Financial Sector Reform (Amendments and Transitional Provisions) Amendment Regulations 1999 (No. 1) (Cth)

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

Statutory Rules 1999No. 30

I, WILLIAM PATRICK DEANE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations under theFinancial Sector Reform (Amendments and Transitional Provisions) Act 1998.

Dated 23 February 1999.

WILLIAM DEANE

Governor-General

By His Excellency’s Command,

joe hockey

Minister for Financial Services and Regulation

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

Statutory Rules 1999No. 302

made under the

Financial Sector Reform (Amendments and Transitional Provisions) Act 1998

   

Contents

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1Name of regulations

 These regulations are the Financial Sector Reform (Amendments and Transitional Provisions) Amendment Regulations 1999 (No. 1).

2Commencement

 These regulations commence on gazettal.

3Amendment of Financial Sector Reform (Amendments and Transitional Provisions) Regulations 1998

Schedule 1 amends the Financial Sector Reform (Amendments and Transitional Provisions) Regulations 1998.

Schedule 1Amendment

(regulation 3)

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[1]After regulation 5

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6Transitional arrangement­ — preserved OSS Act provisions

• (1)

  In this regulation:

APRA staff member has the meaning given by the Australian Prudential Regulation Authority Act 1998.

OSS Act means the Occupational Superannuation Standards Act 1987 as in force on 30 June 1994.

preserved OSS Act provisions means the following provisions of the OSS Act, that, despite amendment or repeal by the Occupational Superannuation Standards Amendment Act 1993 (the Amendment Act), have continued to apply under subsection 16 (1) of the Amendment Act:

• (a)

  sections 4, 5, 6 and 6A;

• (b)

  Part II;

• (c)

  sections 10 to 15CA inclusive;

• (d)

  Part IIIAA;

• (e)

  the remaining provisions of the OSS Act in so far as they relate to any or all of the provisions mentioned in the preceding paragraphs of this definition.

superannuation standards officer has the meaning given by the OSS Act.

Note    The Occupational Superannuation Standards Act 1987 is now known as the Superannuation (Excluded Funds) Taxation Act 1987.

• (2)

  A thing that, under a preserved OSS Act provision, must, or may, be done by the Commissioner, is validly done if done by APRA.

• (3)

  An action that, under a preserved OSS Act provision, must, or may, be taken in relation to the Commissioner, is validly taken if taken in relation to APRA.

• (4)

  An obligation imposed on the Commissioner under a preserved OSS Act provision, is imposed on APRA, and may be carried out by an APRA staff member.

• (5)

  An immunity or privilege of the Commissioner, or of a superannuation standards officer, under a preserved OSS Act provision, is an immunity or privilege of APRA and an APRA staff member.

Notes

1. These regulations amend Statutory Rules 1998 No. 199.

2. Made by the Governor-General on 23 February 1999, and notified in the Commonwealth of Australia Gazette