Source: http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbills%2Fr2839_third%2F0002%22;src1=sm1
Timestamp: 2018-01-17 10:02:10
Document Index: 2845892

Matched Legal Cases: ['art 11', 'art 1', 'art 29', 'art 2', 'art 2', 'art 3', 'art 4', 'art 5']

legislation/bills/r2839_third/0002
Schedule 1 — Streamlining prudential regulation
5 Application to government entities, non-profit sub-entities, superannuation funds and certain RSE licensees
(2) This Act applies to an * RSE licensee, or an applicant for an * RSE licence, that is a group of individual trustees as if the group were an * entity * carrying on an * enterprise in * Australia.
(2A) If, but for this subsection, section 14 or 15 would impose an obligation on an * RSE licensee that is a group of individual trustees, the obligation is imposed on each individual, but may be discharged by any of the individuals.
RSE licence means an RSE licence within the meaning of the Superannuation Industry (Supervision) Act 1993 .
RSE licensee means an RSE licensee within the meaning of the Superannuation Industry (Supervision) Act 1993 .
(c) the Companies Auditors and Liquidators Disciplinary Board established by Division 1 of Part 11 of the Australian Securities and Investments Commission Act 2001 ;
(2) For the purposes of this section, each of the following is a relevant body corporate :
Division 2C — Enforceable undertakings
Part VIA — Protections in relation to information
Division 1 — Protection for whistleblowers
(1) This section applies to a disclosure of information made by a person (the discloser ) who is, in relation to a body corporate that is an ADI, an authorised NOHC or a subsidiary of an ADI or authorised NOHC, any of the following:
(4) In this section, officer has the same meaning as it has in the Corporations Act 2001 .
(a) a person (the employee ) is employed in a particular position under a contract of employment with another person (the employer ); and
(a) the first person makes a threat to another person (the second person ) to cause any detriment to the second person or to a third person; and
(1) A person (the offender ) commits an offence under this subsection if:
(3) In this section, officer has the same meaning as it has in the Corporations Act 2001 .
Division 2 — Self-incrimination
52F Self-incrimination
(c) consequential amendments of a company’s constitution that have been approved by APRA under section 16U or 16V of the Life Insurance Act 1995 .
Division 4 — Protections in relation to information
Subdivision A — Protection for whistleblowers
(1) This section applies to a disclosure of information made by a person (the discloser ) who is, in relation to a body corporate that is a general insurer, an authorised NOHC or a subsidiary of a general insurer or authorised NOHC, any of the following:
(a) a person (the discloser ) makes a disclosure of information that qualifies for protection under this Subdivision; and
Subdivision B — Self-incrimination
38F Self-incrimination
After “Prudential Rules”, insert “or by reporting standards made under the Financial Sector (Collection of Data) Act 2001 ”.
104 Subsection 61(1) (definition of starting amount )
(1) A person who is or was an auditor of a life company may give information, or produce books, accounts or documents, about the life company to APRA if the person considers that doing so will assist APRA in performing its functions under this Act or under the Financial Sector (Collection of Data) Act 2001 .
(1) A person who is or was the appointed actuary of a life company may give information, or produce books, accounts or documents, about the life company to APRA if the person considers that doing so will assist APRA in performing its functions under this Act or under the Financial Sector (Collection of Data) Act 2001 .
Division 3 — Investigation by APRA
Division 5 — Protections in relation to information
(1) This section applies to a disclosure of information by a person (the discloser ) who is, in relation to a life company, any of the following:
156F Self-incrimination
122 Subsection 236(1) (before paragraph (a) of the definition of reviewable decision )
123 Subsection 236(1) (paragraph (e) of the definition of reviewable decision )
124 Subsection 236(1) (paragraph (f) of the definition of reviewable decision )
125 Subsection 236(1) (paragraphs (k) and (l) of the definition of reviewable decision )
126 Subsection 236(1) (at the end of the definition of reviewable decision )
(2) APRA must not make rules under this section on or after the day on which Part 1 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 commences (the cut-off day ).
(3) A rule made under this section that is in force immediately before the cut-off day continues in force until revoked by APRA.
(4) APRA may, on or after the cut-off day, vary or revoke a rule continued in force under subsection (3).
134 Schedule (definition of Commissioner )
senior manager , of a life company, means a person who has or exercises any of the senior management responsibilities (within the meaning of the prudential standards) for the life company.
138 Subsection 10(1) (paragraph (z) of the definition of reviewable decision )
139 Subsection 10(1) (paragraph (za) of the definition of reviewable decision )
140 Subsection 10(1) (paragraph (zb) of the definition of reviewable decision )
141 Subsection 10(1) (paragraph (zc) of the definition of reviewable decision )
142 Subsection 10(1) (paragraph (zd) of the definition of reviewable decision )
150 Section 327 (definition of modifiable provision )
(aa) section 35C (except so far as it applies in relation to self-managed superannuation funds);
Part 29A — Protections in relation to information
(1) This section applies to a disclosure of information by a person (the discloser ) who is, in relation to a superannuation entity, any of the following:
336F Self-incrimination
Part 2 — Amendments commencing 1 January 2008
156 Section 5 (definition of Life Insurance Actuarial Standard 4.02 )
157 Section 5 (definition of life policy )
Omit “Life Insurance Actuarial Standard 4.02”, substitute “prudential standards made under section 230A of the Life Insurance Act 1995 ”.
Note: The heading to section 16B is replaced by the heading “ Auditors to give information to APRA on request ”.
(ii) another subsidiary (a relevant foreign-incorporated subsidiary ) of the foreign corporation (other than a body mentioned in paragraph (a), (b) or (c)), being a subsidiary that is not incorporated in Australia and carries on business in Australia.
(iii) if the body corporate is a relevant Australian-incorporated subsidiary or a relevant foreign-incorporated subsidiary of a foreign corporation—the depositors of any ADI that is a subsidiary of the foreign corporation;
Note: The defendant bears an evidential burden in relation to the matters in subsection (5). See subsection 13.3(3) of the Criminal Code .
(i) a provision of this Act, the regulations or the Financial Sector (Collection of Data) Act 2001 ; or
Note: The defendant bears an evidential burden in relation to the matters in subsection (10). See subsection 13.3(3) of the Criminal Code .
Note: The following heading to subsection 62A(1) is inserted “ Matters requiring immediate notice ”.
Note: The defendant bears an evidential burden in relation to the matters in subsection (1A). See subsection 13.3(3) of the Criminal Code .
Note: The defendant bears an evidential burden in relation to the matters in subsection (1D). See subsection 13.3(3) of the Criminal Code .
173 Subsection 995-1(1) (definition of current termination value )
Omit “the * Solvency Standard”, substitute “prudential standards made under section 230A of the Life Insurance Act 1995 ”.
174 Subsection 995-1(1) (definition of policy termination value )
175 Subsection 995-1(1) (definition of Solvency Standard )
176 Subsection 995-1(1) (definition of Valuation Standard )
Omit “actuarial standard”, substitute “prudential standard made under section 230A of the Life Insurance Act 1995 ”.
Note 2: The defendant bears an evidential burden in relation to the matters in subsection (3). See subsection 13.3(3) of the Criminal Code .
Note 2: The defendant bears an evidential burden in relation to the matters in subsection (7). See subsection 13.3(3) of the Criminal Code .
(a) commits an offence under subsection (2) or (6) because of Part 2.4 of the Criminal Code ; or
Note 1: The following heading to subsection 49A(1) is inserted “ Persons to whom requirements apply ”.
Note 2: The following heading to subsection 49A(2) is inserted “ Matters requiring immediate notice ”.
Note: The following heading to subsection 49A(3) is inserted “ Offences in relation to matters requiring immediate notice ”.
(iv) the insurer, NOHC or subsidiary has failed or will fail to comply with a requirement or direction under this Act or a requirement under the Financial Sector (Collection of Data) Act 2001 ; and
Division 6 — Removal of auditors and actuaries
Omit “, for the purposes of subsection 83(3), by the approved auditor for the company”, substitute “by the auditor of the life company for the purposes of the Financial Sector (Collection of Data) Act 2001 ”.
(2) The auditor of a life company must perform for the life company the functions of an auditor set out in the prudential standards and in reporting standards made by APRA under the Financial Sector (Collection of Data) Act 2001 .
Note: The heading to section 96 is altered by omitting “ actuarial ” and substituting “ prudential ”.
(1) The appointed actuary of a life company must perform for the company the functions of an actuary set out in the prudential standards and in reporting standards made by APRA under the Financial Sector (Collection of Data) Act 2001 .
(1) The owner of a policy issued by a life company is entitled, on his or her request, to be provided by the company with one copy of the latest annual financial statements and annual return given by the company to APRA under the Financial Sector (Collection of Data) Act 2001 .
226 Subsection 236(1) (definition of person affected by a reviewable decision )
227 Subsection 236(1) (paragraphs (o), (p), (q), (r), (s), (sa), (sb), (sc) and (t) of the definition of reviewable decision )
228 Subsection 236(1) (paragraphs (v), (w), (x), (y) and (z) of the definition of reviewable decision )
229 Subsection 236(1) (paragraphs (za), (zc), (zg) and (zga) of the definition of reviewable decision )
231 Schedule (definition of actuarial standards )
233 Schedule (definition of approved auditor )
234 Schedule (definition of Board )
236 Schedule (definition of financial condition report )
237 Schedule (paragraph (a) of the definition of this Act )
239 Subsection 10(1) (after paragraph (t) of the definition of reviewable decision )
Omit “gives written notice to the Regulator setting out particulars of the event, no later than the third business day after the first-mentioned trustee becomes aware of the event”, substitute “immediately notifies the Regulator in writing of the event”.
(c) the person has failed to perform adequately and properly the duties or functions of the appointment under this Act, the regulations or the Financial Sector (Collection of Data) Act 2001 .
Part 3 — Amendments commencing 12 months after Royal Assent
(ja) if the entity is an * RSE licensee:
(ii) the address for the licensee recorded by the Australian Prudential Regulation Authority for the purposes of the Superannuation Industry (Supervision) Act 1993 ; and
(jb) if the entity is a registrable superannuation entity within the meaning of the Superannuation Industry (Supervision) Act 1993 :
(i) the address for the entity recorded by the Australian Prudential Regulation Authority for the purposes of the Superannuation Industry (Supervision) Act 1993 ; and
Note: The heading to section 29DC is altered by omitting “ licence numbers ” and substituting “ ABNs ”.
Note: The heading to section 29MB is altered by omitting “ registration numbers ” and substituting “ ABNs ”.
Part 4 — Amendments commencing 1 July 2011
283 Subsection 61(1) (definition of starting amount )
286 Subsection 236(1) (paragraphs (k) and (l) of the definition of reviewable decision )
288 Schedule (definition of Prudential Rules )
289 Schedule (paragraph (a) of the definition of this Act )
Part 5 — Application, transitional and saving provisions
The Governor-General may make regulations prescribing matters of a transitional nature (including prescribing any saving or application provisions) in relation to the amendments or repeals made by this Schedule.