(i) to the owners of policies issued by the body corporate, if it is a life company, or by a life company that is related to the body corporate; or

(ii) to the body corporate;

(e) any matters prescribed by the regulations for the purposes of this paragraph.

83   Subsection 132A(6)

Omit "A life company", substitute "A body corporate that is a life company, registered NOHC or subsidiary of a life company or registered NOHC".

84   Subsection 132A(6)

Omit "the life company", substitute "the body".

85   Subsection 132A(7)

Omit "a life company", substitute "a body corporate".

86   Paragraph 132A(7)(a)

Omit "or appointed actuary of the life company", substitute "of the body, or its appointed actuary if it is a life company,".

87   Subsection 132A(9)

Omit "life company", substitute "body corporate giving the notice or report".

88   Application

The amendments of section 132A of the Life Insurance Act 1995 made by this Part apply in relation to matters of which a body corporate becomes aware on or after the commencement of the amendments (whether the matter arose before, on or after that commencement).

89   Subsection 133(1)

Omit "life company", substitute "body corporate that is a life company or a registered NOHC".

90   Paragraph 133(2)(a)

Omit "life company", substitute "body".

91   Subsection 135(1)

Omit "life company a written notice inviting the company", substitute "body corporate that is a life company or a registered NOHC a written notice inviting the body".

92   Paragraph 135(1)(a)

Repeal the paragraph, substitute:

(a) a written statement of reasons why the Regulator should not investigate:

(i) the life insurance business, or a specified part of the life insurance business, of the body, if it is a life company; or

(ii) the business of the body, if it is a registered NOHC; and

93   Paragraph 135(1)(b)

Omit "company", substitute "body".

94   Section 136

Omit "life company" (first occurring), substitute "body corporate that is a life company or a registered NOHC".

95   Paragraphs 136(a) and (b)

Omit "life company", substitute "body".

96   Subparagraph 136(b)(ii)

Omit "company", substitute "body".

97   Subparagraph 136(b)(iii)

Omit "section 22, on the registration of the company", substitute "Part 3, on the registration of the body".

98   Paragraph 136(c)

Omit "life company", substitute "body".

99   Paragraph 136(c)

Omit "the company", substitute "the body".

100   Paragraph 136(ca)

Omit "life company", substitute "body".

101   Paragraphs 136(d), (e), (f) and (g)

Before "that", insert "if the body is a life company - ".

102   At the end of section 136

Add:

; (h) if the body is a registered NOHC - that information in the possession of the Regulator calls for the investigation of the business of the NOHC.

103   Subsection 137(1)

Omit "life company", substitute "body corporate that is a life company, or business of a body corporate that is a registered NOHC,".

104   Paragraphs 137(1)(a) and (b)

Omit "company", substitute "body".

105   Subsection 137(2)

Omit "life company", substitute "body corporate that is a life company, or business of a body corporate that is a registered NOHC,".

106   Paragraph 137(2)(a)

Omit "company", substitute "body".

107   Subparagraphs 137(2)(c)(i) and (ii)

Omit "company", substitute "body".

108   Paragraph 137(2)(d)

Repeal the paragraph, substitute:

(d) the Regulator is satisfied that:

(i) if the body is a life company - it is in the best interests of owners of policies issued by the company that the business be investigated under this Division; or

(ii) if the body is a registered NOHC - it is in the public interest that the business be investigated under this Division.

109   Paragraph 138(a)

Omit "life company (the first company )", substitute "body corporate (the first body ) that is a life company or a registered NOHC".

Note: The heading to section 138 is altered by omitting " company " and substituting " body corporate ".

110   Paragraph 138(b)

Omit "company (the associated company )", substitute "body corporate (the associated body )".

111   Paragraph 138(b)

Omit "first company", substitute "first body".

112   Paragraph 138(c)

Omit "company", substitute "body".

113   Sections 139, 140, 141, 142, 143, 147 and 149

Omit "company" (wherever occurring), substitute "body corporate".

Note: The heading to section 149 is altered by omitting " company " and substituting " body corporate ".

114   Section 152

Insert:

body concerned means:

(a) in relation to records - the body corporate by which, or for which, the records are kept; and

(b) in relation to the execution of a warrant - the body corporate to whose records the warrant relates.

115   Section 152 (definition of company concerned )

Repeal the definition.

116   Sections 153, 154, 155 and 156

Omit "company" (wherever occurring), substitute "body".

117   Application

The amendments of Divisions 3 and 4 of Part 7 of the Life Insurance Act 1995 made by this Part apply in relation to notices given under section 135 of that Act after the commencement of those amendments.

Note: Division 4 of Part 7 of the Life Insurance Act 1995 deals with things done under warrants issued under Division 3 of that Part. A warrant can be issued under Division 3 of that Part only in connection with an investigation under that Division, which can be carried out only after a notice has been given under section 135 of that Act.

118   Subsection 156A(1)

Omit "a life company", substitute "a body corporate that is a life company or a registered NOHC".

119   Paragraphs 156A(1)(a), (b), (c) and (d)

Omit "life company", substitute "body".

120   Subparagraphs 156A(2)(a)(ii) and (iii)

Repeal the subparagraphs, substitute:

(ii) the body's auditor or a member of an audit team conducting an audit of the body;

(iii) the appointed actuary of the body, if the body is a life company;

121   Subparagraphs 156A(2)(a)(iv) and (v) and (c)(i) and (ii)

Omit "life company", substitute "body".

122   Subparagraph 156E(1)(b)(i)

Repeal the subparagraph, substitute:

(i) the body's auditor or a member of an audit team conducting an audit of the body; or

(ia) the body's appointed actuary, if the body is a life company; or

Note: The heading to section 156E is altered by omitting " company, company officers and " and substituting " body and its officers, ".

123   Subparagraphs 156E(1)(b)(ii) and (iii)

Omit "life company", substitute "body".

124   Subparagraph 156E(1)(c)(i)

Repeal the subparagraph, substitute:

(i) the body's auditor or a member of an audit team conducting an audit of the body; or

(ia) the body's appointed actuary, if the body is a life company; or

125   Subparagraphs 156E(1)(c)(ii), (iii), (iv) and (v)

Omit "life company", substitute "body".

126   Application

The amendments of section 156A and 156E of the Life Insurance Act 1995 made by this Part apply to disclosures made on or after the commencement of the amendments.

127   Subsection 190(2)

Omit "this Act", substitute "section 21".

128   Subparagraphs 203B(a)(i) and (b)(i)

Omit "this Act", substitute "section 21".

129   Paragraphs 230A(1)(a), (b) and (c)

After "companies", insert ", registered NOHCs or subsidiaries of life companies or registered NOHCs".

Note: The heading to section 230A is altered by adding at the end " , registered NOHCs and subsidiaries ".

130   Subsection 230A(1)

Omit "concerned", substitute "that are to comply with the standards or that are related to bodies corporate that are to comply with the standards".

131   After subsection 230A(3)

Insert:

(3A) Without limiting the prudential matters in relation to which APRA may determine a standard, a standard may require:

(a) each life company or registered NOHC; or

(b) each life company or registered NOHC included in a specified class of life companies or registered NOHCs; or

(c) a specified life company or registered NOHC; or

(d) each of 2 or more specified life companies or registered NOHCs;

to ensure that its subsidiaries (or particular subsidiaries), or it and its subsidiaries (or particular subsidiaries), collectively satisfy particular requirements in relation to prudential matters.

132   At the end of subsection 230A(4)

Add ", registered NOHCs or subsidiaries of a life company or registered NOHC".

133   Subsections 230A(7) and (9)

Repeal the subsections, substitute:

(7) If APRA determines or varies a standard referred to in paragraph (1)(c) it must, as soon as practicable, give a copy of the standard or variation to:

(a) if the standard applies to one or more life companies that are not subsidiaries of a registered NOHC - each of those life companies; and

(b) if the standard applies to one or more registered NOHCs - each of those registered NOHCs; and

(c) if the standard applies to one or more subsidiaries of a life company or registered NOHC - each of those subsidiaries or, if they are specified as subsidiaries of the life company or registered NOHC, the life company or registered NOHC (as appropriate).

(9) If APRA revokes a standard referred to in paragraph (1)(c) it must, as soon as practicable, give notice of the revocation to:

(a) if the standard applied to one or more life companies that are not subsidiaries of a registered NOHC - each of those life companies; and

(b) if the standard applied to one or more registered NOHCs - each of those registered NOHCs; and

(c) if the standard applied to one or more subsidiaries of a life company or registered NOHC - each of those subsidiaries or, if they are specified as subsidiaries of the life company or registered NOHC, the life company or registered NOHC (as appropriate).

134   Subsection 230A(13)

Repeal the subsection.

135   Application

(1) The amendments of section 230A of the Life Insurance Act 1995 made by this Part apply in relation to standards determined on or after the commencement of the amendments.

(2) To avoid doubt, the amendments do not affect the validity of a standard determined under that section before the commencement of the amendments.

136   Subsection 230B(1)

Repeal the subsection, substitute:

(1) APRA may give a body corporate that is a life company or a registered NOHC a direction of a kind specified in subsection (2) if APRA has reason to believe that:

(a) the body corporate has contravened a provision of this Act or the Financial Sector (Collection of Data) Act 2001; or

(b) the body corporate is likely to contravene this Act or the Financial Sector (Collection of Data) Act 2001, and such a contravention is likely to give rise to a prudential risk; or

(c) the body corporate has contravened a condition or direction under this Act or the Financial Sector (Collection of Data) Act 2001; or

(d) the direction is necessary in the interests of:

(i) if the body corporate is a life company - policy owners or prospective policy owners of the life company; or

(ii) if the body corporate is a registered NOHC - policy owners or prospective policy owners of any life company that is a subsidiary of the NOHC; or

(e) the body corporate is, or is about to become, unable to meet its liabilities; or

(f) there is, or there might be, a material risk to the security of the body corporate's assets; or

(g) there has been, or there might be, a sudden material deterioration in the body corporate's financial condition; or

(h) the body corporate is conducting its affairs in an improper or financially unsound way; or

(i) the failure to issue a direction would materially prejudice the interests of:

(i) if the body corporate is a life company - policy owners or prospective policy owners of the life company; or

(ii) if the body corporate is a registered NOHC - policy owners or prospective policy owners of any life company that is a subsidiary of the NOHC; or

(j) the body corporate is conducting its affairs in a way that may cause or promote instability in the Australian financial system.

137   Paragraph 230B(1A)(a)

Omit "company", substitute "body corporate".

138   Subsection 230B(2)

Repeal the subsection, substitute:

(2) The kinds of direction that the body corporate may be given are directions to do, or to cause a body corporate that is its subsidiary to do, any one or more of the following:

(a) to comply with the whole or a part of this Act or the Financial Sector (Collection of Data) Act 2001;

(b) to comply with a condition or direction referred to in paragraph (1)(c);

(c) to order an audit of the affairs of the body corporate, at the expense of the body corporate, by an auditor chosen by APRA;

(d) to remove a director or senior manager from office;

(e) to ensure a director or senior manager of the body corporate does not take part in the management or conduct of the business of the body corporate except as permitted by APRA;

(f) to appoint a person or persons as a director or senior manager of the body corporate for such term as APRA directs;

(g) to remove any auditor of the body corporate from office and appoint another auditor to hold office for such term as APRA directs;

(h) to terminate the appointment of the appointed actuary of the body corporate and to appoint another actuary to hold office for such term as APRA directs, if the body corporate is a life company;

(i) not to give financial accommodation to any person;

(j) not to issue or renew any policy, undertake any liability under any policy or collect any premium;

(k) not to borrow any amount;

(l) not to accept any payment on account of share capital, except payments in respect of calls that fell due before the direction was given;

(m) not to repay any amount paid on shares;

(n) not to pay a dividend on any shares;

(o) not to discharge any policy or other liability;

(p) not to transfer any asset of a statutory fund;

(q) not to pay or transfer any amount to any person, or create an obligation (contingent or otherwise) to do so;

(r) not to undertake any financial obligation (contingent or otherwise) on behalf of any other person;

(s) to hold, or otherwise deal in a specified way, with a specified amount of capital;

(t) to provide, or further provide, in its accounts for the purposes of this Act, a specified amount or an amount determined in a specified way in respect of its liabilities or the value of a specified asset of the body corporate;

(u) to order an actuarial investigation of the affairs of the body corporate, at the expense of the body corporate, by an actuary chosen by APRA;

(v) to do, or to refrain from doing, an act that relates to the way in which the affairs of the body corporate are to be conducted or not conducted.

A direction under paragraph (q) not to pay or transfer any amount does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution.

139   Subsections 230B(5) and (6)

Omit "life company", substitute "body corporate".

140   After subsection 230B(6)

Insert:

(6A) If the direction requires the body corporate to cause a subsidiary to do, or to refrain from doing, an act or thing:

(a) the body corporate has power to cause the subsidiary to do, or to refrain from doing, the act or thing; and

(b) the subsidiary has power to do, or to refrain from doing, the act or thing;

despite anything in the subsidiary's constitution or any contract or arrangement to which the subsidiary is a party.

141   Subsection 230B(7)

Omit "life company", substitute "body corporate".

142   Paragraph 230B(8)(c)

Omit "company", substitute "body corporate".

143   Subsection 230B(10) (definition of senior manager )

Repeal the definition.

144   Subsection 230C(2)

Omit "230B(2)(m)", substitute "230B(2)(o)".

145   Application

(1) The amendments of sections 230B and 230C of the Life Insurance Act 1995 made by this Part apply in relation to the giving of directions on or after the commencement of those amendments.

(2) To avoid doubt, those amendments do not affect the validity of a direction given under section 230B of that Act before the commencement of those amendments.

146   Subsection 230D(1)

After "company", insert "or registered NOHC".

147   Paragraph 230D(3)(a)

After "company", insert "or registered NOHC".

148   At the end of paragraph 230D(3)(b)

Add "or registered NOHCs".

149   Subsection 230D(4)

After "company", insert "or registered NOHC".

150   Subsection 230F(1)

After "company", insert "or registered NOHC".

151   Subsection 230F(2)

After "life company", insert "or registered NOHC".

152   Subsection 230F(2)

After "the company" (wherever occurring), insert "or NOHC".

153   Subsection 230F(3)

After "life company", insert "or registered NOHC".

154   Paragraphs 230F(3)(a) and (b)

After "company", insert "or NOHC".

155   Subsection 230F(4)

After "life company", insert "or registered NOHC".

156   Subsection 230F(4)

After "the company", insert "or NOHC".

157   Subsection 236(1) (after paragraph (ga) of the definition of reviewable decision )

Insert:

(gb) a refusal of an application for registration of a body corporate under section 28A;

(gc) a decision to impose conditions, or additional conditions, on a NOHC registration;

(gd) a decision to vary conditions imposed on a NOHC registration;

(ge) a decision to revoke under section 28C a NOHC registration;

158   At the end of subsection 237(3)

Add "or of a NOHC of such a company or body".

159   At the end of subsection 240(1)

Add "and Non-Operating Holding Companies".

Note: The heading to section 240 is altered by adding at the end " and Non-Operating Holding Companies ".

160   Subsection 240(3)

After "company", insert ", or body corporate,".

161   Subsection 242(2)

Omit "this Act", substitute "section 21".

162   Subparagraphs 245(2)(b)(i) and (ii)

After "company", insert ", or body corporate,".

163   Subparagraph 245(2)(b)(iii)

Omit "this Act", substitute "section 21".

164   Subparagraph 245(2)(b)(iv)

After "company", insert ", or body corporate,".

165   Subparagraphs 245(3)(b)(i) and (ii)

After "company", insert ", or body corporate,".

166   Subparagraph 245(3)(b)(iii)

Omit "this Act", substitute "section 21".

167   Subparagraph 245(3)(b)(iv)

After "company", insert ", or body corporate,".

168   Subsection 245(5)

After "A company", insert "or body corporate".

169   Paragraph 245(5)(a)

After "company", insert "or body corporate".

170   Subparagraphs 245(5)(c)(i), (ii) and (iv)

After "company", insert "or body corporate".

171   Paragraph 245(5)(e)

After "company", insert "or body corporate".

172   Subsection 245(5A)

After "A company", insert "or body corporate".

173   Paragraph 245(5A)(a)

After "company", insert "or body corporate".

174   Subparagraphs 245(5A)(c)(i), (ii) and (iv)

After "company", insert "or body corporate".

175   Paragraph 245(5A)(e)

After "company", insert "or body corporate".

176   Paragraph 245A(2)(a)

After "company", insert ", or body corporate,".

177   Paragraph 245A(2)(b)

After "companies", insert ", or bodies corporate,".

178   Paragraph 245A(2)(c)

After "company", insert ", or body corporate,".

179   Paragraph 245A(5)(a)

After "company" (wherever occurring), insert ", or body corporate,".

180   Application

The amendments of section 245A of the Life Insurance Act 1995 made by this Part apply in relation to applications made on or after the commencement of the amendments.

181   Subsection 254(1)

Omit "this Act", substitute "section 21".

182   Schedule

Insert:

NOHC : see Non-Operating Holding Company .

183   Schedule

Insert:

NOHC registration has the meaning given by section 28A.

184   Schedule

Insert:

Non-Operating Holding Company , in relation to a body corporate, means a body corporate:

(a) of which the first body corporate is a subsidiary; and

(b) that does not carry on a business (other than a business consisting of the ownership or control of other bodies corporate); and

(c) that is incorporated in Australia.

185   Schedule (definition of Register )

After "Companies", insert "and Non-Operating Holding Companies".

186   Schedule

Insert:

registered NOHC means a body corporate that:

(a) is registered under Division 2 (Registration of NOHCs of life companies) of Part 3; and

(b) is a NOHC of one or more life companies.

187   Schedule

Insert:

senior manager of a body corporate means a person who has or exercises any of the senior management responsibilities (within the meaning of the prudential standards) for the body.

Part 2   Consequential amendments

Australian Prudential Regulation Authority Act 1998

188   Paragraph 3(2)(e)

After "under", insert "section 21 of".

189   At the end of paragraph 3(2)(e)

Add "or a registered NOHC within the meaning of that Act".

Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998

190   Section 5 (definition of authorised NOHC )

Repeal the definition, substitute:

authorised NOHC means:

(a) an authorised NOHC within the meaning of the Banking Act 1959 or the Insurance Act 1973; or

(b) a registered NOHC within the meaning of the Life Insurance Act 1995.

Note: NOHC is short for non-operating holding company.

191   Paragraph 7(1)(b)

Omit "year.", substitute "year; or".

192   After paragraph 7(1)(b)

Insert:

(c) if the authorised NOHC is a registered NOHC within the meaning of the Life Insurance Act 1995 - the amount determined, by legislative instrument, by the Treasurer for the purpose of this paragraph in relation to the financial year.

193   Subsection 7(1)

Omit "or (b)", substitute ", (b) or (c)".

194   Application

(1) This item applies if the amendments of the Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998 made by this Schedule commence during a financial year (but not on 1 July of that financial year).

(2) That Act, as amended by this Schedule, has effect, in relation to that financial year and authorised NOHCs that are registered NOHCs, with the modifications (if any) prescribed by the regulations.

Note: Subitems (1) and (2) are equivalent to subsection 2(2) of the Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998.

(3) The Governor-General may make regulations for the purposes of subitem (2).

Note: Subitem (3) is equivalent to section 9 of the Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998.

(4) In this item:

authorised NOHC has the samemeaning as in the Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998 as amended by this Schedule.

modifications includes additions, omissions and substitutions.

registered NOHC has the same meaning as in the Life Insurance Act 1995.

Corporations Act 2001

195   Paragraph 283AC(1)(c)

After "under", insert "section 21 of".

196   Subparagraphs 324CH(5)(a)(ii) and 448C(2)(a)(ii)

After "under", insert "section 21 of".

197   Paragraph 482(1A)(b)

After "under", insert "section 21 of".

198   Subparagraph 532(3)(a)(ii)

After "under", insert "section 21 of".

199   Paragraphs 708(19)(b) and 985A(2)(b)

After "registered under", insert "section 21 of".

Financial Institutions Supervisory Levies Collection Act 1998

200   Section 7 (definition of authorised NOHC )

Repeal the definition, substitute:

authorised NOHC means:

(a) an authorised NOHC within the meaning of either:

(i) the Banking Act 1959; or

(ii) the Insurance Act 1973; or

(b) a registered NOHC within the meaning of the Life Insurance Act 1995.

Note: NOHC is short for non-operating holding company.

201   Section 7 (definition of life insurance company )

After "under", insert "section 21 of".

Financial Sector (Business Transfer and Group Restructure) Act 1999

202   Subsection 4(1) (definition of life insurance company )

After "under", insert "section 21 of".

Financial Sector (Collection of Data) Act 2001

203   Paragraph 7(2)(e)

After "under", insert "section 21 of".

Financial Sector (Shareholdings) Act 1998

204   Section 3 (paragraph (b) of the definition of authorised insurance company )

After "under", insert "section 21 of".

First Home Saver Accounts Act 2008

205   Section 18 (definition of life insurance company )

After "under", insert "section 21 of".

Income Tax Assessment Act 1936

206   Subsection 121AB(3)

After "under", insert "section 21 of".

207   Paragraph 128AE(2)(d)

After "under", insert "section 21 of".

Income Tax Assessment Act 1997

208   Subsection 995-1(1) (definition of life insurance company )

After "under", insert "section 21 of".

Insurance Acquisitions and Takeovers Act 1991

209   Subsection 4(1) (paragraph (b) of the definition of accounting period )

After "under", insert "section 21 of".

210   Subsection 4(1) (paragraph (b) of the definition of Australian-registered insurance company )

After "under", insert "section 21 of".

211   Subsection 4(1) (subparagraph (a)(ii) of the definition of book value )

After "under", insert "section 21 of".

212   Subsection 4(1) (paragraph (a) of the definition of total book net liabilities )

After "under", insert "section 21 of".

213   Subparagraph 36(c)(ii)

After "under", insert "section 21 of".

214   Paragraphs 77(1)(a) and 78(1)(a)

After "registered under", insert "section 21 of".

Insurance Act 1973

215   Paragraph 116A(4)(b)

After "registered under", insert "section 21 of".

Life Insurance Supervisory Levy Imposition Act 1998

216   Title

After " under ", insert " section 21 of ".

217   Section 5 (definition of life insurance company )

After "under", insert "section 21 of".

Pooled Development Funds Act 1992

218   Subsection 4(1) (paragraph (a) of the definition of life office )

After "under", insert "section 21 of".

Retirement Savings Accounts Act 1997

219   Section 16 (paragraph (a) of the definition of life insurance company )

After "under", insert "section 21 of".

Social Security Act 1991

220   Subsection 9(1) (paragraph (d) of the definition of income stream )

After "under", insert "section 21 of".

Superannuation Industry (Supervision) Act 1993

221   Subsection 10(1) (paragraph (a) of the definition of life insurance company )

After "under", insert "section 21 of".

Superannuation (Unclaimed Money and Lost Members) Act 1999

222   Section 8 (paragraph (a) of the definition of life insurance company )

After "under", insert "section 21 of".

Veterans' Entitlements Act 1986

223   Subsection 5J(1) (paragraph (d) of the definition of income stream )

After "under", insert "section 21 of".

Schedule 2   Injunctions

Part 1   Banking Act 1959

1   Paragraph 65A(1)(a)

Repeal the paragraph, substitute:

(a) a contravention of:

(i) a provision of this Act, the regulations or the prudential standards; or

(ii) a condition imposed or specified under this Act; or

(iii) a direction by APRA under this Act; or

2   Paragraphs 65A(1)(b), (c), (d), (e) and (f)

Omit "or condition", substitute ", condition or direction".

3   Paragraph 65A(4)(a)

Omit "section 7, 8, 66, 66A or 67", substitute "this Act, the regulations or the prudential standards".

4   Paragraph 65A(4)(b)

Omit "on a consent given under subsection 63(1);", substitute "imposed or specified under this Act to do; or".

5   After paragraph 65A(4)(b)

Insert:

(c) by a direction by APRA under this Act to do;

6   Subsection 65A(9)

Omit "subsection (1), (4) or (7)", substitute "this section".

Part 2   Insurance Act 1973

7   Section 129D

Repeal the section, substitute:

129D Injunctions

Restraining injunctions

(1) If a person (the perpetrator ) has engaged, is engaging or is proposing to engage, in conduct that constituted, constitutes or would constitute:

(a) a contravention of:

(i) this Act, the regulations or the prudential standards; or

(ii) a condition imposed or specified under this Act; or

(iii) a direction by APRA under this Act; or

(b) attempting to contravene the Act, regulations, standards, condition or direction; or

(c) aiding, abetting, counselling or procuring a person to contravene the Act, regulations, standards, condition or direction; or

(d) inducing or attempting to induce, whether by threats, promises or otherwise, a person to contravene the Act, regulations, standards, condition or direction; or

(e) being in any way, directly or indirectly, knowingly concerned in, or party to, the contravention by a person of the Act, regulations, standards, condition or direction; or

(f) conspiring with others to contravene the Act, regulations, standards, condition or direction;

the Federal Court may grant an injunction in accordance with subsection (2).

Nature of injunction

(2) If granted, the injunction:

(a) is to restrain the perpetrator from engaging in the conduct; and

(b) if in the opinion of the court it is desirable to do so, may also require the perpetrator to do any act or thing.

The court may only grant the injunction on the application of APRA, and may grant it on such terms as the court thinks appropriate.

Performance injunctions

(3) If a person (the unwilling person ) has refused or failed, is refusing or failing, or is proposing to refuse or fail, to do an act or thing that the person is required by:

(a) this Act, the regulations or the prudential standards; or

(b) a condition imposed or specifiedunder this Act; or

(c) a direction by APRA under this Act;

to do, the Federal Court may, on the application of APRA, grant an injunction, on such terms as the court thinks appropriate, requiring the unwilling person to do that act or thing.

Consent injunctions

(4) If an application for an injunction under subsection (1) or (3) has been made, the Federal Court may, if the court thinks it appropriate, grant an injunction by consent of all the parties to the proceedings, whether or not the court is satisfied that that subsection applies.

Interim injunctions

(5) If in the opinion of the Federal Court it is desirable to do so, the court may grant an interim injunction pending determination of an application under subsection (1).

Variation or discharge of injunctions

(6) The Federal Court may discharge or vary an injunction granted under this section.

Restraining injunctions

(7) The power of the Federal Court to grant an injunction restraining a person from engaging in conduct may be exercised:

(a) whether or not it appears to the court that the person intends to engage again, or to continue to engage, in conduct of that kind; and

(b) whether or not the person has previously engaged in conduct of that kind; and

(c) whether or not there is an imminent danger of substantial damage to any person if the first-mentioned person engages in conduct of that kind.

Performance injunctions

(8) The power of the Federal Court to grant an injunction requiring a person to do an act or thing may be exercised:

(a) whether or not it appears to the court that the person intends to refuse or fail again, or to continue to refuse or fail, to do that act or thing; and

(b) whether or not the person has previously refused or failed to do that act or thing; and

(c) whether or not there is an imminent danger of substantial damage to any person if the first-mentioned person refuses or fails to do that act or thing.

Damages undertakings

(9) If APRA applies to the Federal Court for the grant of an injunction under this section, the court must not require the applicant or any other person, as a condition of granting an interim injunction, to give an undertaking as to damages.

Damages orders

(10) If the Federal Court has power under this section to grant an injunction restraining a person from engaging in particular conduct, or requiring a person to do a particular act or thing, the court may, either in addition to or in substitution for the grant of the injunction, order that person to pay damages to any other person.

This section extends Federal Court's powers

(11) The powers this section gives the Federal Court are additional to (and do not limit) its other powers.

Part 3   Life Insurance Act 1995

8   Section 235

Repeal the section, substitute:

235 Injunctions

Restraining injunctions

(1) If a person (the perpetrator ) has engaged, is engaging or is proposing to engage, in conduct that constituted, constitutes or would constitute:

(a) a contravention of this Act, a condition imposed or specified under this Act (including a condition mentioned in subsection 208(3)) or a direction by APRA or ASIC under this Act; or

(b) attempting to contravene the Act, condition or direction; or

(c) aiding, abetting, counselling or procuring a person to contravene the Act, condition or direction; or

(d) inducing or attempting to induce, whether by threats, promises or otherwise, a person to contravene the Act, condition or direction; or

(e) being in any way, directly or indirectly, knowingly concerned in, or party to, the contravention by a person of the Act, condition or direction; or

(f) conspiring with others to contravene the Act, condition or direction;

the Court may grant an injunction in accordance with subsection (2).

Nature of injunction

(2) If granted, the injunction:

(a) is to restrain the perpetrator from engaging in the conduct; and

(b) if in the opinion of the Court it is desirable to do so, may also require the perpetrator to do any act or thing.

The Court may only grant the injunction on the application of the Regulator, and may grant it on such terms as the Court thinks appropriate.

Performance injunctions

(3) If a person (the unwilling person ) has refused or failed, is refusing or failing, or is proposing to refuse or fail, to do an act or thing that the person is required by this Act, a condition imposed or specified under this Act or a direction by APRA or ASIC under this Act to do, the Court may, on the application of the Regulator, grant an injunction, on such terms as the Court thinks appropriate, requiring the unwilling person to do that act or thing.

Consent injunctions

(4) If an application for an injunction under subsection (1) or (3) has been made, the Court may, if the Court thinks it appropriate, grant an injunction by consent of all the parties to the proceedings, whether or not the Court is satisfied that that subsection applies.

Interim injunctions

(5) If in the opinion of the Court it is desirable to do so, the Court may grant an interim injunction pending determination of an application under subsection (1).

Variation or discharge of injunctions

(6) The Court may discharge or vary an injunction granted under this section.

Restraining injunctions

(7) The power of the Court to grant an injunction restraining a person from engaging in conduct may be exercised:

(a) whether or not it appears to the Court that the person intends to engage again, or to continue to engage, in conduct of that kind; and

(b) whether or not the person has previously engaged in conduct of that kind; and

(c) whether or not there is an imminent danger of substantial damage to any person if the first-mentioned person engages in conduct of that kind.

Performance injunctions

(8) The power of the Court to grant an injunction requiring a person to do an act or thing may be exercised:

(a) whether or not it appears to the Court that the person intends to refuse or fail again, or to continue to refuse or fail, to do that act or thing; and

(b) whether or not the person has previously refused or failed to do that act or thing; and

(c) whether or not there is an imminent danger of substantial damage to any person if the first-mentioned person refuses or fails to do that act or thing.

Damages undertakings

(9) If the Regulator applies to the Court for the grant of an injunction under this section, the Court must not require the applicant or any other person, as a condition of granting an interim injunction, to give an undertaking as to damages.

Damages orders

(10) If the Court has power under this section to grant an injunction restraining a person from engaging in particular conduct, or requiring a person to do a particular act or thing, the Court may, either in addition to or in substitution for the grant of the injunction, order that person to pay damages to any other person.

This section extends Federal Court's powers

(11) The powers this section gives the Court are additional to (and do not limit) its other powers.

Part 4   Superannuation Industry (Supervision) Act 1993

9   Paragraphs 315(1)(a), (b), (c), (d), (e) and (f)

After "Act", insert ", a condition imposed on an RSE licence or a direction given under this Act by APRA or the Regulator".

10   Subsection 315(3)

After "this Act", insert ", a condition imposed on an RSE licence or a direction given under this Act by APRA or the Regulator".

11   Subsection 315(6)

Omit "subsection (1), (3) or (5)", substitute "this section".

12   After subsection 315(11)

Insert:

This section extends Federal Court's powers

(11A) The powers this section gives the Court are additional to (and do not limit) its other powers.

Part 5   First Home Saver Accounts Act 2008

13   At the end of Division 2 of Part 7

Add:

120A Injunctions for breach of conditions on authorisations

(1) The Superannuation Industry (Supervision) Act 1993 applies in accordance with subsection 114(2) with the modification set out in this section.

(2) Treat the references in section 315 of the Superannuation Industry (Supervision) Act 1993 to a condition imposed on an RSE licence as references to a condition imposed on an authorisation as an FHSA provider.

Part 6   Application

14   Application

The amendments made by this Schedule apply in relation to applications for injunctions made on or after the commencement of this Schedule, whether the conduct, refusal or failure that is the subject of the application occurred before, on or after that commencement.