Financial Sector Legislation Amendment Bill (No. 1) 2003

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.

Progress

House of Representatives
Introduced and read a first time	26 Jun 2002
Second reading moved	26 Jun 2002
Second reading agreed to	14 Nov 2002
Consideration in detail debate Amendment details: 33 Government agreed to	14 Nov 2002
Third reading agreed to	14 Nov 2002

Senate
Introduced and read a first time	02 Dec 2002
Second reading moved	02 Dec 2002
Second reading agreed to	30 Oct 2003
Committee of the Whole debate Amendment details: 3 Government agreed to	30 Oct 2003
Third reading agreed to	30 Oct 2003

House of Representatives
Consideration of Senate message Details: House agreed to Senate amendments	04 Nov 2003


Assent Act no: 116 Year: 2003	27 Nov 2003

Documents and transcripts

Text of bill

First reading

Third reading

Explanatory memoranda

Explanatory Memorandum

Revised Explanatory Memorandum

Supplementary Explanatory Memorandum

Supplementary Explanatory Memorandum

Transcript of speeches

Proposed amendments

House of representatives

Government [sheet EC214]

Senate

Government [sheet QJ221]

Schedules of amendments

Schedule of the amendments made by the Senate

Bills digest

Bills Digest

Notes

An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)

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