Financial Sector Legislation Amendment Bill (No. 1) 2003

Type
Government
Portfolio
Treasury 
Originating house
House of Representatives 
Status
Act 
Parliament no
40
Summary
Amends the:
Banking Act 1959
  in relation to: expertise and integrity of directors and senior managers of authorised deposit-taking institutions (ADIs) and authorised non-operating holding companies (NOHCs); removal of auditors; reporting requirements in relation to breaches of prudential requirements; application of prudential standards on a consolidated group basis; revocation of authority of an ADI or NOHC to operate a banking business; and protection for APRA officers against lawsuits;
Insurance Act 1973
  in relation to: APRA’s capacity to discuss submissions on management expertise and integrity with third parties; reporting requirements in relation to breaches of prudential requirements; and penalties;
Superannuation (Resolution of Complaints) Act 1993
  in relation to: time limits relating to disability benefit complaints; conciliation powers of the Superannuation Complaints Tribunal; removal of redundant arbitration powers; and minor technical amendments;
Superannuation Industry (Supervision) Act 1993
  to allow the recognition of awards, still in force, under arbitration agreements even after removal of the arbitration power; and
Australian Securities and Investments Commission Act 2001
,
Corporations Act 2001
  and
Corporations (Repeals, Consequentials and Transitionals) Act 2001
  to: correct minor errors, grammatical mistakes and erroneous cross references; and remove obsolete provisions. 

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Progress

House of Representatives
26 Jun 2002Introduced and read a first time
26 Jun 2002Second reading moved
14 Nov 2002Second reading agreed to
14 Nov 2002Consideration in detail debate

Amendment details: 33 government amendments agreed to
14 Nov 2002Third reading agreed to
Senate
02 Dec 2002Introduced and read a first time
02 Dec 2002Second reading moved
30 Oct 2003Second reading agreed to
30 Oct 2003Committee of the Whole debate

Amendment details: 2 Government amendments agreed to; 1 item negatived
30 Oct 2003Third reading agreed to
House of Representatives
04 Nov 2003Consideration of Senate message

Details: House agreed to Senate amendments


27 Nov 2003Assent

Act no.: 116

Year: 2003

Documents and transcripts

Text of bill

Word Format PDF Format
Word Format PDF Format

Explanatory memoranda

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Word Format PDF Format
Word Format PDF Format

Transcript of speeches

Proposed amendments

House of Representatives
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Word Format PDF Format

Schedules of amendments

No documents at present

Committee Information

No documents at present

Bills Digest PDF Format

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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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