Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2022

(F2022L01627)

12 December 2022

Corporations Act 2001; Foreign Acquisitions and Takeovers Act 1975; Income Tax Assessment Act 1997; National Consumer Credit Protection Act 2009; Superannuation Industry (Supervision) Act 1993; Superannuation (Unclaimed Money and Lost Members) Act 1999

1   Name

This instrument is the Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2022.

2   Commencement

 

(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

      

(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3   Authority

This instrument is made under the following:

(a) the Corporations Act 2001;

(b) the Foreign Acquisitions and Takeovers Act 1975;

(c) the Income Tax Assessment Act 1997;

(d) the National Consumer Credit Protection Act 2009;

(e) the Superannuation Industry (Supervision) Act 1993;

(f) the Superannuation (Unclaimed Money and Lost Members) Act 1999.

4   Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1   Amendments

Part 1   Amendments commencing day after registration

Division 1   Takeovers

Corporations Regulations 2001

1   Part 6.5

Repeal the Part.

2   Division 40 of Part 10.2

Repeal the Division.

Division 2   Trustee companies

Corporations Regulations 2001

3   Schedule 8AA (note to Schedule heading)

Repeal the note, substitute:

(regulation 5D.1.01A)

Division 3   Service of contravention notice

Superannuation Industry (Supervision) Regulations 1994

4   Regulation 11.02A

Repeal the regulation.

Division 4   Payment to a KiwiSaver scheme provider

Superannuation (Unclaimed Money and Lost Members) Regulations 2019

5   Subsection 20(1)

After "21E(2)(aa)(iii)", insert ", 22B(2)(aa)(iii)".

Division 5   Prescribing public sector superannuation schemes

Superannuation (Unclaimed Money and Lost Members) Regulations 2019

6   Section 15 (after table item 10)

Insert:

7   Section 16 (after table item 9)

Insert:

8   Section 16 (at the end of the table)

Add:

9   After section 17

Insert:

17A Voluntary payments to the Commissioner - prescribed schemes

For the purposes of section 22D of the Act, each public sector superannuation scheme mentioned in the table is prescribed.

Division 6   Continuous disclosure

Corporations Regulations 2001

10   Regulation 1.0.10

Omit "section 1001B", substitute "section 675 or 675A".

Division 7   Foreign Acquisitions and Takeovers Regulation 2015

Foreign Acquisitions and Takeovers Regulation 2015

11   Section 5 (note to the definition of tenement)

Omit "in this section, and", substitute ",".

12   Section 16 (note)

Repeal the note, substitute:

Note: Section 16A of the Act defines interest of a specified percentage in a business. Section 17 of the Act defines interest of a specified percentage in an entity.

Division 8   Correcting cross-reference in the Income Tax Assessment (1997 Act) Regulations 2021

Income Tax Assessment (1997 Act) Regulations 2021

13   Subsection 31-15.07(2)

Omit "31-15.05", substitute "31-15.04".

Division 9   Renumbering regulation of the Corporations Regulations 2001

Corporations Regulations 2001

14   Regulation 9.12.04 (the regulation 9.12.04 inserted by item 2 of Schedule 1 to the Corporations Amendment Regulation 2013 (No. 2))

Renumber as regulation 9.12.03A.

Division 10   Court order copies

Corporations Regulations 2001

15   Paragraphs 1.0.20(c) and (d)

Repeal the paragraphs.

Division 11   Repealing a subregulation of the Corporations Regulations 2001

Corporations Regulations 2001

16   Subregulation 5.3B.25(4)

Repeal the subregulation.

Division 12   Consideration for acquisitions

Foreign Acquisitions and Takeovers Regulation 2015

17   Paragraph 14(4A)(b)

Omit "years.", substitute "years; and".

18   After paragraph 14(4A)(b)

Insert:

(c) there is an agreement relating to the acquisition that sets out the value of the consideration and the parties to the agreement are dealing at arm's length (see paragraph (3)(b)).

19   In the appropriate position in Part 7

Insert:

80 Application of the Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2022

The amendments of this instrument made by Division 12 of Schedule 1 to the Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2022 apply in relation to an action taken, or proposed to be taken, on or after the commencement of that Division.

Division 13   Employee share schemes

Corporations Regulations 2001

20   Paragraph 7.8.21A(e)

Repeal the paragraph.

Part 2   Amendments with other commencements

National Consumer Credit Protection Regulations 2010

21   Subregulation 3(1) (definition of fundraising special purpose entity)

Repeal the definition.

Note: This item and the following item fix a typographical error.

22   Subregulation 3(1)

Insert:

fund raising special purpose entity has the meaning given by subsection 5(1) of the Act as modified by item 3.2 of Schedule 3.

23   Subregulation 3(1) (definition of securitisation entity)

Omit "section 5", substitute "subsection 5(1)".

24   Subregulation 3(1) (definition of servicing agreement)

Omit "section 5", substitute "subsection 5(1)".

25   Subregulation 3(1)

Insert:

special purpose funding entity has the meaning given by subsection 5(1) of the Act as modified by item 3.4 of Schedule 3.

26   Regulation 25E (note)

Omit "section 5", substitute "subsection 5(1)".

27   Subregulations 28LD(1) and (2)

After "licensee", insert "or special purpose funding entity".

28   Item 3.1 of Schedule 3 (heading)

Omit " Section 5 ", substitute " Subsection 5(1) ".

29   After item 3.1 of Schedule 3

Insert:

3.1A Subsection 5(1), after definition of examination

insert

exempt special purpose funding entity has the same meaning as in the National Consumer Credit Protection Regulations 2010.

30   Items 3.2, 3.3 and 3.4 of Schedule 3 (heading)

Omit " Section 5 ", substitute " Subsection 5(1) ".

31   After item 3.33 of Schedule 3

Insert:

3.33A Sections 133DB to 133DE

omit each mention of

licensee

insert

special purpose funding entity