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Financial Sector Reform (Amendments and Transitional Provisions) Act 1998No. 54, 1998

In force

Administered by

Department of the Treasury

Latest version

View as made version

C2006C00145

05 December 1999

Table of contents

1 Short title
2 Commencement
3 Schedule(s)
Schedule 1—Amendment of the Australian Securities Commission Act 1989
- 12A Functions and powers—non-national scheme laws
- 93AA Enforcement of undertakings
- 123 Chairperson to disclose certain interests to Minister
Part 18—Transitional: from the ASC to ASIC
- 268 Changes to name of ASC and the Australian Securities Commission Act 1989
Schedule 2—Amendment of the Banking Act 1959
- 9A Revocation of authority
- 9B Bodies that cease to exist or change their names
- 9C Publication of list of ADIs
- Division 1AA—Authority to be a NOHC of an ADI
- Division 1A—Prudential supervision and monitoring of ADIs and authorised NOHCs
  - 11AF APRA may make prudential standards for ADIs and authorised NOHCs
- Division 1BA—APRA’s power to issue directions
  - Subdivision A—Directions other than directions to enforce certified industry liquidity contracts
    - 11CA APRA may give directions in certain circumstances
  - Subdivision B—Directions to enforce certified industry liquidity contracts
    - 11CB APRA may certify an industry liquidity contract
    - 11CC APRA may direct parties to an industry liquidity contract to comply with the contract
- Subdivision C—General provisions relating to all directions
- Division 1B—Provisions relating to certain ADIs
  - Subdivision A—General provisions relating to depositor protection
  - Subdivision B—Provisions dealing with control of an ADI’s business by an ADI statutory manager
- Division 2A—Auditors of ADIs and authorised NOHCs and their subsidiaries
  - 16B Requirements for auditors and people who have been auditors to give information to APRA
  - 16C Auditor may provide information to APRA
Part IIA—ADI mergers (operation of State and Territory Laws)
- 61 APRA may conduct investigations
- 62 Supply of information
- 66A Restriction on use of expressions authorised deposit-taking institution and ADI
- 69AA Powers about money of depositors who have died
- 69E Compensation for acquisition of property
- 69F Severability
- 70A Indemnity
- 70B Act has effect despite the Corporations Law
Schedule 1—State and Territory laws relating to bank mergers
Schedule 3—Repeal of the Banks (Shareholdings) Act 1972
Schedule 4—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989
- Part 1—Changing the administration of the Corporations Law
- Part 2—Changing references to “ASC” to “ASIC”
Schedule 5—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Company Law Review Act 1998
- Part 1—General amendments to take account of Schedule 1 to the Company Law Review Act 1998
- Division 5—Lodging reports with ASIC
Chapter 2N—Annual return and lodgments with ASIC
Part 2N.2—Lodgments with ASIC
- Part 2—Changing “ASC” to “ASIC” to take account of Schedule 1 to the Company Law Review Act 1998
- Part 3—General amendments to take account of Schedules 2 to 4 to the Company Law Review Act 1998
- Part 4—Changing “ASC” to “ASIC” to take account of Schedules 2 to 4 to the Company Law Review Act 1998
- Part 5—General amendments to take account of Schedule 5 to the Company Law Review Act 1998
Schedule 6—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Managed Investments Act 1998
- Part 1—General amendments to take account of Schedule 1 to the Managed Investments Act 1998
- Part 2—Changing “ASC” to “ASIC” to take account of Schedule 1 to the Managed Investments Act 1998
- Part 3—General amendments to take account of Schedule 2 to the Managed Investments Act 1998
- Part 4—Changing “ASC” to “ASIC” to take account of Schedule 2 to the Managed Investments Act 1998
Schedule 7—Amendment of the Financial Corporations Act 1974
- 22A Delegation by Governor
Schedule 8—Amendment of the Insurance Acquisitions and Takeovers Act 1991
- 75 APRA Act secrecy provisions apply
Schedule 9—Amendment of the Insurance Act 1973
- Part 1—Changing the administration of the Act (main amendments)
- 8 General administration of Act
- 125 APRA Act secrecy provisions apply
  - Part 2—Changing “Commissioner” to “APRA” (main amendments)
  - Part 3—Changing the administration of the Act (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998)
- Division 3—General powers of APRA
  - Subdivision A—Inquiries and directions by APRA
    - Part 4—Changing “Commissioner” to “APRA” (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998)
Schedule 10—Amendment of the Insurance (Agents and Brokers) Act 1984
- Part 1—Changing the administration of the Act
- 47 Authorisation of an officer
Schedule 11—Repeal of the Insurance and Superannuation Commissioner Act 1987
Schedule 12—Amendment of the Insurance Contracts Act 1984
- Part 1—Changing the administration of the Act
- 11A ASIC responsible for general administration of Act
  - Part 2—Changing “Commissioner” to “ASIC”
Schedule 13—Amendment of the Life Insurance Act 1995
- Part 1—Changing the administration of the Act
- 7 General administration of Act
Schedule 14—Amendment of the Reserve Bank Act 1959
- Division 1—Constitution of the Reserve Bank
- Division 2—Policy and management of the Reserve Bank
Part IIIA—The Payments System Board
- Division 1—The members of the Payments System Board
- Division 2—Meetings
- Division 3—Other administrative provisions
Schedule 15—Amendment of the Retirement Savings Accounts Act 1997
- Part 1—Changing the administration of the Act
- 3 General administration of Act
- Division 3—Investigations by the Regulator
  - 129A Authorisation of members of staff
Schedule 16—Amendment of the Superannuation Industry (Supervision) Act 1993
- Part 1—Changing the administration of the Act
- 6 General administration of Act
Part 4—Trustee of superannuation entity to lodge annual returns with APRA
- Division 2—APRA may give notices about complying fund status.
Part 22—Payment of unclaimed superannuation money to ASIC
- Division 3—APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity
- Division 4—Investigations by Regulator
  - 298A Authorisation of members of staff
Schedule 17—Amendment of the Superannuation (Resolution of Complaints) Act 1993
- Part 1—Amendments relating to changing “Commissioner” to “ASIC”
- Part 2—Changing “Commissioner” to “ASIC”
Schedule 18—Amendment and repeal of other Acts
- Part 1—Amendment and repeal of levy Acts
Part III—Functions of APRA
Part IIIAA—Collection of Superannuation (Excluded Funds) Supervisory Levy
- Superannuation Supervisory Levy Act 1991
- Part 2—Amendment of other Acts
Schedule 19—Transitional provisions
- Part 1—Transitional provisions relating to amendments of the Banking Act 1959
- Part 2—Transitional provisions relating to amendments of the Financial Corporations Act 1974
- Part 3—Transitional provisions relating to the establishment of APRA and the repeal of the Insurance and Superannuation Commissioner Act 1987
- Part 4—Transitional provisions relating to amendments of the Reserve Bank Act 1959
- Part 5—Transitional provisions relating to the Payment Systems (Regulation) Act 1998
- Part 6—Transitional provisions relating to levies
- Part 7—Regulations dealing with transitional matters