House of Representatives

Financial Sector Reform (Amendments and Transitional Provisions) Bill (No. 1) 1999

Explanatory Memorandum

(Circulated by authority of the Minister for Financial Services and Regulation, the Honourable J.B. Hockey, MP)

3 Formal Clauses

Clause 1 - Short title

3.1 The Short Title of the Bill is defined here.

Clause 2 - Definitions

3.2 This clause specifies the meaning of the terms 'Corporations Law' and 'transfer date'. The transfer date for the purposes of this Act is a date proclaimed by the Governor-General.

Clause 3 - Commencement

3.3 This clause provides for commencement of the various proposed amendments. More details are provided in the notes on items relating to respective Schedules.

Clause 4 - Schedule(s)

Schedule 1 - Amendment of the Australian Prudential Regulation Authority Act 1998
Schedule 2 - Amendment of the Banking Act 1959
Schedule 3 - Amendment of the Corporations Law
Schedule 4 - Amendment of the Life Insurance Act 1995
Schedule 5 - Amendment of the Reserve Bank Act 1959
Schedule 6 - Miscellaneous amendments
Schedule 7 - Consequential amendment of Acts
Schedule 8 - Transitional, saving and application provisions

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