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Financial Sector Reform (Hayne Royal Commission Response—Stronger Regulators (2019 Measures)) Bill 2019

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
46

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Summary

Gives effect to certain recommendations of the Financial Services Royal Commission by amending the: Australian Securities and Investments Commission Act 2001 (ASIC Act) and National Consumer Credit Protection Act 2009 to: relocate the existing search warrant powers of the Australian and Securities Investment Commission (ASIC) from across ASIC administered legislation into the ASIC Act; and enhance ASIC's existing search warrant powers by reference to the search warrant powers in the Crimes Act 1914; Telecommunications (Interception and Access) Act 1979 to allow ASIC to receive and use interception information for its own investigations and prosecutions of serious offences; Corporations Act 2001 to replace the requirement for obtaining an Australian financial services licence (AFS licence) that a person be of 'good fame and character' with the requirement that they be a 'fit and proper person'; National Consumer Credit Protection Act 2009 and National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 to: enable ASIC to cancel an AFS licence if the licensee does not start to provide the relevant financial services within six months after the licence is granted; clarify ASIC's power to suspend or cancel an Australian credit licence if the person does not engage, or ceases to engage, in credit activities; require licensees to notify ASIC if they do not start to provide the financial services or engage in the credit activities covered by the licence within six months of it being granted; Corporations Act 2001 and National Consumer Credit Protection Act 2009 to strengthen and broadly align provisions relating to false or misleading statements; and Corporations Act 2001, National Consumer Credit Protection Act 2009 and National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 to: expand the grounds on which ASIC can make a banning order against a person; and enable ASIC to make additional types of banning orders to prohibit a person from controlling or performing any or particular functions in relation to a financial services or credit business. Also amends seven Acts to make consequential amendments and provide for transitional arrangements.

Progress

Bill progress
House of Representatives
Introduced and read a first time 28 Nov 2019
Second reading moved 28 Nov 2019
Second reading debate 05 Feb 2020
Second reading agreed to 05 Feb 2020
Third reading agreed to 05 Feb 2020
Bill progress
Senate
Introduced and read a first time 05 Feb 2020
Second reading moved 05 Feb 2020
Second reading debate 06 Feb 2020
Second reading agreed to 06 Feb 2020
Third reading agreed to 06 Feb 2020
Bill progress
Finally passed both Houses 06 Feb 2020
Assent
  • Act no: 3
  • Year: 2020
17 Feb 2020

Documents and transcripts

Text of bill

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Word Format PDF Format HTML Format

Explanatory memoranda

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Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Notes

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.