsection (6), APRA must consult:
(i) if the standards would affect a class or classes of financial sector
entities—the entities concerned or such associations or other bodies
representing them as APRA thinks appropriate; or
(ii) if the standards would affect only a particular financial sector
entity or particular financial sector entities—the entity or entities
concerned; and
(b) APRA must try to minimise, as far as practicable, the burden that
would be imposed on financial sector entities in complying with the requirements
of the standards.
(6) Paragraph (5)(a) does not apply if APRA is satisfied that the
delay that would be involved in holding the consultations would prejudice the
interests of depositors, policy holders or members of the financial sector
entity or financial sector entities concerned.
(7) The validity of a reporting standard is not affected by any failure of
APRA to hold consultations as required by paragraph (5)(a).
(8) Instruments made by APRA under paragraph (1)(a) are disallowable
instruments for the purposes of section 46A of the Acts Interpretation
Act 1901.
(9) If a financial sector entity is required by or under a reporting
standard to give a reporting document to APRA before a particular time or within
a particular period, the entity must comply with the requirement.
Penalty: 50 penalty units.
(10) To avoid doubt, section 4K of the Crimes Act 1914 applies
to an obligation imposed by subsection (9).
Note: The effect of section 4K of the Crimes Act
1914 is that, if a financial sector entity to which subsection (9)
applies refuses or fails to comply with a requirement before the time, or within
the period, specified in the requirement, the obligation to comply with the
requirement continues after that time or that period with daily offences being
committed until the requirement is complied with.
(11) An offence for a contravention of subsection (9) is an offence
of strict liability.
(1) This section applies if a financial sector entity that is required by
or under a reporting standard to give a reporting document to APRA before a
particular time or within a particular period fails to comply with the
requirement.
(2) It is the duty of the principal executive officer of the entity, as
soon as practicable after that time or the end of that period, as the case may
be, to notify the governing body of the entity in writing that the failure has
occurred.
(3) The principal executive officer of a financial sector entity must not
refuse or fail to notify the governing body of the entity as required by
subsection (2).
Penalty: 50 penalty units.
(4) An offence for a contravention of subsection (3) is an offence of
strict liability.
(1) The reporting standards apply to a financial sector entity only on and
after the day declared by APRA to be the day on which the standards begin to
apply to the entity or to the class or kind of financial sector entities in
which the entity is included.
(2) APRA may, by writing published in the Gazette, make
declarations for the purposes of subsection (1).
(1) APRA may, by writing, exempt a financial sector entity, or a class or
kind of financial sector entities, from the requirement to comply
with:
(a) all the requirements contained in any one or more applicable reporting
standards; or
(b) a specified requirement or requirements contained in an applicable
reporting standard or applicable reporting standards.
(2) An exemption may be unconditional or subject to conditions and may be
of indefinite duration or limited in the time of its operation.
(1) If APRA thinks that a reporting document given to APRA by a financial
sector entity:
(a) is incorrect, incomplete or misleading; or
(b) does not comply with a reporting standard that applies to it;
or
(c) does not contain information, or adequate information, about a
matter;
APRA may give the entity written notice requesting it to give APRA in
writing such explanation or information as is specified in the notice.
(2) The notice must specify the period within which the explanation or
information is to be given. The period specified must be not less than 14 days
beginning on the day on which the notice is given.
(3) If the notice requested the giving of an explanation and:
(a) the entity fails to give the explanation; or
(b) after considering the explanation given by the entity, APRA still
thinks that the document is incorrect, incomplete or misleading or does not
comply with the reporting standard;
APRA may give the entity such written directions as APRA thinks necessary
for the variation of the document so that it will cease to be incorrect,
incomplete or misleading or will comply with the reporting standard, as the case
may be.
(4) If the notice requested the giving of information and:
(a) the entity fails to give the information; or
(b) APRA thinks that the information given is inadequate;
APRA may give the entity such written directions as APRA thinks necessary
for the giving of the information or the giving of adequate
information.
(5) Directions under subsection (3) or (4) must specify a period
within which they are to be complied with. The period specified must not be less
than 14 days beginning on the day on which the directions are given.
(6) If, at any time, APRA is satisfied that a direction is no longer
necessary or should be varied, APRA must give the financial sector entity
written notice revoking or varying the direction, as the case may be.
(7) If:
(a) a financial sector entity applies to APRA to revoke or vary a
direction; and
(b) APRA thinks that the direction should be revoked or varied;
APRA must give the entity written notice revoking or varying the direction,
as the case may be.
(8) A financial sector entity must comply with a direction given to it
under subsection (3) or (4) or with such a direction as varied under
subsection (6) or (7), as the case requires.
Penalty: 50 penalty units.
(9) To avoid doubt, section 4K of the Crimes Act 1914 applies
to an obligation imposed by subsection (8).
Note: The effect of section 4K of the Crimes Act
1914 is that, if a financial sector entity refuses or fails to comply with a
direction before the time, or within the period, specified in the direction, the
obligation to comply with the direction continues after that time or that period
with daily offences being committed until the direction is complied
with.
(10) An offence for a contravention of subsection (8) is an offence
of strict liability.
This Division applies to an offence for a contravention of subsection
9(1), (2) or (6), 13(9), 14(3) or 17(8).
(1) Subject to subsection (2), if APRA has reasonable grounds to
believe that a person has committed an offence or offences, APRA may cause an
infringement notice to be served on the person in accordance with this
Division.
(2) An infringement notice must not relate to more than one offence
unless:
(a) the offences are:
(i) an offence constituted by refusing or failing to comply with a
requirement before a specified time or within a specified period; and
(ii) one or more daily offences constituted by refusing or failing to
comply with the requirement after that time or period; or
(b) the offences are 2 or more daily offences constituted by refusing or
failing to comply with the same requirement after the time before which, or the
end of the period within which, the requirement was to be complied
with.
Note: For daily offences, see section 4K of the
Crimes Act 1914.
(3) An infringement notice does not have any effect unless it is served
within one year after the day on which the offence or the earlier or earliest of
the offences is alleged to have been committed.
(1) An infringement notice must:
(a) state the name of the person on whom it is to be served; and
(b) state that it is being served on behalf of APRA; and
(c) state:
(i) the nature of the alleged offence or offences; and
(ii) the time (if known) and date on which, and the place at which, the
offence or the earlier or earliest of the offences is alleged to have been
committed; and
(iii) the maximum penalty that a court could impose for the alleged
offence or offences; and
(d) specify a penalty that is payable under the notice in respect of the
alleged offence or offences; and
(e) state that, if the person:
(i) does not wish the matter to be dealt with by a court; and
(ii) has, within 28 days after the date of service of the notice, done the
act the failure to do which constituted the offence or offences;
the person may pay to APRA in that period the amount of the penalty
specified in the notice; and
(f) state that the person may make written representations to APRA seeking
the withdrawal of the notice.
Note: APRA has power to extend periods stated in notices
given under paragraph (1)(e) (see section 25).
(2) An infringement notice may contain any other matters that APRA
considers necessary.
(3) The penalty to be specified in an infringement notice under
paragraph (1)(d) is whichever is the lesser of:
(a) one-fifth of the maximum amount of the fine or fines that a court
could impose for the offence or offences; or
(b) 50 penalty units.
(1) A person on whom an infringement notice has been served may make
written representations to APRA seeking the withdrawal of the notice.
(2) APRA may withdraw an infringement notice served on a person (whether
or not the person has made representations seeking the withdrawal) by causing
written notice of the withdrawal to be served on the person within the period
within which the penalty specified in the infringement notice is required to be
paid.
(3) The matters to which APRA may have regard in deciding whether or not
to withdraw an infringement notice include, but are not limited to, the
following:
(a) whether the person has previously been convicted of an offence for a
contravention of this Act;
(b) the circumstances in which the offence or offences specified in the
notice are alleged to have been committed;
(c) whether the person has been previously been served with an
infringement notice in respect of which the person paid the penalty specified in
the notice;
(d) any written representations made by the person.
(4) If:
(a) the person pays the penalty specified in the infringement notice
within the period within which the penalty is required to be paid; and
(b) the notice is withdrawn after the person pays the penalty;
APRA must refund to the person, out of money appropriated by the
Parliament, an amount equal to the amount paid.
(1) This section applies if:
(a) an infringement notice is served on a person; and
(b) the person has done the act the failure to do which constituted the
offence or offences and pays the penalty specified in the notice before the end
of the period referred to in paragraph 20(1)(e); and
(c) the infringement notice is not withdrawn.
(2) Any liability of the person for the offence or offences specified in
the notice, and for any other offence or offences constituted by the same
omission, is taken to be discharged.
(3) Further proceedings cannot be taken against the person for the offence
or offences specified in the notice and proceedings cannot be taken against the
person for any other offence or offences constituted by the same
omission.
(4) The person is not regarded as having been convicted of the offence or
offences specified in the notice.
This Division does not permit the service of more than one infringement
notice on a person for the same offence or offences.
This Division does not:
(a) require an infringement notice to be served on a person in relation to
an offence; or
(b) affect the liability of a person to be prosecuted for an offence
if:
(i) an infringement notice is not served on the person in relation to the
offence or in relation to any other offence constituted by the same omission;
or
(ii) an infringement notice served on the person in relation to the
offence or in relation to any other offence constituted by the same omission has
been withdrawn; or
(c) affect the liability of a person to be prosecuted for an offence if
the person does not comply with an infringement notice served on the person in
relation to the offence or in relation to any other offence constituted by the
same omission; or
(d) limit the amount of the penalty that may be imposed by a court on a
person convicted of an offence.
(1) APRA may, by writing, extend, in relation to a particular person, the
period referred to in paragraph 20(1)(e).
(2) The power of APRA under subsection (1) to extend the period may
be exercised before or after the end of the period.
(3) If APRA extends a period under subsection (1), a reference in
this Division, or in a notice or other instrument under this Division, to the
period is taken, in relation to the person, to be a reference to the period as
so extended.
This Act is not intended to exclude or limit the operation of any other
laws of the Commonwealth, or the operation of any laws of a State or Territory,
in so far as those laws are capable of operating concurrently with this
Act.
If a financial sector entity is convicted of an offence against this Act
as a result of the entity having failed to comply with a provision of this Act
or of the regulations, or with a reporting standard made or direction given by
APRA, the Federal Court of Australia may direct the entity to comply, within a
period specified by the Court, with the provision, reporting standard or
direction, as the case may be.
The validity of an act or transaction of a financial sector entity is not
affected merely because a provision of this Act or of the regulations, a
reporting standard or a direction has not been complied with.
A corporation must not, in the course of carrying on any business,
advertise or hold out, by the use of the words “registered under the
Financial Sector (Collection of Data) Act 2001”, the words
“registered with APRA” or words having a similar meaning, that the
corporation is a registered entity or has any special status under or because of
this Act, whether or not the corporation is a registered entity.
Penalty: 50 penalty units.
The Governor-General may make regulations prescribing all
matters:
(a) required or permitted by this Act to be prescribed; or
(b) necessary or convenient to be prescribed for carrying out or giving
effect to this Act.
In this Act, unless the contrary intention appears:
APRA means the Australian Prudential Regulation
Authority.
Australia includes all the external Territories.
balance-sheet includes a statement of assets and liabilities
or any similar document.
category means one of the categories into which registered
entities are divided in the list kept for the purposes of
section 11.
co-operative housing society means a society registered or
incorporated as a co-operative housing society or similar society under a law of
a State or Territory.
financial corporation means a financial corporation to which
paragraph 51(xx) of the Constitution applies.
financial sector entity has the meaning given by subsection
5(2).
financial sector supervisory agency means a person or body
having the function, in Australia or in a foreign country, of supervising or
regulating financial institutions.
foreign corporation means a foreign corporation within the
meaning of paragraph 51(xx) of the Constitution.
governing body of a financial sector entity means the board
of directors, trustee or trustees, committee of management, council or other
governing authority of the entity.
principal executive officer of a financial sector entity
means the principal executive officer of the entity for the time being, by
whatever name called, and whether or not he or she is a member of the governing
body of the entity.
registered entity has the meaning given by subsection
5(3).
registrable corporation has the meaning given by
section 7.
regulated entity has the meaning given by subsection
5(4).
reporting document means a document of a kind mentioned in
subparagraph 13(1)(a)(i) or (ii).
reporting standard means a reporting standard determined by
APRA under section 13.
Reserve Bank means the Reserve Bank of Australia.
share includes stock, and also includes an interest in a
share or in any stock.
trading corporation means a trading corporation to which
paragraph 51(xx) of the Constitution applies.
Provision of finance
(1) A reference in this Act to the provision of finance includes a
reference to the following:
(a) the lending of money, with or without security;
(b) the supplying of goods by way of hire-purchase;
(c) the sale (other than a lay-by sale), in the course of the carrying on
of a business of selling goods by retail, of goods on terms under which payment
in full for the goods is not required to be made before the expiration of 3
months from the day on which the goods are sold or agreed to be sold;
(d) the letting on hire of goods;
(e) the acquisition of debts due to another person;
(f) the purchase of bills of exchange or promissory notes;
(g) the purchase of securities issued by the Commonwealth, a State or a
Territory or an authority of the Commonwealth, of a State or of a
Territory;
(h) the purchase of debentures or other securities (other than shares)
issued by a corporation.
Money received by co-operative housing society for its shares
constitutes borrowing
(2) For the purposes of this Act, the receipt of money by a co-operative
housing society in respect of the issue of shares in the capital of the society
is taken to constitute the borrowing of those moneys by the society.
(3) For the purposes of this Act, a debt is taken to be due even though
the time for payment of the debt has not arrived.
(1) Subject to subsection (2), for the purposes of the application of
sections 7 and 34 in relation to a corporation:
(a) the assets of the corporation on any day are taken to be the assets in
Australia of the corporation that were included in the assets of the corporation
in the last balance-sheet of the corporation prepared and audited before that
day; and
(b) the value on that day of any of those assets is taken to be the value
of the assets concerned as shown in that balance-sheet.
(2) If, for the purposes of the application of this section in relation to
a corporation on any day, there is not such a balance-sheet as is mentioned in
subsection (1), then, for the purposes of the application of
sections 7 and 34 in relation to the corporation:
(a) the assets of the corporation on that day are taken to be the assets
in Australia of the corporation; and
(b) the value on that day of any of those assets is taken to be the value
of the assets concerned as shown in the accounting records of the
corporation.
(1) Subject to subsections (2) and (3), the question whether
corporations are related to each other for the purposes of this Act is to be
determined in the same manner as the question whether bodies corporate are
related to each other is determined under the Corporations Law.
(2) A corporation is not taken for the purposes of this Act to be related
to another corporation (not being a corporation that carries on in Australia a
business, whether or not that business is its sole or principal business, of
selling goods by retail) unless the first-mentioned corporation is a foreign
corporation, a trading corporation formed within the limits of Australia or a
financial corporation so formed and:
(a) the sole or principal business activities in Australia of the
first-mentioned corporation are the borrowing of money and the provision of
finance; or
(b) the sum of the amounts of such of the assets in Australia of the
first-mentioned corporation as consist of debts due to that corporation, being
debts resulting from transactions entered into in the course of the provision of
finance by that corporation, exceeds:
(i) 50%; or
(ii) if a greater or lesser percentage is prescribed by the
regulations—the percentage so prescribed;
of the sum of the values of all the assets in Australia of that
corporation.
(3) A corporation is not taken for the purposes of this Act to be related
to another corporation (being a corporation that carries on in Australia a
business, whether or not that business is its sole or principal business, of
selling goods by retail) unless the first-mentioned corporation:
(a) is a foreign corporation, a trading corporation formed within the
limits of Australia or a financial corporation so formed; and
(b) engages in the provision of finance in the course of carrying on in
Australia a business, whether or not that business is its sole or principal
business, of selling goods by retail.