House Of Representatives

Financial Sector Legislation Amendment (Simplifying Regulation and Review) Bill 2007

Explanatory Memorandum

(Circulated by the authority of the Minister for Revenue and Assistant Treasurer, the Hon Peter Dutton MP)

Chapter 4 Technical amendments relating to legislative instruments

Outline of chapter

4.1 Schedule 4 to this Bill makes amendments to legislation that are consequential on the enactment of the LIA. Items in this Schedule replace references to 'Acts Interpretations Act 1901' (AIA) with references to 'Legislative Instruments Act 2003'.

Detailed explanation of new law

4.2 Schedule 4 makes technical amendments to various legislation that are consequential on the enactment of the LIA. These amendments do not in any way affect the operation of the various legislation.

4.3 The amendments replace references to 'disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901', 'must be in writing' and 'determination in writing' with 'legislative instrument', the latter being subject to the requirements of the LIA, rather than AIA. These replace references to AIA with references to LIA.

4.4 These also specify that a legislative instrument may take effect before it is registered on the FRLI, notwithstanding section 12(2) of the LIA.

4.5 These amendments apply from the date of Royal Assent.

4.6 These technical amendments are made to the:

·
ASIC Act ( Item 1 );
·
Authorised Deposit taking Institutions Supervisory Levy Imposition Act ( Items 2 and 3 );
·
Authorised Non operating Holding Companies Supervisory Levy Imposition Act 1998 ( Items 4 and 5 );
·
Banking Act ( Items 6 to 9 );
·
Cheques Act 1986 ( Items 10 and 11 );
·
Commonwealth Bank Sale Act 1995 ( Item 12 );
·
Commonwealth Borrowing Levy Collection Act 1987 (Items 13 to 15 );
·
Corporations Act ( Items 16 to 30 );
·
Currency Act 1965 ( Items 31 to 34 );
·
Financial Sector (Transfers of Business) Act 1999 ( Items 35 and 36 );
·
Financial Sector (Collection of Data) Act 2001 ( items 37 to 40 );
·
Insurance Acquisitions and Takeovers Act 1991 ( Items 41 and 42 );
·
Insurance Act ( Items 43 to 50 );
·
Life Insurance Supervisory Levy Imposition Act 1998 ( Items 51 and 52 );
·
Payment Systems and Netting Act 1998 ( Items 53 and 54 );
·
Retirement Savings Account Providers Supervisory Levy Imposition Act 1998 (Item 55 and 56 );
·
SIS Act ( Items 57 to 73 );
·
Superannuation Supervisory Levy Determination Validation Act 2000 ( Item 74 ); and
·
Superannuation Supervisory Levy Imposition Act 1998 ( Items 75 and 76 ).


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