Financial Sector (Collection of Data-Consequential and Transitional Provisions) Bill 2001


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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

Passage History

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.

 

Purpose

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).

 

Background

Refer to the Digest for the Financial Sector (Collection of Data) Bill 2001 (FSCD Bill).(1)

 

Main Provisions

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.

 

Endnotes

  1.  

  2. 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.

 

Contact Officer and Copyright Details

Chris Field
19 June 2001
Bills Digest Service
Information and Research Services

This paper has been prepared for general distribution to Senators and Members of the Australian Parliament. While great care is taken to ensure that the paper is accurate and balanced, the paper is written using information publicly available at the time of production. The views expressed are those of the author and should not be attributed to the Information and Research Services (IRS). Advice on legislation or legal policy issues contained in this paper is provided for use in parliamentary debate and for related parliamentary purposes. This paper is not professional legal opinion. Readers are reminded that the paper is not an official parliamentary or Australian government document.

IRS staff are available to discuss the paper's contents with Senators and Members
and their staff but not with members of the public.

ISSN 1328-8091
© Commonwealth of Australia 2000

Except to the extent of the uses permitted under the Copyright Act 1968, no part of this publication may be reproduced or transmitted in any form or by any means, including information storage and retrieval systems, without the prior written consent of the Parliamentary Library, other than by Members of the Australian Parliament in the course of their official duties.

Published by the Department of the Parliamentary Library, 2000.

 

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