Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Financial Sector (Collection of Data) Act 2001
1 Subsection 3(1)
After "to assist it in the prudential regulation", insert "or monitoring".
2 Paragraph 3(2)(b)
After "that it regulates", insert "or monitors".
3 At the end of subsection 5(2)
Add:
; or (d) a discretionary mutual fund.
4 At the end of section 5
Add:
(5) A discretionary mutual fund is a fund (however constituted) for making payments on the happening of a specified event (where there is uncertainty as to whether, or when, the event will happen), that is a fund:
(a) to which 2 or more persons contribute, and:
(i) out of which payments may be made in respect of liabilities, losses, damages or expenses of the contributors; and
(ii) that is governed by rules under which any such payment for the benefit of a contributor is subject to a discretion of a person or body; or
(b) that is declared to be a discretionary mutual fund, or included in a class of funds that are declared to be discretionary mutual funds, by regulations made for the purposes of this paragraph.
(6) However, a fund (however constituted) is not a discretionary mutual fund if:
(a) a contributor has a right, in law or equity, to a payment of a kind referred to in subparagraph (5)(a)(i); or
(b) the fund is:
(i) declared not to be a discretionary mutual fund; or
(ii) included in a class of funds that are declared not to be discretionary mutual funds;
by regulations made for the purposes of this paragraph.
5 At the end of Part 1
Add:
This Act does not apply, in relation to a discretionary mutual fund, to State insurance not extending beyond the limits of the State concerned.
6 Section 31
Insert:
"discretionary mutual fund" has the meaning given by subsections 5(5) and (6).