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• Financial Sector Legislation Amendment (Restructures) Bill 2007

  Track (What's this?)

  Date

  24 May 2007 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Financial Sector (Transfers of Business) Act 1999

  to: facilitate the adoption of a non-operating holding company as the ultimate holding company of a financial group in Australia; and rename it as the

  Financial Sector (Business Transfer and Group Restructures) Act 1999

  ;

  Income Tax Assessment Act 1997

  to: remove tax impediments preventing financial groups containing authorised deposit-taking institutions from restructuring; and make consequential amendments to two other Acts. 

  Bill | Explanatory Memorandum

• Financial Sector Legislation Amendment (Review of Prudential Decisions) Bill 2008

  Track (What's this?)

  Date

  13 Feb 2008 

  Chamber

  Senate 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Banking Act 1959

  ,

  Insurance Act 1973

  ,

  Life Insurance Act 1995

  ,

  Superannuation Industry (Supervision) Act 1993

  ,

  Retirement Savings Accounts Act 1997

  ,

  Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007

  and

  Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007

  to introduce a court-based process for disqualifying an individual from operating an Australian Prudential Regulation Authority (APRA) regulated entity;

  Banking Act 1959

  ,

  Insurance Act 1973

  and

  Life Insurance Act 1995

  in relation to APRA’s specific direction powers;

  Superannuation Industry (Supervision) Act 1993

  to incorporate a materiality test into the trigger for APRA to issue a direction to freeze assets of a superannuation entity;

  Insurance Act 1973

  ,

  Life Insurance Act 1995

  and

  Superannuation Industry (Supervision) Act 1993

  to remove ministerial consent from administrative decisions made by APRA or the Australian Taxation Office (ATO) under those Acts; and

  Banking Act 1959

  ,

  Financial Sector (Collection of Data) Act 2001

  ,

  Insurance Act 1973

  ,

  Life Insurance Act 1995

  and

  Superannuation Industry (Supervision) Act 1993

  to apply merits review to appropriate decisions made by APRA or the ATO. Also makes consequential amendments to other Acts. 

  Bill | Explanatory Memorandum

• Financial Sector Legislation Amendment (Simplifying Regulation and Review) Bill 2007

  Track (What's this?)

  Date

  21 Jun 2007 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the financial sector regulation law to: implement recommendations of the Taskforce on Reducing Regulation Burdens on Business to streamline and simplify prudential regulation; provide more equitable financial assistance to superannuation funds who have suffered loss as a result of fraud or theft; abolish the Special Protection Account; consolidate and rationalise prudential reporting requirements in the superannuation industry; close a regulatory gap for reporting contraventions of the market conduct and disclosure provisions in the

  Corporations Act 2001

  ; and makes technical amendments consequential on the enactment of the

  Legislative Instruments Act 2003

  . 

  Bill | Explanatory Memorandum

• Financial Sector Legislation Amendment (Trans-Tasman Banking Supervision) Bill 2006

  Track (What's this?)

  Date

  14 Sep 2006 

  Chamber

  Senate 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Australian Prudential Regulation Authority Act 1998

  ,

  Banking Act 1959

  and

  Financial Sector (Transfers of Business) Act 1999

  to facilitate regulatory cooperation in relation to banking services in Australia and New Zealand. 

  Bill | Explanatory Memorandum

• Financial Sector Legislation Amendment Bill (No. 1) 2000

  Track (What's this?)

  Date

  13 Apr 2000 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasurer's portfolio 

  Bill | Explanatory Memorandum

• Financial Sector Legislation Amendment Bill (No. 1) 2002

  Track (What's this?)

  Date

  21 Mar 2002 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Australian Prudential Regulation Authority Act 1998

  and

  Financial Institutions Supervisory Levies Collection Act 1998

  in relation to financial institutions supervisory levies;

  Financial Sector (Transfers of Business) Act 1999

  in relation to a transfer of a business;

  Insurance Act 1973

  in relation to general insurance matters;

  General Insurance Reform Act 2001

  to correct a drafting error;

  Insurance Acquisitions and Takeovers Act 1991

  to remove the 30 day time limit for ministerial approval of an application for a merger or acquisition; and make consequential amendments;

  Life Insurance Act 1995

  to remove sunset clauses on the right to appeal prudential decisions to the Administrative Appeals Tribunal;

  Reserve Bank Act 1959

  in relation to: superannuation provisions and procedures for Reserve Bank, Reserve Bank Board and Payments System Board appointments, terminations and resignations; and location of the head office;

  Superannuation Industry (Supervision) Act 1993

  in relation to: winding up procedures for superannuation funds with less than five members; and Australian Taxation Office secrecy provisions; and

  Superannuation Supervisory Levy Imposition Act 1998

  in relation to the levy payable by a previously unregulated superannuation entity. 

  Bill

• Financial Sector Legislation Amendment Bill (No. 1) 2003

  Track (What's this?)

  Date

  26 Jun 2002 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Banking Act 1959

  in relation to: expertise and integrity of directors and senior managers of authorised deposit-taking institutions (ADIs) and authorised non-operating holding companies (NOHCs); removal of auditors; reporting requirements in relation to breaches of prudential requirements; application of prudential standards on a consolidated group basis; revocation of authority of an ADI or NOHC to operate a banking business; and protection for APRA officers against lawsuits;

  Insurance Act 1973

  in relation to: APRA’s capacity to discuss submissions on management expertise and integrity with third parties; reporting requirements in relation to breaches of prudential requirements; and penalties;

  Superannuation (Resolution of Complaints) Act 1993

  in relation to: time limits relating to disability benefit complaints; conciliation powers of the Superannuation Complaints Tribunal; removal of redundant arbitration powers; and minor technical amendments;

  Superannuation Industry (Supervision) Act 1993

  to allow the recognition of awards, still in force, under arbitration agreements even after removal of the arbitration power; and

  Australian Securities and Investments Commission Act 2001

  ,

  Corporations Act 2001

  and

  Corporations (Repeals, Consequentials and Transitionals) Act 2001

  to: correct minor errors, grammatical mistakes and erroneous cross references; and remove obsolete provisions. 

  Bill | Explanatory Memorandum

• Financial Sector Reform (Amendments and Transitional Provisions) Bill (No. 1) 1999

  Track (What's this?)

  Date

  11 Mar 1999 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasurer's portfolio 

  Bill | Explanatory Memorandum

• Financial Sector Reform (Amendments and Transitional Provisions) Bill (No.1) 2000

  Track (What's this?)

  Date

  30 Jun 1999 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasurer's portfolio 

  Bill | Explanatory Memorandum

• Financial Sector Reform (Amendments and Transitional Provisions) Bill 1998

  Track (What's this?)

  Date

  26 Mar 1998 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasurer's portfolio 

  Bill