House of Representatives

Explanatory Memorandum

(Circulated by authority of the Minister for Financial Services & Regulation,the Honourable Joe Hockey, MP)

Formal Clauses

Clause 1 - Short title

4.1 The Short Title of the Bill is defined here.

Clause 2 - Commencement

4.2 This clause provides for commencement of the Bill (other than item 21 of Schedule 1) on the 28th day after the day on which the Bill receives the Royal Assent.

4.3 Item 21 of Schedule 1, which relates to rationalisation and consolidation of the Commonwealth's unclaimed moneys provisions, is to commence on the day on which the Bill receives the Royal Assent.

Clause 3 - Schedule(s)

Schedule 1 - Amendment of the Banking Act 1959

Schedule 2 - Amendment of the Reserve Bank Act 1959

Schedule 3 - Amendment of the Superannuation Industry (Supervision) Act 1993

Schedule 4 - Miscellaneous amendments