Explanatory Memorandum
(Circulated by authority of the Minister for Financial Services and Regulation, the Honourable J.B. Hockey, MP)8 - Schedule 5 - Amendment of the Financial Laws Amendment Act 1997
| Schedule 5 amends the Financial Laws Amendment Act 1997 to correct an error to the definition of newly established foreign bank and make consequential amendments associated with Schedule 3. |
8.1 Items 1 and 3 of Schedule 5 will commence with the commencement of item 10 of Schedule 3.
8.2 Items 2 and 4 will be deemed to have commenced on 30 June 1997 at the time of the commencement of item 1 of Schedule 4 of the Financial Laws Amendments Act 1997 .
Altered Commencement Provisions
8.3 These items repeal the purported amendments contained in the Financial Laws Amendments Act 1997 that would have converted the penalty levels contained in Part IV of the FCA from dollar amounts to penalty units after the Part was proclaimed. These amendments are made redundant with the proposed repeal of Part IV of the FCA.
Definition of Newly Established Bank
8.4 This item enables the proposed amendments to the definition of a newly established local bank to be effective from 22 December 1996 to rectify an earlier error.
Definition of Newly Established Local Bank
8.5 When the definition of an eligible foreign bank was amended by the Financial Laws Amendments Act 1997 , a similar adjustment should have been made to the definition of a newly established local bank. This item corrects this oversight.