Explanatory Memorandum
(Circulated by authority of the Minister for Financial Services and Regulation, the Honourable J.B. Hockey, MP)15 - Schedule 12 - Transitional, saving and application provisions
| These transitional provisions relate to the validation of financial sector supervisory levy determinations, continuation of actions under the FCA, continuation of current RBA Board appointments and the application of financial assistance to superannuation funds that have incurred losses. |
15.1 Part 1 of Schedule 12 commences on the last day on which any of the relevant levy Acts receives Royal Assent. These Acts are listed in subclause 2(12) of this Bill.
15.2 The remainder of this Schedule commences on the day the Bill receives Royal Assent.
Part 1 - Transitional provisions for validation of determinations in relation to financial sector supervisory levies
15.3 This item inserts relevant definitions.
Deferral of Date for Paying Levy
15.4 This item provides the due date for payment of the 1998-99 levies. If a levy would have been payable under the Financial Institutions Supervisory Levies Collection Act 1998 apart from this item, the levy is taken to be due and payable on the due payment day. This day is defined in item 1 of this Part as the day six weeks after the day on which this Part commences.
15.5 Any penalty for late payment of the levy is to be calculated from the due payment day.
No Retrospective Criminal Liability
15.6 This item prevents the possibility of any offence provision relating to the payment of levy having a retrospective effect.
Part 2 - Transitional provisions related to amendment of the Financial Corporations Act 1974
15.7 This item inserts definitions.
Preserving Exemptions or Determinations
15.8 This item preserves exemptions or determinations in force immediately prior to the amendments to the FCA contained in Schedule 3 as if they had been issued under the amended FCA.
Preserving Lists, obligations, determinations and requests
15.9 This item preserves lists, obligations on the Governor of the RBA, determinations and requests under the old section 10 in force immediately prior to the amendments to the FCA contained in Schedule 3 as if they had been occurred under the amended FCA.
15.10 The existing information collection requirements under the regulations of the old Act are preserved until new requirements are issued as a standard under section 11 as proposed by item 9 of Schedule 3.
Part 3 - Transitional provisions related to amendments of the Life Insurance Act 1995
Friendly Society Benefit Fund Assignments
15.11 The transitional provisions continue any assignments of an interest in a benefit fund of a friendly society made prior to the commencement of Schedule 6.
Part 4 - Transitional provisions related to amendments of the Reserve Bank Act 1959
Reserve Bank Board Appointments
15.12 The transitional provisions continue any current Board appointments that may be affected by the change in the disqualification provision.
Part 5 - Application of amendments of superannuation legislation relating to financial assistance to funds
Commencement of Superannuation Amendments
Item 10 15.13 This item provides that the changes made by Schedule 9 to the financial assistance provisions in Part 23 of the SIS Act apply only in relation to losses incurred by a fund after the commencement of that Schedule.