House of Representatives

Revised Explanatory Memorandum

(Circulated by authority of the Assistant Treasurer, the Hon. Stuart Robert MP)

Chapter 4 Other amendments

Amendments to the existing financial sector whistleblower regimes

Repeals

4.1 As a result of the consolidation of the various existing corporate and financial sector whistleblower regimes into the Corporations Act, the Bill repeals provisions dealing with whistleblowers in:

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the Banking Act;

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the Life Insurance Act;

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the Insurance Act; and

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the Superannuation Industry (Supervision) Act.

[Schedule 1, items, 18, 19, 22, 23,26, 27, 30 and 31]

Transitional provisions

4.2 Despite the repeal of these provisions, they continue to apply, at or after the commencement of the amendments made by Schedule 1 to this Bill, in relation to:

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disclosures of information made before that commencement; and

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conduct that causes detriment to another person (victimisation) engaged in before that commencement referred to in:

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subsection 52C(1) of the Banking Act;

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subsection 38C(1) of the Insurance Act;

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subsection 156C(1) of the Life Insurance Act; or

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subsection 336C(1) of the Superannuation Industry (Supervision) Act

as in force immediately before that commencement, that is engaged in before that commencement; and

•

a threat conduct that causes detriment to another person (victimisation) engaged in before that commencement referred to in:

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subsection 52C(2) of the Banking Act;

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subsection 38C(2) of the Insurance Act;

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subsection 156C(2) of the Life Insurance Act; or

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subsection 336C(2) of the Superannuation Industry (Supervision) Act.

[Schedule 1, items, 20, 24, 28 and 32]

4.3 Notes are added in place of the appealed provisions as signposts to the new law. [Schedule 1, items, 17, 21, 25 and 29]