Bills Digest No. 164 2000-01
Financial Sector (Collection of Data-Consequential and Transitional Provisions)
Bill 2001
WARNING:
This Digest was prepared for debate. It reflects the legislation as introduced
and does not canvass subsequent amendments. This Digest does not have
any official legal status. Other sources should be consulted to determine
the subsequent official status of the Bill.
CONTENTS
Passage History
Purpose
Background
Main Provisions
Endnotes
Contact Officer & Copyright Details
Financial Sector (Collection of Data-Consequential
and Transitional Provisions) Bill 2001
Date Introduced: 5 April
2001
House: House of Representatives
Portfolio: Treasury
Commencement: The amendments
described in this Digest commence on 1 July 2001. However, they will not
apply until relevant standards have been set under the proposed Financial
Sector (Collection of Data) Act 2001.
To amend a number of Acts to reflect
the transfer of the collection of statistical information from various
agencies, particularly the Reserve Bank of Australia (RBA), to the Australian
Prudential Regulation Authority (APRA).
Refer to the Digest
for the Financial Sector (Collection of Data) Bill 2001 (FSCD Bill).(1)
The Bill amends 16 Acts as a consequence of the introduction
of the proposed Financial Sector (Collection of Data) Act 2001, principally
to insert references to that proposed Act or procedures to be introduced
by that proposed Act. The Bill also repeals one Act. More notable amendments
include:
Financial Corporations Act 1974
The operative provisions of this Act provide for the
registration with the Reserve Bank of Australia (RBA) of corporations
on similar grounds as contained in the FSCD Bill. It also provides for
corporations registered under the Act to provide statistical data to the
RBA. As these functions are to be transferred to APRA, the requirements
in this Act will no longer be relevant.
Item 1 of Schedule 1 of the Bill will repeal this
Act.
Australian Prudential Regulation Authority
Act 1998
The main amendments to this Act will authorise APRA to
provide information received under the FSCD Bill to the Australian Bureau
of Statistics (ABS), the Reserve Bank of Australia (RBA) and other prescribed
authorities (item 9 of Schedule 2).
Banking Act 1959
Amendments to this Act reflect the transfer of the collection
of statistical information to APRA under the FSCD Bill. The amendments
are to apply only after APRA has determined the standards for financial
reporting (item 18 of Schedule 2).
Insurance Act 1973
Amendments to this Act are similar to those proposed
to the Banking Act 1959 and also will not apply until the appropriate
standards are determined by APRA.
Life Insurance Act 1995
Amendments to this Act are similar to those proposed
to the Banking Act 1959 and also will not apply until the appropriate
standards are determined by APRA.
- Field, Chris, 'Financial Sector (Collection of Data) Bill 2001', Bills
Digest, no. 163, 2000-01, 19 June 2001, http://www.aph.gov.au/library/pubs/bd/2000-01/01BD163.htm.
Chris Field
19 June 2001
Bills Digest Service
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ISSN 1328-8091
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