Financial Sector (Collection of Data) Regulations 20081
Select Legislative Instrument 2008 No. 124
I, PHILIP MICHAEL JEFFERY, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Financial Sector (Collection of Data) Act 2001.
Dated 19 June 2008
Governor‑General
By His Excellency’s Command
CHRIS BOWEN
1 Name of Regulations
These Regulations are the Financial Sector (Collection of Data) Regulations 2008.
2 Commencement
These Regulations commence on 1 July 2008.
3 Definition
In these Regulations:
Act means the Financial Sector (Collection of Data) Act 2001.
4 Discretionary mutual funds
(1) For paragraph 5 (5) (b) of the Act, a fund meeting the following criteria is declared to be a discretionary mutual fund:
(a) 2 or more persons have contributed to the fund;
(b) payments have been or may be made out of the fund in respect of liabilities, losses, damages or expenses of the contributors;
(c) the fund is governed by rules under which any such payments for the benefit of the contributors are subject to a discretion of a person or body other than the contributors.
(2) For paragraph 5 (5) (b) of the Act, a fund meeting the following criteria is declared to be a discretionary mutual fund:
(a) only 1 person contributes or has contributed to the fund;
(b) payments have been or may be made out of the fund in respect of liabilities, losses, damages or expenses of the contributor or another person (the covered person);
(c) the fund is governed by rules under which any such payments for the benefit of the contributor or the covered person are subject to a discretion of a person or body other than the contributor or the covered person.
Note
1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.