Commonwealth Consolidated Acts Commonwealth Consolidated ActsNo. 63, 2021
Compilation No. 2
Compilation date: 14 October 2024
Includes amendments: Act No. 38, 2024
About this compilation
This compilation
This is a compilation of the Financial Regulator Assessment Authority Act 2021 that shows the text of the law as amended and in force on 14 October 2024 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.
Self-repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Part 1--Preliminary
1 Short title
2 Commencement
3 Object of this Act
4 Simplified outline of this Act
5 Definitions
6 Act binds the Crown
7 Act extends to things outside Australia
Part 2--Establishment, functions and cooperation
Division 1--Simplified outline of this Part
8 Simplified outline of this Part
Division 2--Authority
9 Establishment
10 Membership
11 Authority is part of the Department for certain purposes
Division 3--Functions
12 Functions
13 Timing and requests relating to the biennial assessment and reporting functions
14 Requests relating to the ad hoc assessment and reporting function
15 Assessments and reviews undertaken by others
16 Reports to be given to APRA or ASIC
17 Biennial reports must be tabled
18 Powers
19 Independence
Division 4--Cooperation with Authority
20 Cooperation with Authority
21 Legal professional privilege
Part 3--Members, staff and consultants
Division 1--Simplified outline of this Part
22 Simplified outline of this Part
Division 3--Members
24 Appointment
25 Period of appointment
26 Acting appointments
27 Remuneration
28 Leave
29 Terms and conditions
30 Other paid work
31 Disclosure of interests
32 Resignation
33 Termination of appointment
Division 4--Decision-making by Authority
34 Meetings of Authority
35 Decisions without meetings
Division 5--Staff and consultants
36 Arrangements relating to the staff of the Department
37 Consultants
Part 4--Information management
Division 1--Simplified outline of this Part
38 Simplified outline of this Part
Division 2--Inclusion of information in reports
39 Protected information not to be included in reports
Division 3--Secrecy
Subdivision A--Unauthorised use or disclosure of protected information
40 Unauthorised use or disclosure of protected information
41 Limit on disclosure to courts and tribunals
Subdivision B--Authorised use or disclosure of protected information
42 Authorisation to use or disclose protected information for the purposes of functions, duties and powers
43 Authorisation to disclose protected information to the Secretary, APRA and ASIC
44 Authorisation to use or disclose protected information for purposes of enforcement related activity
45 Authorisation to use or disclose protected information in the public interest
Part 5--Miscellaneous
46 Simplified outline of this Part
47 Protection from liability
48 Delegation by Minister
49 Delegation by Authority
50 Delegation by Secretary
51 Rules
Endnotes
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
Abbreviation key--Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history--Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.
If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to the amendment history.
ad = added or inserted | o = order(s) |
am = amended | Ord = Ordinance |
amdt = amendment | orig = original |
c = clause(s) | par = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub-subparagraph(s) |
Ch = Chapter(s) | pres = present |
def = definition(s) | prev = previous |
Dict = Dictionary | (prev ... ) = previously |
disallowed = disallowed by Parliament | Pt = Part(s) |
Div = Division(s) | r = regulation(s)/rule(s) |
ed = editorial change | reloc = relocated |
exp = expires/expired or ceases/ceased to have | renum = renumbered |
effect | rep = repealed |
F = Federal Register of Legislation | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = Legislation Act 2003 | Sch = Schedule(s) |
Sdiv = Subdivision(s) | |
(md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
effect | SR = Statutory Rules |
(md not incorp) = misdescribed amendment | Sub-Ch = Sub-Chapter(s) |
cannot be given effect | SubPt = Subpart(s) |
mod = modified/modification | underlining = whole or part not |
No. = Number(s) | commenced or to be commenced |
Endnote 3--Legislation history
Act | Number and year | Assent | Commencement | Application, saving and transitional provisions |
63, 2021 | 29 June 2021 | 1 July 2021 (s 2(1) item 1) |
| |
Financial Accountability Regime (Consequential Amendments) Act 2023 | 68, 2023 | 14 Sept 2023 | Sch 1 (items 32, 33): 15 Sept 2023 (s 2(1) item 2) | -- |
Administrative Review Tribunal (Consequential and Transitional Provisions No. 1) Act 2024 | 38, 2024 | 31 May 2024 | Sch 1 (item 61): 14 Oct 2024 (s 2(1) item 2) | -- |
Provision affected | How affected |
Part 4 |
|
Division 3 |
|
Subdivision A |
|
s 40.................... | am No 68, 2023 |
Subdivision B |
|
s 45.................... | am No 38, 2024 |