Source: https://www.legislation.gov.au/Details/C2007C00597
Timestamp: 2020-06-05 15:35:43
Document Index: 242458591

Matched Legal Cases: ['art 1', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 7', 'arts 2', 'art 1', 'art 6', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 7']

Details: C2007C00597
- C2007C00597
Act No. 121 of 2001 as amended, taking into account amendments up to Act No. 154 of 2007
An Act to repeal and amend various Acts, and to deal with transitional matters, in connection with the enactment of the Financial Sector (Collection of Data) Act 2001, and for related purposes
Registered 05 Oct 2007
C2007C00597
Act No. 121 of 2001 as amended
This compilation was prepared on 28 September 2007
[This Act was amended by Act No. 123 of 2001; No. 154 of 2007]
Amendments from Act No. 123 of 2001
[Schedule 2 (item 1) repealed items 92 and 92A of Schedule 2
Schedule 2 (item 2) repealed items 101 to 130AA of Schedule 2
Schedule 2 (items 1 and 2) commenced on 11 March 2002]
Amendment from Act No. 154 of 2007
[Schedule 3 (item 2) repealed item 152 of Schedule 2
Schedule 3 (item 2) commenced on 24 September 2007]
2............ Commencement ................................................................................. 1
Schedule 1—Repeal 3
Financial Corporations Act 1974 3
Schedule 2—Amendments 4
Part 1—Australian Prudential Regulation Authority Act 1998 4
Part 2—Banking Act 1959 7
Part 3—Insurance Act 1973 9
Part 4—Life Insurance Act 1995 12
Part 5—Retirement Savings Accounts Act 1997 16
Part 6—Superannuation Industry (Supervision) Act 1993 19
Part 7—Other Acts 23
Broadcasting Services Act 1992 23
Cheques Act 1986 23
Financial Corporations (Transfer of Assets and Liabilities) Act 1993 23
Financial Institutions Supervisory Levies Collection Act 1998 23
Insurance Acquisitions and Takeovers Act 1991 25
National Crime Authority Act 1984 27
Reserve Bank Act 1959 27
Taxation Administration Act 1953 28
Telecommunications (Consumer Protection and Service Standards) Act 1999 28
This Act may be cited as the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001.
(1) Sections 1, 2 and 3 commence on the day on which this Act receives the Royal Assent.
(2) Schedules 1 to 3 commence on the same day as Parts 2 to 4 of the Financial Sector (Collection of Data) Act 2001.
1 The whole of the Act.
Part 1—Australian Prudential Regulation Authority Act 1998
1 Subsection 56(1)
financial sector entity has the same meaning as in the Financial Sector (Collection of Data) Act 2001.
2 Subsection 56(1) (after paragraph (b) of the definition of Act covered by this section)
(ba) the Financial Sector (Collection of Data) Act 2001;
3 Subsection 56(1) (at the end of paragraph (c) of the definition of protected document)
4 Subsection 56(1) (after paragraph (c) of the definition of protected document)
5 Subsection 56(1) (at the end of paragraph (c) of the definition of protected information)
6 Subsection 56(1) (after paragraph (c) of the definition of protected information)
7 Subsection 56(1)
registered entity means a corporation that is, or has at any time been, a registered entity within the meaning of the Financial Sector (Collection of Data) Act 2001.
8 Paragraph 56(2)(c)
After “(5),”, insert “(5A), (5B), (5C),”.
9 After subsection 56(5)
(5A) It is not an offence if the production by a person of a document that was given to APRA under section 9 or 13 of the Financial Sector (Collection of Data) Act 2001 is to the Australian Statistician for the purposes of the Census and Statistics Act 1905.
Note: A defendant bears an evidential burden in relation to matters in subsection (5A) (see section 13.3(3) of the Criminal Code).
(5B) It is not an offence if the production by a person of a document that was given to APRA under section 9 or 13 of the Financial Sector (Collection of Data) Act 2001 is to:
Note: A defendant bears an evidential burden in relation to matters in subsection (5B) (see section 13.3(3) of the Criminal Code).
(5C) If a document relating to a financial sector entity (other than an entity that is, or is included in a class of entities that are, excluded by the regulations from the operation of this subsection) is a reporting document that:
(a) was given by the entity to APRA under section 13 of the Financial Sector (Collection of Data) Act 2001; and
Note: A defendant bears an evidential burden in relation to matters in subsection (5C) (see section 13.3(3) of the Criminal Code).
10 At the end of Part 6
57 Determination as to confidentiality
(1) APRA may determine whether a document that was given to APRA by a registered entity, or by a body regulated by APRA, under section 13 of the Financial Sector (Collection of Data) Act 2001 contains confidential information, but must not make such a determination unless APRA has:
(a) given to the entity or body, or to an association or other body representing the class of entities or bodies within which the entity or body is included, a reasonable opportunity to make representations as to whether information of the kind contained in the document is confidential; and
(b) taken any such representations into account.
(2) A determination made under subsection (1) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.
Part 2—Banking Act 1959
11 Subparagraph 9A(2)(a)(i)
After “regulations”, insert “or the Financial Sector (Collection of Data) Act 2001”.
12 Subparagraph 11AB(2)(a)(i)
13 After paragraph 11CA(1)(d)
; or (e) the body corporate has contravened a requirement under the Financial Sector (Collection of Data) Act 2001.
14 Subparagraphs 16B(2)(a)(ii), (3)(a)(ii) and (4)(a)(ii)
15 At the end of section 16C
Add “or the Financial Sector (Collection of Data) Act 2001”.
16 Part VI
17 Subsection 62(5)
(1) The amendments made by this Part apply to a financial sector entity (within the meaning of the Financial Sector (Collection of Data) Act 2001) that is a body referred to in subitem (2) only on and after the day on which the reporting standards determined under section 13 of that Act begin to apply under section 15 of that Act to a class or kind of financial sector entities in which that body is included.
(2) The bodies are:
(a) ADIs; and
(b) authorised NOHCs; and
(c) subsidiaries of ADIs; and
(d) subsidiaries of authorised NOHCs.
(3) Expressions used in subitem (2) have the same meanings as in the Banking Act 1959.
Part 3—Insurance Act 1973
19 Subsection 3(1) (definition of accounts)
Omit “subsections 44(1) and (3) and 49J(1) and (3)”.
20 Subsection 3(1) (definition of quarterly statutory accounts)
21 Subsection 3(1) (definition of statutory accounts)
statutory accounts, in relation to a body corporate, means the reporting documents that the body corporate is required under section 13 of the Financial Sector (Collection of Data) Act 2001 to lodge with APRA.
22 Subsection 3(1) (definition of yearly statutory accounts)
yearly statutory accounts, in relation to a body corporate, means the reporting documents that the body corporate is required under section 13 of the Financial Sector (Collection of Data) Act 2001 to lodge with APRA in respect of a financial year.
23 Paragraph 23(f)
After “Act”, insert “and the Financial Sector (Collection of Data) Act 2001”.
24 Paragraph 24(f)
25 Sections 44 and 45
27 Sections 49J and 49K
28 Section 49P
29 Paragraph 52(1)(b)
After “Act” (wherever occurring), insert “or the Financial Sector (Collection of Data) Act 2001”.
30 Subsection 52(1B)
After “Act” (second and third occurring), insert “or the Financial Sector (Collection of Data) Act 2001”.
31 Subsection 62(1)
32 Subparagraph 62(1A)(b)(ii)
33 Subsection 115(1)
After “Act” (second occurring), insert “or the Financial Sector (Collection of Data) Act 2001”.
34 Subsection 115A(1)
After “Act” (last occurring), insert “or the Financial Sector (Collection of Data) Act 2001”.
35 Paragraph 115A(2)(a)
36 Subparagraph 115A(3)(a)(i)
After “Act”, insert “or the Financial Sector (Collection of Data) Act 2001”.
37 Subparagraph 117A(1)(a)
38 Subsection 123(2)
Note: The heading to section 123 is altered by omitting “, accounts”.
39 Subsection 123(4)
40 Subsection 128(1)
Omit “, 44”.
41 Subsection 128(1)
Omit “, 49J”.
42 Paragraph 128(1)(b)
Omit “44,”.
43 Paragraph 128(1)(b)
44 Paragraph 132(c)
The amendments made by this Part apply only on and after the day on which the reporting standards determined under section 13 of the Financial Sector (Collection of Data) Act 2001 begin to apply under section 15 of that Act to financial sector entities (within the meaning of that Act) whose sole or principal business in Australia is insurance business (within the meaning of the Insurance Act 1973).
Part 4—Life Insurance Act 1995
46 Paragraph 21(3)(e)
47 Section 57
Omit “section 82”, substitute “the Financial Sector (Collection of Data) Act 2001”.
48 Section 82
49 Subsection 83(2)
(2) The audit must be carried out before reporting documents as at the end of that financial year are given to APRA under the Financial Sector (Collection of Data) Act 2001.
50 Subsection 83(3)
Omit “prepared under subsection 82(1) are not effective for the purposes of this Act”, substitute “referred to in subsection (2) are not effective for the purposes of this Act or the Financial Sector (Collection of Data) Act 2001”.
51 Paragraph 88(1)(a)
52 Subparagraph 88(3)(a)(i)
53 Paragraph 89(2)(a)
54 Paragraph 92(1)(a)
55 Paragraph 98(1)(a)
56 Subparagraph 98(3)(a)(i)
57 Sections 117 and 118
58 Section 121
59 Section 122
Omit “referred to in subsection 82(1)”, substitute “under the Financial Sector (Collection of Data) Act 2001”.
60 Subsection 124(1)
Omit “section 118”, substitute “the Financial Sector (Collection of Data) Act 2001”.
61 Subsection 125A(1) (paragraph (b) of the definition of provision to which this section applies)
62 Subsection 125B(1) (paragraph (b) of the definition of provision to which this section applies)
63 Subparagraph 136(b)(i)
After “Life Insurance Act 1945”, insert “or the Financial Sector (Collection of Data) Act 2001”.
64 Subparagraph 136(b)(ii)
65 Paragraphs 150(1)(b) and (c)
66 Section 166
After “Act” (first occurring), insert “or the operation of the Financial Sector (Collection of Data) Act 2001”.
67 At the end of section 166
Add “or the provisions of the Financial Sector (Collection of Data) Act 2001”.
68 At the end of subsection 230A(3)
69 Paragraph 230B(1)(a)
70 Subsection 236(1) (paragraph (zb) of the definition of reviewable decision)
71 Subsection 236(1) (paragraphs (zd), (ze) and (zf) of the definition of reviewable decision)
72 Sections 243 and 244
73 Subsection 248(2)
74 Schedule
reporting document has the same meaning as in the Financial Sector (Collection of Data) Act 2001.
75 Application
The amendments made by this Part apply only on and after the day on which the reporting standards determined under section 13 of the Financial Sector (Collection of Data) Act 2001 begin to apply under section 15 of that Act to financial sector entities (within the meaning of that Act) that are registered under the Life Insurance Act 1995.
Part 5—Retirement Savings Accounts Act 1997
76 Subparagraph 3(1)(a)(iv)
(iv) section 183; and
77 Paragraph 3(2)(d)
Omit “, 184, 193 and 194”, substitute “and 184”.
78 Section 16 (definition of lodge)
79 Section 16 (paragraph (o) of the definition of reviewable decision)
Omit “182; or”, substitute “182.”.
80 Section 16 (paragraph (p) of the definition of reviewable decision)
81 Section 37
Omit “and to require RSA providers to provide an annual return to APRA”.
82 Paragraphs 44(1)(a) and (b)
Note: The heading to section 44 is replaced by the heading “RSA provider to give copy of audit report to APRA”.
83 At the end of subsection 44(1)
Note: The Financial Sector (Collection of Data) Act 2001 makes provision for annual returns and other financial documents to be given by RSA providers to APRA.
84 Subsections 44(3) and (4)
Endorsement of report on return
(4) If the return given under the Financial Sector (Collection of Data) Act 2001 is not given on a data processing device, or by way of electronic transmission, the report referred to in subsection (1) may be endorsed on the return.
85 Subsection 64(2)
Omit “returns in accordance with section 44”, substitute “reporting documents referred to in section 13 of the Financial Sector (Collection of Data) Act 2001”.
86 Subsections 65(1) and (3)
After “regulations”, insert “and the Financial Sector (Collection of Data) Act 2001”.
87 Paragraph 66(1)(a)
88 Subparagraphs 67(1)(a)(iii) and 68(1)(a)(iii)
89 Subsection 95(1)
90 Subsection 144(2)
(2) The form of a financial return a copy of which is required to be given by an RSA provider to APRA under section 13 of the Financial Sector (Collection of Data) Act 2001 may require the return to contain the provider’s tax file number.
91 Subparagraph 161(1)(a)(ii)
93 Sections 193 and 194
94 Application
The amendments made by this Part apply only on and after the day on which the reporting standards determined under section 13 of the Financial Sector (Collection of Data) Act 2001 begin to apply under section 15 of that Act to financial sector entities (within the meaning of that Act) that are RSA providers (within the meaning of the Retirement Savings Accounts Act 1997).
Part 6—Superannuation Industry (Supervision) Act 1993
97 Paragraphs 36(1)(a) and (b)
Note: The heading to section 36 is replaced by the heading “Trustee to give copy of audit report to APRA”.
98 After subsection 36(1)
Note: The Financial Sector (Collection of Data) Act 2001 makes provision for annual returns and other financial documents to be given by trustees to APRA.
99 Subsections 36(3) and (4)
100 Subsection 36(5)
Omit “under this section”, substitute “under the Financial Sector (Collection of Data) Act 2001”.
130A After paragraph 111(1)(a)
(aa) if the entity is not a self managed superannuation fund—so keep its accounts as to enable the preparation of reporting documents referred to in section 13 of the Financial Sector (Collection of Data) Act 2001; and
131 At the beginning of paragraph 111(1)(b)
Insert “if the entity is a self managed superannuation fund—”.
131A Subparagraph 111(1)(b)(ii)
Omit “36”, substitute “36A”.
132 Subsection 112(1)
After “superannuation entity”, insert “that is a self managed superannuation fund”.
132A Before paragraph 113(3)(a)
(aa) must, if it is approved for a superannuation entity that is not a self managed superannuation fund, either:
(ii) relate not only to the audit of those statements, but also to the audit of such other accounts and statements, prepared in respect of a year of income, as are identified in the form; and
133 Paragraph 113(3)(a)
After “must”, insert “, if it is approved for a superannuation entity that is a self managed superannuation fund—”.
134 Paragraph 113(3)(b)
135 Paragraphs 120A(1)(a) and (2)(a)
136 Paragraphs 129(1)(a) and (b)
137 Paragraph 130(1)(b)
138 Subparagraph 131(1)(a)(iii)
139 Subparagraph 131A(1)(a)(iii)
141 Paragraph 252G(1)(b)
142 Subsection 252G(1) (note)
Omit “section 36”, substitute “the Financial Sector (Collection of Data) Act 2001”.
142A Subsection 252G(2) (note)
143 Paragraph 263(1)(a)
144 Subsection 299U(2)
(2) The form of a financial return a copy of which is required to be given by a superannuation entity to APRA under section 13 of the Financial Sector (Collection of Data) Act 2001 may require the return to contain the entity’s tax file number.
145 Subparagraph 313(1)(a)(ii)
After “Act”, insert “or under the Financial Sector (Collection of Data) Act 2001 in connection with a superannuation entity”.
146 At the end of section 347A
Regulator means the Commissioner of Taxation.
146A At the end of section 348
147 Application
The amendments made by this Part apply only on and after the day on which the reporting standards determined under section 13 of the Financial Sector (Collection of Data) Act 2001 begin to apply under section 15 of that Act to financial sector entities (within the meaning of that Act) that are trustees of superannuation entities (within the meaning of the Superannuation Industry (Supervision) Act 1993).
Part 7—Other Acts
148 Subclause 4(4) of Schedule 1 (subparagraph (c)(i) of the definition of authorised lender)
(i) that is a registered entity under the Financial Sector (Collection of Data) Act 2001; or
149 Subsection 3(1) (definition of FCA institution)
Omit “registered corporation under the Financial Corporations Act 1974”, substitute “registered entity under the Financial Sector (Collection of Data) Act 2001”.
150 Section 3 (paragraph (b) of the definition of eligible subsidiary)
(b) is a financial corporation that is a registered entity under the Financial Sector (Collection of Data) Act 2001; and
151 Paragraph 4(b)
(b) is, under the Financial Sector (Collection of Data) Act 2001, a registered entity included in the category for money market corporations.
152 Paragraph 9(2)(a)
153 Transitional
The amendment made by item 152 applies to the payment of levy (within the meaning of the Financial Institutions Supervisory Levies Collection Act 1998) for the financial year beginning on 1 July 2002 and for all subsequent financial years.
154 Subparagraph 128AE(2)(e)(i)
(i) that is, under the Financial Sector (Collection of Data) Act 2001, a registered entity included in the category for money market corporations; or
155 Section 159GZA (definition of financial institution)
financial institution has the meaning given by section 159GZAA.
156 After section 159GZA
159GZAA Financial institution
(1) In this Division, unless the contrary intention applies:
(a) a body corporate that is an ADI (authorised deposit‑taking institution) for the purposes of the Banking Act 1959; or
(b) a corporation to which subsection (2) applies.
(2) This subsection applies to a corporation that is a registrable corporation for the purposes of the Financial Sector (Collection of Data) Act 2001 because of paragraph 6(1)(a) or (b) of that Act or would be such a registrable corporation because of that paragraph if paragraphs 6(2)(h), (i) and (j) of that Act were omitted and the following paragraph substituted:
(h) the sole or principal purpose for which the corporation borrows money is to lend money to an associate, within the meaning of Division 16F of Part III of the Income Tax Assessment Act 1936, of the corporation or of a foreign controller, within the meaning of that Division, of the corporation.
157 Section 317 (paragraph (c) of the definition of AFI or Australian Financial Institution)
(c) a registered entity under the Financial Sector (Collection of Data) Act 2001;
158 Section 4 (definition of value)
159 Sections 77, 78 and 79
161 Schedule 1
Omit “Financial Corporations Act 1974, section 27”.
162 Subsection 79A(1) (definition of protected document)
Omit “, the repealed Banks (Shareholdings) Act 1972 or the Financial Corporations Act 1974”, substitute “or the repealed Banks (Shareholdings) Act 1972”.
163 Subsection 79A(1) (definition of protected information)
164 Subsection 79A(2)
165 Subsection 79A(8)
166 Section 13L (paragraph (c) of the definition of financial institution)
(c) a registered entity under the Financial Sector (Collection of Data) Act 2001.
167 Paragraph 90(3)(d)
Omit “registered corporation within the meaning of the Financial Corporations Act 1974”, substitute “registered entity under the Financial Sector (Collection of Data) Act 2001”.
1 Treatment of certain exemptions and determinations in connection with obligations of corporations to register
An exemption or determination by the Reserve Bank that was in force immediately before the commencement of this Schedule under paragraph 8(2)(l) of the Financial Corporations Act 1974 continues to have effect as if it were an exemption or determination by APRA under paragraph 7(2)(j) of the Financial Sector (Collection of Data) Act 2001.
2 Former Register of Corporations
On the commencement of this Schedule, the Register of Corporations that, immediately before that commencement, was kept by the Reserve Bank under subsection 9(9) of the Financial Corporations Act 1974 continues in existence as the Register of Entities kept by APRA under section 8 of the Financial Sector (Collection of Data) Act 2001.
3 Former list of registered corporations and categories
(1) On the commencement of this Schedule:
(a) the list (the former list) of registered corporations, divided into categories, that, immediately before that commencement, was prepared by the Reserve Bank under section 10 of the Financial Corporations Act 1974 continues in existence as a list (the new list) of the names of registered entities, divided into categories, kept by APRA under subsection 11(1) of the Financial Sector (Collection of Data) Act 2001; and
(b) a reference in any instrument having effect under an Act to a corporation included in a particular category in the former list is taken to be a reference to that corporation in its capacity as a registered entity included in the corresponding category in the new list.
(2) An obligation on the Reserve Bank to publish notice, or to notify a person, of a matter under section 10 of the Financial Corporations Act 1974, being an obligation that is undischarged as at the commencement of this Schedule, becomes, on that commencement, an obligation that APRA is to discharge in respect of the corresponding matter under section 11 of the Financial Sector (Collection of Data) Act 2001.
(3) A determination by the Reserve Bank that was in force under a provision of section 10 of the Financial Corporations Act 1974 immediately before the commencement of this Schedule continues to have effect, after that commencement, as if it were a determination by APRA under the corresponding provision of section 11 of the Financial Sector (Collection of Data) Act 2001.
(4) A request to the Reserve Bank under subsection 10(7) of the Financial Corporations Act 1974 that has not been dealt with by the commencement of this Schedule is, after that commencement, to be dealt with by APRA as if it were a request under subsection 11(7) of the Financial Sector (Collection of Data) Act 2001.