Financial Sector Reform (Amendments and Transitional Provisions) Regulations 1998 (Cth)

Financial Sector Reform (Amendments and Transitional Provisions) Regulations 1998

Statutory Rules 1998 No. 199 as amended

made under the

Financial Sector Reform (Amendments and Transitional Provisions) Act 1998

This compilation was prepared on 2 June 2003

taking into account amendments up to SR 1999 No. 30

Prepared by the Office of Legislative Drafting,

Attorney-General’s Department, Canberra

Contents

      1Name of Regulations [see Note 1]

 These regulations are the Financial Sector Reform (Amendments and Transitional Provisions) Regulations 1998.

2Commencement

 These regulations commence on 1 July 1998.

3Definitions

 In these regulations, unless the contrary intention appears:

APRA means the Australian Prudential Regulation Authority.

APRA commencement means the commencement of the Australian Prudential Regulation Authority Act 1998.

ASIC means the Australian Securities and Investments Commission.

Commissioner means the Insurance and Superannuation Commissioner.

4Instruments made and things done by Commissioner before APRA commencement under certain Regulations

• (1)

  In this regulation:

  relevant Regulations means:

  • (a)

    the Insurance Regulations; or

  • (b)

    the Life Insurance Regulations; or

  • (c)

    the Retirement Savings Accounts Regulations; or

  • (d)

    the Superannuation Industry (Supervision) Regulations.

• (2)

  An instrument made by the Commissioner under a provision of any of the relevant Regulations that is in force immediately before the APRA commencement continues to have effect after that commencement as if that instrument were made by:

  • (a)

    APRA, to the extent that the instrument could, on the APRA commencement, be made by APRA under the relevant Regulations under which the instrument is made; and

  • (b)

    ASIC, to the extent that the instrument could, on the APRA commencement, be made by ASIC under the relevant Regulations under which the instrument is made.

• (3)

  If an instrument was, when made, to have effect only for a limited period, the instrument has effect only for so much of the period as has not expired before the APRA commencement.

• (4)

  Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of any of the relevant Regulations has effect after that commencement as if the thing had been done in relation to:

  • (a)

    APRA, to the extent to which APRA has powers and functions under the provision after the APRA commencement; and

  • (b)

    ASIC, to the extent to which ASIC has powers and functions under the provision after the APRA commencement.

5Instruments made and things done by Commissioner before APRA commencement under certain other Regulations

• (1)

  In this regulation:

  relevant Regulations means:

  • (a)

    the Insurance (Agents and Brokers) Regulations; or

  • (b)

    the Insurance Contracts Regulations; or

  • (c)

    the Superannuation (Resolution of Complaints) Regulations.

• (2)

  An instrument made by the Commissioner under a provision of any of the relevant Regulations that is in force immediately before the APRA commencement continues to have effect after that commencement as if the instrument were made on the commencement by ASIC under the relevant Regulations.

• (3)

  If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not expired before the APRA commencement.

• (4)

  Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of any of the relevant Regulations has effect after that commencement as if the thing had been done in relation to ASIC.

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 to the Financial Sector Reform (Amendments and Transitional Provisions) Regulations 1998

Note 1

The Financial Sector Reform (Amendments and Transitional Provisions) Regulations 1998 (in force under the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998) as shown in this compilation comprise Statutory Rules 1998 No. 199 amended as indicated in the Tables below.

Table of Statutory Rules

Year and number	Date of notification in Gazette	Date of commencement	Application, saving or transitional provisions
1998 No. 199	30 June 1998	1 July 1998
1999 No. 30	2 Mar 1999	2 Mar 1999	—

Table of Amendments

ad. = added or inserted  am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
R. 6 ........................................	ad. 1999 No. 30