Commonwealth Consolidated Acts Commonwealth Consolidated ActsPart 1 -- Changing the administration of the Act
Repeal the section, substitute:
3 General administration of Act
(1) Subject to subsection (3):
(a) APRA has the general administration of:
(i) Part 3; and
(ii) sections 40 to 44; and
(iii) Parts 6, 9 and 11; and
(iv) sections 183, 193 and 194; and
(b) APRA also has the general administration of sections 37 to 39 and section 49 to the extent that it is not conferred on ASIC by paragraph (d); and
(c) ASIC has the general administration of:
(i) Part 5 (other than section 49); and
(ii) Parts 7 and 8; and
(iii) section 184; and
(d) ASIC also has the general administration of sections 37 to 39 and section 49 to the extent to which they relate to:
(i) the keeping and retaining of records in relation to RSA's; or
(ii) the disclosure of information to holders of RSA's; or
(iii) the disclosure of information about RSA's (including disclosure of information to ASIC but not including disclosure of information to APRA); or
(iv) any other matter prescribed by the regulations for the purposes of this paragraph.
(2) The following provisions (amongst other things) confer powers and duties on APRA for the purposes of APRA's administration of the provisions it administers and on ASIC for the purposes of ASIC's administration of the provisions it administers:
(a) Parts 1 and 2;
(b) Part 10;
(c) Parts 12 to 15;
(d) Part 16 (other than sections 183, 184, 193 and 194).
Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16.
(3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act.
2 Section 16
Insert:
"APRA" means the Australian Prudential Regulation Authority.
3 Section 16
Insert:
"ASIC" means the Australian Securities and Investments Commission.
4 Section 16 (definition of authorised person )
Repeal the definition, substitute:
"authorised person" means a person authorised by the Regulator under section 129A for the purposes of the provision in which the expression occurs.
5 Section 16 (definition of Commissioner )
Repeal the definition.
6 Section 16
Insert:
"member of the staff of APRA" has the same meaning as that given to the expression APRA staff member in section 3 of the Australian Prudential Regulation Authority Act 1998 .
7 Section 16
Insert:
"member of the staff of ASIC" has the same meaning as that given to the expression staff member in subsection 5(1) of the Australian Securities and Investments Commission Act 1989 .
8 Section 16 (definition of protected document )
Repeal the definition.
9 Section 16 (definition of protected information )
Repeal the definition.
10 Section 16
Insert:
"Regulator" means:
(a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and
(b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC.
11 Section 16 (definition of RSA standards officer )
Repeal the definition.
12 Subsections 26(2) and (3)
Omit "he or she", substitute "it".
13 Section 30
Omit "his or her", substitute "its".
Note: The heading to section 30 is altered by omitting " his or her " and substituting " its ".
14 Paragraph 31(3)(a)
Omit "he or she", substitute "it".
15 Division 3 of Part 10 (heading)
Repeal the heading, substitute:
Division 3 -- Investigations by the Regulator
16 Subsection 67(5)
Omit "The Commissioner's" (wherever occurring), substitute "APRA's".
17 Subsection 95(1)
Repeal the subsection, substitute:
(1) If it appears to the Regulator that a contravention of this Act or the regulations may have occurred, or be occurring, in relation to an RSA provider, the Regulator may, by written notice, tell the RSA provider that the Regulator proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider.
(1A) If it appears to ASIC that an RSA provider has refused or failed to give effect to a determination of the Superannuation Complaints Tribunal under sections 37D to 37G of the Superannuation (Resolution of Complaints) Act 1993 , ASIC may, by written notice, tell the RSA provider that ASIC proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider.
18 Subsection 95(2)
After "subsection (1)", insert "or (1A)".
19 Subsection 96(1)
Omit "by signed writing", substitute "in writing".
20 Paragraph 96(1)(b)
Repeal the paragraph, substitute:
(b) a member of the staff of the other Regulator; or
21 Subsection 97(1)
Repeal the subsection, substitute:
(1) An inspector appointed by a particular Regulator may, in writing, delegate to a staff member of that Regulator any of the inspector's powers under this Part.
22 Section 98
Omit "he or she", substitute "the Regulator".
23 At the end of subsection 114(3)
Add:
; and (d) must give a copy of the report to the other Regulator.
24 At the end of Division 8 of Part 10
Add:
129A Authorisation of members of staff
(1) The Regulator may authorise in writing a member of the staff of the Regulator, or a member of the staff of the other Regulator, for the purposes of a specified provision of this Act.
(2) The authorisation may be restricted to a particular function or power under the provision.
25 Subsection 168(3)
Omit "he or she", substitute "it".
26 Paragraph 168(3)(b)
Omit "his or her", substitute "its".
27 Section 187
Repeal the section.
28 Section 191
Repeal the section.
29 Section 192
Repeal the section.
30 Subsection 193(4)
Omit "the ISC's", substitute "APRA's".
Note: The headings to subsections 193(4) and (5) are altered by omitting " the ISC's " and substituting " APRA's ".
31 Subsection 193(11)
Omit "the Commissioner's", substitute "APRA's".
32 Section 198
Repeal the section.
33 Section 199
Repeal the section.
Part 2 -- Changing "Commissioner" to "APRA"
34 Amendment of the Act
The provisions of the Act specified in this Part are amended by omitting "The Commissioner" (wherever occurring) or "the Commissioner" (wherever occurring) and in both cases substituting "APRA".
Note 1: The headings to sections 30, 68, 193 and 194 are altered by omitting " Commissioner " and substituting " APRA ".
Note 2: The headings to subsections 66(6) and (8) are altered by omitting " Commissioner " and substituting " APRA ".
35 Paragraph 15(4)(d)
36 Section 16 (paragraphs (a) to (f), (i), (j) and (p) of the definition of reviewable decision )
37 Subsection 23(1)
38 Subsections 24(1) to (3)
39 Subsections 25(1) to (5)
40 Subsections 26(1) to (3), (5) and (6)
41 Subsections 28(1), (3) to (5)
42 Subsections 29(1) to (6)
43 Section 30
44 Subsections 31(1) and (3)
45 Section 32
46 Subsections 33(1) to (4)
47 Subsection 34(4)
48 Subsection 35(1)
49 Section 37
50 Subsections 44(1) and (3)
51 Subparagraph 66(4)(a)(ii)
52 Subsection 66(6)
53 Paragraph 66(7)(b)
54 Subsection 66(8)
55 Subsections 67(1), (3) to (7), (9) and (10)
56 Subsections 68(1) to (4)
57 Subsection 135(1)
58 Subsection 136(1)
59 Subsection 138(2)
60 Paragraph 139(a)
61 Subsection 142(1)
62 Subsections 193(1) to (5) and (9) to (11)
63 Subsections 194(1) to (3)
Part 3 -- Changing "Commissioner" to "ASIC"
64 Amendment of the Act
The provisions of the Act specified in this Part are amended by omitting "The Commissioner" (wherever occurring) or "the Commissioner" (wherever occurring) and in both cases substituting "ASIC".
65 Section 16 (paragraphs (g) and (h) of the definition of reviewable decision )
66 Paragraph 45(2)(c)
67 Subsection 51(3)
68 Section 57
69 Section 59
Part 4 -- Changing "Commissioner" to "Regulator"
70 Amendment of the Act
The provisions of the Act specified in this Part are amended by omitting "Commissioner" (wherever occurring) and substituting "Regulator". This does not apply to the reference to the Commissioner of Taxation in section 192.
Note 1: The headings to sections 17, 92, 93, 98, 128, 168 and 182 are altered by omitting " Commissioner " and substituting " Regulator ".
Note 2: The headings to subsections 104(8) and 189(4) are altered by omitting " Commissioner " and substituting " Regulator ".
71 Section 16 (definition of approved form )
72 Section 16 (definition of lodge )
73 Section 16 (paragraphs (k) to (o) of the definition of reviewable decision )
74 Section 17
75 Paragraphs 38(2)(l) and (m)
76 Paragraph 49(1)(b)
77 Paragraphs 91(a) and (b)
78 Section 92
79 Subsections 93(1) to (3)
80 Subsections 96(1) to (3)
81 Section 98
82 Paragraph 101(a)
83 Subsection 104(8)
84 Subsection 107(3)
85 Paragraph 108(2)(b)
86 Subsections 111(1) and (2)
87 Subsection 114(3)
88 Section 115
89 Section 116
90 Subsections 119(1) to (3)
91 Section 125
92 Section 128
93 Paragraphs 155(1)(e) and (f)
94 Paragraphs 156(1)(c) and (d)
95 Paragraph 160(4)(c)
96 Paragraphs 161(1)(b), (2)(a) and (2)(b)
97 Subsection 163(2)
98 Paragraph 163(3)(a)
99 Subsection 163(9)
100 Subsections 168(1) to (3)
101 Section 172
102 Section 174
103 Subsection 176(2)
104 Section 177
105 Section 179
106 Section 180
107 Subsections 182(1), (2), (4) and (6)
108 Subsections 189(1), (2), (4) to (7)
109 Paragraphs 190(1)(a) and (b)
110 Subsection 190(2)
111 Subsection 200(2)
Part 5 -- Changing "Commissioner's" to "Regulator's"
112 Amendment of the Act
The provisions of the Act specified in this Part are amended by omitting "Commissioner's" (wherever occurring) and substituting "Regulator's".
Note 1: The headings to sections 174, 175, 177 and 178 are altered by omitting " Commissioner's " and substituting " Regulator's ".
Note 2: The heading to subsections 189(6) and (7) are altered by omitting " Commissioner's " and substituting " Regulator's ".
113 Paragraph 113(2)(a)
114 Paragraph 114(3)(b)
115 Subsection 162(1)