Financial Sector Legislation Amendment Bill (No. 1) 2002

Type
Government
Portfolio
Treasury 
Originating house
House of Representatives 
Status
Act 
Parliament no
40
Summary
Amends the:
Australian Prudential Regulation Authority Act 1998
  and
Financial Institutions Supervisory Levies Collection Act 1998
  in relation to financial institutions supervisory levies;
Financial Sector (Transfers of Business) Act 1999
  in relation to a transfer of a business;
Insurance Act 1973
  in relation to general insurance matters;
General Insurance Reform Act 2001
  to correct a drafting error;
Insurance Acquisitions and Takeovers Act 1991
  to remove the 30 day time limit for ministerial approval of an application for a merger or acquisition; and make consequential amendments;
Life Insurance Act 1995
  to remove sunset clauses on the right to appeal prudential decisions to the Administrative Appeals Tribunal;
Reserve Bank Act 1959
  in relation to: superannuation provisions and procedures for Reserve Bank, Reserve Bank Board and Payments System Board appointments, terminations and resignations; and location of the head office;
Superannuation Industry (Supervision) Act 1993
  in relation to: winding up procedures for superannuation funds with less than five members; and Australian Taxation Office secrecy provisions; and
Superannuation Supervisory Levy Imposition Act 1998
  in relation to the levy payable by a previously unregulated superannuation entity. 

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Progress

House of Representatives
21 Mar 2002Introduced and read a first time
21 Mar 2002Second reading moved
19 Jun 2002Second reading agreed to
19 Jun 2002Third reading agreed to
Senate
20 Jun 2002Introduced and read a first time
20 Jun 2002Second reading moved
20 Jun 2002Second reading agreed to
20 Jun 2002Third reading agreed to


26 Jun 2002Assent

Act no.: 37

Year: 2002

Documents and transcripts

Text of bill

Explanatory memoranda

No documents at present

Transcript of speeches

Proposed amendments

No documents at present

Schedules of amendments

No documents at present

Committee Information

No documents at present

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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 changed to the bill. For details about the outcome of proposed amendments please refer to either theĀ 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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