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

Type: Government
Portfolio: Treasury
Originating house: Senate
Status: Act
Parliament no: 42

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.

Progress

Senate
Introduced and read a first time	13 Feb 2008
Second reading moved	13 Feb 2008
Second reading debate	11 Mar 2008
Second reading agreed to	11 Mar 2008
Third reading agreed to	11 Mar 2008

House of Representatives
Introduced and read a first time	11 Mar 2008
Referred to Main Committee	19 Mar 2008
Second reading moved	20 Mar 2008
Second reading agreed to	20 Mar 2008
Reported from Main Committee	13 May 2008
Third reading agreed to	13 May 2008


Text of bill as passed both Houses	13 May 2008
Assent Act no.: 25 Year: 2008	26 May 2008

Documents and transcripts

Text of bill

First reading

As passed by both Houses

Explanatory memoranda

Explanatory memorandum

Transcript of speeches

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Bills digest

Bills Digest

Notes

An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)

Helpful information

Text of bill

First reading: Text of the bill as introduced into the Parliament
Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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