FINANCIAL SECTOR LEGISLATION AMENDMENT (SIMPLIFYING REGULATION AND REVIEW) ACT 2007 (NO. 154, 2007)

Contents

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 2

3............ Schedule(s).......................................................................................... 2

Schedule 1--Streamlining prudential regulation 4

Part 1--Amendments commencing on Royal Assent 4

A New Tax System (Australian Business Number) Act 1999 4

Banking Act 1959 5

Corporations Act 2001 17

Insurance Act 1973 18

Life Insurance Act 1995 27

Superannuation Industry (Supervision) Act 1993 44

Part 2--Amendments commencing 1 January 2008 54

Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 54

Banking Act 1959 54

Corporations Act 2001 60

Income Tax Assessment Act 1936 61

Income Tax Assessment Act 1997 61

Insurance Act 1973 62

Life Insurance Act 1995 70

Superannuation Industry (Supervision) Act 1993 83

Part 3--Amendments commencing 12 months after Royal Assent 87

A New Tax System (Australian Business Number) Act 1999 87

Superannuation Industry (Supervision) Act 1993 87

Part 4--Amendments commencing 1 July 2011 90

Life Insurance Act 1995 90

Part 5--Application, transitional and saving provisions 93

Schedule 2--Financial assistance 96

Financial Institutions Supervisory Levies Collection Act 1998 96

Superannuation Industry (Supervision) Act 1993 96

Schedule 3--Accounts, reporting etc. obligations 100

Financial Institutions Supervisory Levies Collection Act 1998 100

Financial Sector (Collection of Data--Consequential and Transitional Provisions) Act 2001 100

Income Tax Assessment Act 1936 100

Superannuation Industry (Supervision) Act 1993 100

Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 108

Schedule 4--Technical amendments relating to legislative instruments 109

Australian Securities and Investments Commission Act 2001 109

Authorised Deposit‑taking Institutions Supervisory Levy Imposition Act 1998 109

Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998 109

Banking Act 1959 109

Cheques Act 1986 110

Commonwealth Bank Sale Act 1995 110

Commonwealth Borrowing Levy Collection Act 1987 111

Corporations Act 2001 111

Currency Act 1965 � 113

Financial Sector (Business Transfer and Group Restructure) Act 1999 113

Financial Sector (Collection of Data) Act 2001 113

Insurance Acquisitions and Takeovers Act 1991 114

Insurance Act 1973 114

Life Insurance Supervisory Levy Imposition Act 1998 115

Payment Systems and Netting Act 1998 115

Retirement Savings Account Providers Supervisory Levy Imposition Act 1998 115

Superannuation Industry (Supervision) Act 1993 115

Superannuation Supervisory Levy Determination Validation Act 2000 117

Superannuation Supervisory Levy Imposition Act 1998 117

Commonwealth Numbered Acts

FINANCIAL SECTOR LEGISLATION AMENDMENT (SIMPLIFYING REGULATION AND REVIEW) ACT 2007 (NO. 154, 2007) - NOTES