House of Representatives

Explanatory Memorandum

(Circulated by authority of the Minister for Financial Services and Regulation, the Hon Joe Hockey, MP)

Notes on individual clauses

Clause 1 - Short title

This clause provides the short title by which the Act may be cited.

Clause 2 - Commencement

Subclause (1) provides that Items 1 to 4 (inclusive) of Schedule 1 (which relate to the Financial Sector Shareholdings Act 1998 ) and all of Schedule 2 (which relates to the Corporations Law) commence on the day the Act receives the Royal Assent.

Subclause (2) provides that if Section 9A of the Superannuation Industry (Supervision) Act 1993 commences before the day this Act receives the Royal Assent, items 171 and 172 of Schedule 1 commence on the day this Act receives the Royal Assent. Section 9A of the Superannuation Industry (Supervision) Act 1993 relates to the application of the criminal code.

Subclause (3) provides that if Section 9A of the Superannuation Industry (Supervision) Act 1993 has not commenced before the day this Act receives the Royal Assent, then items 171 and 172 of Schedule 1 do not commence until immediately after the commencement of Section 9A of the Superannuation Industry (Supervision) Act 1993 .

Subclause (4) provides that the remaining items in Schedule 1 commence on Act on the day specified in subsection 2.2(2) of the Criminal Code . This is 15 December 2001.

Clause 3 - Schedule(s)

This clause makes it clear that any Act specified in the Schedules is amended or repealed as set out in the relevant Schedule, and the Schedules may also contain other provisions.