- Date
-
13 Sep 2007
- Chamber
-
House of Representatives
- Status
-
Not Proceeding
-
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; 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; and makes consequential amendments to other Acts.