Treasury Laws Amendment (Financial Sector Regulation) Bill 2018

Type: Government
Portfolio: Treasury
Originating house: House of Representatives
Status: Act
Parliament no: 45

Summary

Amends the: Financial Sector (Shareholdings) Act 1998 to: increase from 15 per cent to 20 per cent the ownership restriction applying to life insurance and general insurance companies, authorised deposit-taking institutions (ADIs) and relevant holding companies; and create a streamlined path for owners of qualifying domestically incorporated companies with assets less than the relevant threshold applying to become a financial sector company; and Banking Act 1959 to: enable the Australian Prudential Regulation Authority to grant a new entrant to the banking sector a time limited ADI licence; and correct a drafting error.

Progress

House of Representatives
Introduced and read a first time	28 Jun 2018
Second reading moved	28 Jun 2018
Second reading debate	20 Aug 2018
Second reading debate	21 Aug 2018
Second reading agreed to	21 Aug 2018
Third reading agreed to	21 Aug 2018

Senate
Introduced and read a first time	21 Aug 2018
Second reading moved	21 Aug 2018
Second reading debate	15 Nov 2018
Second reading agreed to	15 Nov 2018
Third reading agreed to	15 Nov 2018


Finally passed both Houses	15 Nov 2018
Assent Act no: 142 Year: 2018	29 Nov 2018

Documents and transcripts

Text of bill

First reading

As passed by both Houses

Explanatory memoranda

Explanatory memorandum

Transcript of speeches

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Bills digest

Bills Digest

Notes

Considered by scrutiny committee (15/08/2018): Senate Standing Committee for the Scrutiny of Bills; Scrutiny Digest 10 of 2018
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.

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