House of Representatives

Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017

Revised Explanatory Memorandum

(Circulated by authority of the Assistant Treasurer, the Hon. Stuart Robert MP)
This memorandum takes account of amendments made by the Senate to the bill as introduced.

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:

·
the Banking Act;
·
the Life Insurance Act;
·
the Insurance Act; and
·
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:

·
disclosures of information made before that commencement; and
·
conduct that causes detriment to another person (victimisation) engaged in before that commencement referred to in:

-
subsection 52C(1) of the Banking Act;
-
subsection 38C(1) of the Insurance Act;
-
subsection 156C(1) of the Life Insurance Act; or
-
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:

-
subsection 52C(2) of the Banking Act;
-
subsection 38C(2) of the Insurance Act;
-
subsection 156C(2) of the Life Insurance Act; or
-
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]


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