House of Representatives

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

Commencement

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

Interpretation

Items 1

15.3 This item inserts relevant definitions.

Deferral of Date for Paying Levy

Item 2

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

Item 3

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

Inserting Definitions

Item 4

15.7 This item inserts definitions.

Preserving Exemptions or Determinations

Item 5

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

Item 6

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.

Information Collection

Item 7

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

Item 8

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

Item 9

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.