Senate

Explanatory Memorandum

(Circulated by the authority of the Parliamentary Secretary to the Treasurer, the Hon Chris Pearce MP)

Notes on individual clauses

Part 1 - Preliminary

Clause 1 - Short title

Upon enactment, the Bill will be known as the Financial Sector Legislation Amendment (Trans-Tasman Banking Supervision) Act 2006 .

Clause 2 - Commencement

This section provides for commencement of the Bill on Royal Assent.

Clause 3 - Schedule(s)

This section states that each Act specified in a Schedule to this Act is amended or repealed as set out in the relevant item in the Schedule. Any other item to this Act has effect according to its terms. These Schedules are:

Schedule 1 - Trans-Tasman cooperation