Financial Services Reform (Consequential Provisions) Act 2001 (Cth)

Financial Services Reform (Consequential Provisions) Act 2001

Act No. 123 of 2001 as amended

This compilation was prepared on 18 July 2005

[This Act was amended by Act No. 100 of 2005]

Amendments from Act No. 100 of 2005

[Schedule 2 (item 14) amended item 57 of Schedule 1

[Schedule 2 (item 15) amended heading to item 126 of Schedule 1

Schedule 2 (items 14 and 15) commenced immediately after 11 March 2002]

Prepared by the Office of Legislative Drafting and Publishing,

Attorney‑General’s Department, Canberra

Contents

An Act to repeal or amend certain Acts as a consequence of the enactment of the Financial Services Reform Act 2001, and for other purposes

[Assented to 27 September 2001]

The Parliament of Australia enacts:

1Short title

This Act may be cited as the Financial Services Reform (Consequential Provisions) Act 2001.

2Commencement

(1)
In this section:
FSR commencement means the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001.
(2)
Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(3)
Items 223 and 224 of Schedule 1 commence on the day on which this Act receives the Royal Assent.
(4)
Items 219 to 222of Schedule 1 are taken to have commenced immediately after the commencement of the Corporations Act 2001. However, a person does not commit an offence if the person would not have committed the offence had those items commenced on the day on which this Act receives the Royal Assent (rather than commencing on the commencement of the Corporations Act 2001).
(5)
Items 227 and 231 of Schedule 1 commence at the end of the period of 2 years starting on the FSR commencement.
(6)
Subject to subsections (7) to (17), the other items of Schedule 1 commence on the FSR commencement.
(7)
Subject to subsection (17), the commencement of items 2 to 5 of Schedule 1 is as follows:
(a)
if item 325 of Schedule 1 to the Administrative Review Tribunal (Consequential and Transitional Provisions) Act 2001 does not commence before the FSR commencement—items 2 to 5 of Schedule 1 to this Act commence on the later of:
(i)
the FSR commencement; and
(ii)
the day on which the Administrative Review Tribunal (Consequential and Transitional Provisions) Act 2001 receives the Royal Assent;
(b)
if item 325 of Schedule 1 to the Administrative Review Tribunal (Consequential and Transitional Provisions) Act 2001 does commence before the FSR commencement—items 2 to 5 of Schedule 1 to this Act do not ever commence.
(8)
Subject to subsection (17), items 250 to 256 of Schedule 1 commence on the later of:
(a)
the FSR commencement; and
(b)
the commencement of Part 1 of the Interactive Gambling Act 2001.
(9)
If item 33 of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 commences before the FSR commencement, item 268of Schedule 1 to this Act does not ever commence.
(9A)
If Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 do not commence before the FSR commencement, items 276 to 278, and 290 to 325C, of Schedule 1 to this Act do not ever commence.
(10)
If item 171 of Schedule 1 to the Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001 commences before the FSR commencement, item 286 of Schedule 1 to this Act does not ever commence.
(11)
If item 55 of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 commences before the FSR commencement, item 331 of Schedule 1 to this Act does not ever commence.
(12)
If item 57 of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 commences before the FSR commencement, item 332 of Schedule 1 to this Act does not ever commence.
(13)
Subject to subsection (17), the commencement of items 342, 344and 345 of Schedule 1 is as follows:
(a)
if the items to which subsection 2(2) of the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 applies do not commence before the FSR commencement—items 342, 344 and 345 of Schedule 1 to this Act commence on the later of:
(i)
the FSR commencement; and
(ii)
the day on which the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 receives the Royal Assent;
(b)
if the items to which that subsection applies commence before the FSR commencement—items 342, 344and 345 of Schedule 1 to this Act do not ever commence.
(14)
Subject to subsection (17), the commencement of item 343 is as follows:
(a)
if the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 does not receive the Royal Assent before the FSR commencement—item 343of Schedule 1 to this Act commences on the day on which that Act receives the Royal Assent;
(b)
if the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 receives the Royal Assent before the FSR commencement—item 343 of Schedule 1 to this Act does not ever commence.
(15)
Subject to subsection (17), item 365 of Schedule 1 commences on the later of:
(a)
the FSR commencement; and
(b)
the commencement of item 257 of Schedule 1 to the Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001.
(16)
Subject to subsection (17), the commencement of item 366 of Schedule 1 is as follows:
(a)
if the day specified in subsection 2.2(2) of the Criminal Code does not occur before the FSR commencement—item 366 of Schedule 1 commences on the later of:
(i)
the FSR commencement; and
(ii)
the day on which the Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001 receives the Royal Assent;
(b)
if the day so specified does occur before the FSR commencement—item 366 of Schedule 1 to this Act does not ever commence.
(17)
An item of a Schedule to this Act that would otherwise commence at the same time as:
(a)
an item of a Schedule to the Financial Services Reform Act 2001; or
(b)
an item of a Schedule to the Corporations (Repeals, Consequentials and Transitionals) Act 2001;
is taken instead to commence immediately after the commencement of the item referred to in paragraph (a) or (b), if both the item of a Schedule to this Act and the item referred to in paragraph (a) or (b) affect the same Act.
(18)
The commencement of the items of Schedule 2, other than items 1, 2, 4, 5, 9 and 10, is as follows:
(a)
if Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 do not commence before the FSR commencement, the items commence on the FSR commencement;
(b)
if Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 commence before the FSR commencement, the items do not ever commence.
(19)
The commencement of items 1 and 2 of Schedule 2 is as follows:
(a)
if Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 do not commence before the FSR commencement, the items commence on the later of:
(i)
the FSR commencement; and
(ii)
immediately after the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 receives the Royal Assent;
(b)
if Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 commence before the FSR commencement, the items do not ever commence.
(20)
The commencement of items 4 and 5 of Schedule 2 is as follows:
(a)
if item 3 of Schedule 2 to this Act commences under subsection (18), the items commence on the commencement of Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001;
(b)
if item 3 of Schedule 2 to this Act does not ever commence under subsection (18), the items do not ever commence.
(21)
The commencement of items 9 and 10 of Schedule 2 is as follows:
(a)
if item 8 of Schedule 2 to this Act commences under subsection (18), the items commence on the commencement of Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001;
(b)
if item 8 of Schedule 2 to this Act does not ever commence under subsection (18), the items do not ever commence.

3Schedule(s)

Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendments and repeals

Administrative Decisions (Judicial Review) Act 1977

After paragraph (h) of Schedule 1

Insert:
(ha)
decisions of the Minister under Division 1 of Part 7.4 of the Corporations Act 2001;
(hb)
decisions of the SEGC under Part 7.5 of the Corporations Act 2001;

Administrative Review Tribunal (Consequential and Transitional Provisions) Act 2001

Before item 325 of Schedule 1 (heading)

Repeal the heading.

Items 325 and 326 of Schedule 1

Repeal the items.

Before item 186 of Schedule 2 (heading)

Repeal the heading.

Items 186 and 187 of Schedule 2

Repeal the items.

Australian Industry Development Corporation Act 1970

Paragraph 34G(1)(b)

Repeal the paragraph, substitute:
(b)
if the sale scheme body is a listed disclosing entity—the listing rules of a listing market in relation to the sale scheme body.

Subsections 34G(2) and (3)

Repeal the subsections, substitute:
(2)
In this section:
listed disclosing entity has the same meaning as it is given by section 9 of the Corporations Act 2001.
listing market, in relation to a listed disclosing entity,has the same meaning as it is given by section 9 of the Corporations Act 2001.
listing rules of a market has the same meaning as it is given by section 9 of the Corporations Act 2001.

Australian Securities and Investments Commission Act 2001

At the end of Division 3 of Part 1

Add:

4A Application of the Criminal Code

Chapter 2 of the Criminal Code applies to all offences against this Act.
Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Subsection 5(1)

Insert:
engage in conduct:
(a)
in Division 2 of Part 2—has the meaning given by subsection 12BA(2); and
(b)
in the other provisions of this Act—means do an act or omit to do an act.

Section 12AA

Repeal the section.

Subsection 12AD(2)

Repeal the subsection.

Subsection 12BA(1) (definition of corporation)

Repeal the definition.
14
Subsection 12BA(1) (definition of foreign corporation)
Repeal the definition.

Subsection 12BA(1) (definition of Territory)

Repeal the definition.

Subsection 12BB(1)

Omit “section 12CB and”.

Subsections 12BB(1) and (2)

Omit “corporation” (wherever occurring), substitute “person”.

Paragraph 12BC(1)(c)

Omit “acquired by a person within the meaning of subsection (2)”, substitute “acquired for use in connection with a small business (see subsection (2))”.

Subsection 12BC(2)

Repeal the subsection, substitute:
(2)
For the purposes of subsection (1):
small business means a business employing less than:
(a)
if the business is or includes the manufacture of goods—100 people; or
(b)
otherwise—20 people.

Subsection 12CA(1)

Omit “corporation”, substitute “person”.

Subsection 12CB(1)

Omit “corporation”, substitute “person”.

Subsection 12CB(2)

Omit “corporation” (first occurring), substitute “person (the supplier)”.

Paragraphs 12CB(2)(a), (b), (d) and (e)

Omit “corporation” (wherever occurring), substitute “supplier”.

Subsection 12CB(3)

Omit “corporation” (wherever occurring), substitute “person”.

Subsection 12CB(3)

Omit “to a person”, substitute “to another person”.

Subsection 12CB(4)

Omit “corporation has”, substitute “person has”.

Subsection 12CB(4)

Omit “to a person”, substitute “to another person”.
28
At the end of Subdivision C of Division 2 of Part 2
Add:

12CC Unconscionable conduct in business transactions

(1)
A person must not, in trade or commerce, in connection with:
(a)
the supply or possible supply of financial services (see subsection (6)) to another person (other than a listed public company); or
(b)
the acquisition or possible acquisition of financial services (see subsection (7)) from another person (other than a listed public company);
engage in conduct that is, in all the circumstances, unconscionable.
(2)
Without in any way limiting the matters to which the Court may have regard for the purpose of determining whether a person (the supplier) has contravened subsection (1) in connection with the supply or possible supply of financial services to another person (the service recipient), the Court may have regard to:
(a)
the relative strengths of the bargaining positions of the supplier and the service recipient; and
(b)
whether, as a result of conduct engaged in by the supplier, the service recipient was required to comply with conditions that were not reasonably necessary for the protection of the legitimate interests of the supplier; and
(c)
whether the service recipient was able to understand any documents relating to the supply or possible supply of the financial services; and
(d)
whether any undue influence or pressure was exerted on, or any unfair tactics were used against, the service recipient or a person acting on behalf of the service recipient by the supplier or a person acting on behalf of the supplier in relation to the supply or possible supply of the financial services; and
(e)
the amount for which, and the circumstances under which, the service recipient could have acquired identical or equivalent financial services from a person other than the supplier; and
(f)
the extent to which the supplier’s conduct towards the service recipient was consistent with the supplier’s conduct in similar transactions between the supplier and other like service recipients; and
(g)
if the person is a corporation—the requirements of any applicable industry code (see subsection (11)); and
(h)
the requirements of any other industry code (see subsection (11)), if the service recipient acted on the reasonable belief that the supplier would comply with that code; and
(i)
the extent to which the supplier unreasonably failed to disclose to the service recipient:
(i)
any intended conduct of the supplier that might affect the interests of the service recipient; and
(ii)
any risks to the service recipient arising from the supplier’s intended conduct (being risks that the supplier should have foreseen would not be apparent to the service recipient); and
(j)
the extent to which the supplier was willing to negotiate the terms and conditions of any contract for supply of the financial services with the service recipient; and
(k)
the extent to which the supplier and the service recipient acted in good faith.
(3)
Without in any way limiting the matters to which the Court may have regard for the purpose of determining whether a person (the acquirer) has contravened subsection (1) in connection with the acquisition or possible acquisition of financial services from a person (the business supplier), the Court may have regard to:
(a)
the relative strengths of the bargaining positions of the acquirer and the business supplier; and
(b)
whether, as a result of conduct engaged in by the acquirer, the business supplier was required to comply with conditions that were not reasonably necessary for the protection of the legitimate interests of the acquirer; and
(c)
whether the business supplier was able to understand any documents relating to the acquisition or possible acquisition of the financial services; and
(d)
whether any undue influence or pressure was exerted on, or any unfair tactics were used against, the business supplier or a person acting on behalf of the business supplier by the acquirer or a person acting on behalf of the acquirer in relation to the acquisition or possible acquisition of the financial services; and
(e)
the amount for which, and the circumstances in which, the business supplier could have supplied identical or equivalent financial services to a person other than the acquirer; and
(f)
the extent to which the acquirer’s conduct towards the business supplier was consistent with the acquirer’s conduct in similar transactions between the acquirer and other like business suppliers; and
(g)
if the person is a corporation—the requirements of any applicable industry code (see subsection (11)); and
(h)
the requirements of any other industry code (see subsection (11)), if the business supplier acted on the reasonable belief that the acquirer would comply with that code; and
(i)
the extent to which the acquirer unreasonably failed to disclose to the business supplier:
(i)
any intended conduct of the acquirer that might affect the interests of the business supplier; and
(ii)
any risks to the business supplier arising from the acquirer’s intended conduct (being risks that the acquirer should have foreseen would not be apparent to the business supplier); and
(j)
the extent to which the acquirer was willing to negotiate the terms and conditions of any contract for the acquisition of the financial services with the business supplier; and
(k)
the extent to which the acquirer and the business supplier acted in good faith.
(4)
A person is not taken for the purposes of this section to engage in unconscionable conduct in connection with:
(a)
the supply or possible supply of financial services to another person; or
(b)
the acquisition or possible acquisition of financial services from another person;
merely because the person institutes legal proceedings in relation to that supply, possible supply, acquisition or possible acquisition or refers a dispute or claim in relation to that supply, possible supply, acquisition or possible acquisition to arbitration.
(5)
For the purpose of determining whether a person has contravened subsection (1) in connection with the supply, possible supply, acquisition, or possible acquisition of financial products:
(a)
the Court must not have regard to any circumstances that were not reasonably foreseeable at the time of the alleged contravention; and
(b)
the Court may have regard to circumstances existing before the commencement of this section but not to conduct engaged in before that commencement.
(6)
Subject to subsection (8), a reference in this section to the supply or possible supply of financial services is a reference to the supply or possible supply of financial services to a person whose acquisition or possible acquisition of the financial services is or would be for the purpose of trade or commerce.
(7)
Subject to subsection (9), a reference in this section to the acquisition or possible acquisition of financial services is a reference to the acquisition or possible acquisition of financial services by a person whose acquisition or possible acquisition of the financial services is or would be for the purpose of trade or commerce.
(8)
A reference in this section to the supply or possible supply of financial services does not include a reference to the supply or possible supply of financial services at a price in excess of $3,000,000, or such higher amount as is prescribed.
(9)
A reference in this section to the acquisition or possible acquisition of financial services does not include a reference to the acquisition or possible acquisition of financial services at a price in excess of $3,000,000, or such higher amount as is prescribed.
(10)
For the purposes of subsections (8) and (9):
(a)
subject to paragraphs (b), (c), (d) and (e), the price for:
(i)
the supply or possible supply of financial services to a person; or
(ii)
the acquisition or possible acquisition of financial services by a person;
is taken to be the amount paid or payable by the person for the financial services; and
(b)
if a person:
(i)
was supplied financial services pursuant to a purchase; or
(ii)
acquired financial services by way of purchase;
together with other property or services, or with both other property and services, and a specified price was not allocated to the services in the contract under which they were purchased, the price of the services is taken to have been:
(iii)
the price at which, at the time of the supply or acquisition, the person could have purchased the services from the supplier without the other property or services; or

(iv)
if, at the time of the purchase, the services were only available for purchase together with the other property or services but, at that time, services of the kind purchased were available for purchase from another supplier without other property or services—the lowest price at which the person could, at that time, reasonably have purchased services of that kind from another supplier; or
(v)
if, at the time of the purchase, services of the kind purchased were not available for purchase from any supplier except together with other property or services—the value of the services at that time; and
(c)
if a person is supplied with financial services otherwise than pursuant to a purchase, the price of the services is taken to have been:
(i)
the price at which, at the time of the supply, the person could have purchased the services from the supplier; or
(ii)
if, at the time of the supply, the services were not available for purchase from the supplier, or were available only together with other property or services, but, at that time, services of the kind supplied were available for purchase from another supplier—the lowest price at which the person could, at that time, reasonably have purchased services of that kind from another supplier; or
(iii)
if services of the kind supplied were not available, at the time of the supply, for purchase from any supplier, or were not available except together with other property or services—the value of the services at that time; and
(d)
without limiting by implication the meaning of the expression services in subsection 12BA(1):
(i)
the obtaining of credit by a person in connection with the supply of financial services to the person is taken to be the acquisition by the person of a service; and
(ii)
any amount by which the amount paid or payable by the person for the services is increased by reason of the person’s so obtaining credit is taken to be paid or payable by the person for that service; and
(e)
the price for the supply or possible supply, or the acquisition or possible acquisition, of services comprising or including a loan or loan facility is taken to include the capital value of the loan or loan facility.
(11)
In this section:
applicable industry code, in relation to a corporation, has the same meaning as it has in subsection 51ACA(1) of the Trade Practices Act 1974.
industry code has the same meaning as it has in subsection 51ACA(1) of the Trade Practices Act 1974.
listed public company has the same meaning as it has in the Income Tax Assessment Act 1997.

Subsection 12DA(1)

Omit “corporation”, substitute “person”.

Subsection 12DB(1)

Omit “corporation” (wherever occurring), substitute “person”.

At the end of subsection 12DB(1)

Add:
Note: Failure to comply with this subsection is an offence (see section 12GB).

At the end of section 12DB

Add:
(3)
An offence under subsection 12GB(1) relating to subsection (1) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

Subsections 12DC(1) and (2)

Repeal the subsections, substitute:
(1)
A person must not, in trade or commerce, in connection with the sale or grant, or the possible sale or grant, of a financial product that consists of, or includes, an interest in land, or in connection with the promotion by any means of a financial product that consists of, or includes, an interest in land:
(a)
represent that the person has a sponsorship, approval or affiliation it does not have; or
(b)
make a false or misleading representation concerning the nature of the interest in the land, the price payable for the financial product, the location of the land, the characteristics of the land, the use to which the land is capable of being put or may lawfully be put or the existence or availability of facilities associated with the land.
Note: Failure to comply with this subsection is an offence (see section 12GB).
(1A)
An offence under subsection 12GB(1) relating to subsection (1) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
(2)
A person contravenes this subsection if:
(a)
the person offers gifts, prizes or other free items; and
(b)
the person offers the gifts, prizes or other free items, in trade or commerce, in connection with the sale or grant, or the possible sale or grant, of a financial product, mentioned in subsection (1), or in connection with the promotion by any means of the sale or grant of such a financial product; and
(c)
when the person so offers the gifts, prizes or other free items the person intends not to provide them, or not to provide them as offered.
Note: Failure to comply with this subsection is an offence (see section 12GB).
(2A)
A person contravenes this subsection if:
(a)
a person uses physical force or undue harassment or coercion; and
(b)
the person uses such force, harassment or coercion in connection with the sale or grant, or the possible sale or grant, of a financial product mentioned in subsection (1), or the payment for such a financial product.
Note: Failure to comply with this subsection is an offence (see section 12GB).
(2B)
For the purposes of the application of the Criminal Code in relation to an offence under subsection 12GB(1) relating to subsection (2) of this section, paragraphs (2)(b) and (c) of this section are taken to be circumstances in which the conduct described in paragraph (2)(a) of this section occurs.
(2C)
For the purposes of the application of the Criminal Code in relation to an offence under subsection 12GB(1), strict liability applies to paragraphs (2)(b) and (2A)(b) of this section.
Note: For strict liability, see section 6.1 of the Criminal Code.
(2D)
Nothing in this section is to be taken as implying that other provisions in this Subdivision do not apply in relation to the supply or acquisition, or the possible supply or acquisition, of a financial product mentioned in subsection (1).

Subsection 12DD(1)

Omit “corporation” (wherever occurring), substitute “person”.

At the end of subsection 12DD(1)

Add:
Note: Failure to comply with this subsection is an offence (see section 12GB).

At the end of section 12DD

Add:
(3)
An offence under subsection 12GB(1) relating to subsection (1) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

Section 12DE

Repeal the section, substitute:

12DE Offering gifts and prizes

(1)
A person contravenes this subsection if:
(a)
the person offers gifts, prizes or other free items; and
(b)
the person offers the gifts, prizes or other free items in trade or commerce, in connection with the supply or possible supply of financial services, or in connection with the promotion by any means of the supply or use of financial services; and
(c)
when the person so offers them, the person intends not to provide them, or not to provide them as offered.
Note: Failure to comply with this subsection is an offence (see section 12GB).
(2)
For the purposes of the application of the Criminal Code in relation to subsection (1), paragraphs (1)(b) and (c) are taken to be circumstances in which the conduct described in paragraph (1)(a) occurs.
(3)
For the purposes of the application of the Criminal Code in relation to an offence under subsection 12GB(1), strict liability applies in relation to paragraph (1)(b) of this section.
Note: For strict liability, see section 6.1 of the Criminal Code.

Section 12DF

Omit “corporation”, substitute “person”.

At the end of section 12DF

Add:
Note: Failure to comply with this subsection is an offence (see section 12GB).
(2)
An offence under subsection 12GB(1) relating to subsection (1) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

Section 12DG

Omit “corporation” (wherever occurring), substitute “person”.

At the end of subsection 12DG(1)

Add:
Note: Failure to comply with this subsection is an offence (see section 12GB).

At the end of subsection 12DG(2)

Add:
Note: Failure to comply with this subsection is an offence (see section 12GB).

After subsection 12DG(2)

Insert:
(2A)
An offence under subsection 12GB(1) relating to subsection (1) or (2) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

Subsection 12DG(3)

Omit “another person” (wherever occurring), substitute “an alternative supplier”.

At the end of subsection 12DG(3)

Add:
Note: A defendant bears a legal burden in relation to the matters in subsection (3), see section 13.4 of the Criminal Code.

Section 12DH

Omit “corporation” (wherever occurring), substitute “person”.

At the end of section 12DH

Add:
Note: Failure to comply with this subsection is an offence (see section 12GB).
(2)
An offence under subsection 12GB(1) relating to subsection (1) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

Section 12DI

Repeal the section, substitute:

12DI Accepting payment without intending or being able to supply as ordered

(1)
A person contravenes this subsection if:
(a)
the person, in trade or commerce, accepts payment or other consideration for financial services; and
(b)
at the time of acceptance, the person intends:
(i)
not to supply the financial services; or
(ii)
to supply financial services materially different from the financial services in respect of which the payment or other consideration is accepted.
Note: Failure to comply with this subsection is an offence (see section 12GB).
(2)
For the purposes of the application of the Criminal Code in relation to an offence under subsection 12GB(1), strict liability applies to paragraph (1)(a) of this section.
Note: For strict liability, see section 6.1 of the Criminal Code.
(3)
A person contravenes this subsection if:
(a)
the person, in trade or commerce, accepts payment or other consideration for financial services; and
(b)
at the time of acceptance, there are reasonable grounds for believing that the person will not be able to supply the financial services within the period specified by the person or, if no period is specified, within a reasonable time.
Note: Failure to comply with this subsection is an offence (see section 12GB).
(4)
An offence under subsection 12GB(1) relating to subsection (3) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

Section 12DJ

Repeal the section, substitute:

12DJ Harassment and coercion

(1)
A person contravenes this subsection if:
(a)
the person uses physical force or undue harassment or coercion; and
(b)
the person uses such force, harassment or coercion in connection with the supply or possible supply of financial services to a consumer, or the payment for financial services by a consumer.
Note: Failure to comply with this subsection is an offence (see section 12GB).
(2)
Strict liability applies to paragraph (1)(b).
Note: For strict liability, see section 6.1 of the Criminal Code.

Subsections 12DK(1) and (2)

Omit “corporation” (wherever occurring), substitute “person”.

Paragraph 12DK(1)(b)

Omit “a person who”, substitute “another person (the targeted person), who”.

Paragraph 12DK(1)(c)

Omit “the person”, substitute “the targeted person”.

At the end of subsection 12DK(1)

Add:
Note: Failure to comply with this subsection is an offence (see section 12GB).

Paragraph 12DK(2)(b)

Omit “any person”, substitute “another person (the targeted person)”.

Paragraph 12DK(2)(b)

Omit “himself or herself”, substitute “the targeted person”.

Paragraph 12DK(2)(b)

Omit “that person”, substitute “the targeted person”.

Subparagraphs 12DK(2)(b)(i) and (ii)

Omit “he or she”, substitute “the targeted person”.

At the end of subsection 12DK(2)

Add:
Note: Failure to comply with this subsection is an offence (see section 12GB).

Subsection 12DK(3)

Omit “corporation” (first occurring), substitute “person (the promoter)”.

Subsection 12DK(3)

Omit “corporation promotes”, substitute “promoter promotes”.

Paragraph 12DK(3)(a)

Omit “by a person”, substitute “by another person (the targeted person)”.

Paragraph 12DK(3)(a)

Omit “corporation or another”, substitute “promoter or another”.

Paragraph 12DK(3)(a)

Omit “of another person”, substitute “of any person other than the targeted person”.

Paragraph 12DK(3)(b)

Omit “the person who makes or is to make the payment”, substitute “the targeted person”.

At the end of subsection 12DK(3)

Add:
Note: Failure to comply with this subsection is an offence (see section 12GB).

After subsection 12DK(3)

Insert:
(3A)
An offence under subsection 12GB(1) relating to subsection (1), (2) or (3) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

Subsection 12DL(1)

Repeal the subsection, substitute:
(1)
A person must not send another person (the targeted person) a credit card or a debit card except in accordance with subsection (2).
Note: Failure to comply with this subsection is an offence (see section 12GB).
Note: The heading to section 12DL is altered by inserting “credit cards and” after “Unsolicited”.

Subsection 12DL(2)

Omit “A corporation may send the person”, substitute “A person may send the targeted person”.

Paragraph 12DL(2)(a)

Omit “the person who will”, substitute “the person (the liable person) who will”.

Paragraph 12DL(2)(a)

Omit “the person who issued”, substitute “the issuer of”.

Subparagraph 12DL(2)(b)(i)

Omit “first‑mentioned person”, substitute “targeted person”.

Subparagraph 12DL(2)(b)(i)

Omit “person who was under a liability”, substitute “liable person”.

Subparagraph 12DL(2)(b)(i)

Omit “person who issued the card previously so sent in respect of the use of that card”, substitute “issuer of the previous card”.

Subparagraph 12DL(2)(b)(ii)

Omit “first‑mentioned”, substitute “targeted”.

At the end of subsection 12DL(2)

Add:
Note: A defendant bears an evidential burden in relation to the matter in this subsection, see subsection 13.3(3) of the Criminal Code.

Subsection 12DL(3)

Omit “the person who issued the card”, substitute “the issuer of the card”.

Subsection 12DL(4)

Repeal the subsection, substitute:
(4)
A person must not take any action that enables:
(a)
another person who has a credit card to use the card as a debit card; or
(b)
another person who has a debit card to use the card as a credit card;
except in accordance with a request in writing by the other person.
Note: Failure to comply with this subsection is an offence (see section 12GB).

After subsection 12DL(4)

Insert:
(4A)
An offence under subsection 12GB(1) relating to subsection (1) or (4) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
83A
Subsection 12DL(5) (definition of credit card)
Repeal the definition, substitute:
credit card means an article that:
(a)
is of a kind described in one or more of the following subparagraphs:
(i)
an article of a kind commonly known as a credit card;
(ii)
a similar article intended for use in obtaining cash, goods or services on credit;
(iii)
an article of a kind that persons carrying on business commonly issue to their customers or prospective customers for use in obtaining goods or services from those persons on credit; and
(b)
is part of, or provides access to, a credit facility that is a financial product;
or an article that may be used as an article referred to in paragraphs (a) and (b).

83B

Subsection 12DL(5) (definition of debit card)

Repeal the definition, substitute:
debit card means:
(a)
an article intended for use by a person in obtaining access to an account that is:
(i)
held by the person for the purpose of withdrawing or depositing cash or obtaining goods or services; and
(ii)
a financial product; or
(b)
an article that may be used as an article referred to in paragraph (a).

Subsection 12DM(1)

Omit “corporation” (first occurring), substitute “person”.

Subsection 12DM(1)

Omit “a person for”, substitute “another person for”.

Subsection 12DM(1)

Omit “unless the corporation has reasonable cause to believe that there is a right to payment”.

At the end of subsection 12DM(1)

Add:
Note: Failure to comply with this subsection is an offence (see section 12GB).

After subsection 12DM(1)

Insert:
(1A)
Subsection (1) does not apply if the person had reasonable cause to believe that there was a right to payment.
Note: A defendant bears an evidential burden in relation to the matter in subsection (1A), see subsection 13.3(3) of the Criminal Code.
(1B)
An offence under subsection 12GB(1) relating to subsection (1) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

Subsection 12DM(2)

Omit “corporation” (wherever occurring), substitute “person”.

Subsection 12DM(2)

Omit “from a person”, substitute “from another person”.

Paragraph 12DM(2)(c)

Omit “the person”, substitute “the other person”.

Subsections 12DM(3) and (4)

Omit “corporation”, (wherever occurring) substitute “person”.

Subsection 12DN(1)

Omit “securities” (wherever occurring), substitute “financial products”.

Section 12EA

Omit “corporation” (wherever occurring), substitute “person”.

Subsection 12EB(1)

Omit “corporation”, substitute “person”.

Subsection 12EC(1)

Omit “corporation” (first occurring), substitute “person (the supplier)”.

Subsection 12EC(1)

Omit “corporation” (second occurring), substitute “supplier”.

Subsection 12EC(2)

Omit “corporation”, substitute “supplier”.

Paragraph 12EC(3)(a)

Omit “corporation”, substitute “supplier”.

100

Subsections 12ED(1) and (2)

Omit “corporation” (wherever occurring), substitute “person”.

101

Subsection 12ED(2)

Omit “corporation’s”, substitute “person’s”.

102

Paragraph 12GB(1)(f)

Omit “400 penalty units”, substitute “2,000 penalty units”.

103

Paragraph 12GB(1)(g)

Omit “2,000 penalty units”, substitute “10,000 penalty units”.

104

After subsection 12GB(1)

Insert:
(1A)
Subsections 11.2(2) to (5) (inclusive) of the Criminal Code apply in relation to paragraph (1)(b) of this section in the same way that they apply in relation to subsection 11.2(1) of the Criminal Code.
(1B)
Subsections 11.5(2) to (5) (inclusive) of the Criminal Code apply in relation to paragraph (1)(e) of this section in the same way that they apply in relation to the offence of conspiracy under subsection 11.5(1) of the Criminal Code.

105

Paragraph 12GB(4)(b)

Omit “section 12GE”, substitute “section 12GLA (non‑punitive orders)”.

106

At the end of subsection 12GB(4)

Add:
; or (c)
make an order under section 12GLB (punitive orders requiring adverse publicity) in relation to the contravention.

107

Subsection 12GB(5)

Omit “Sections 5, 7 and 7A of the Crimes Act 1914”, substitute “Sections 11.1, 11.2, 11.3, and 11.4 of the Criminal Code and section 11.6 of the Criminal Code to the extent that it applies in relation to those sections,”.

108

After section 12GC

Insert:

12GCA Preference must be given to compensation for victims

If:
(a)
the Court considers that it is appropriate to impose a fine under section 12GB in respect of a contravention, or an involvement in a contravention, of this Division; and
(b)
it is appropriate to order the defendant to pay compensation to a person who has suffered loss or damage in respect of the contravention or the involvement; and
(c)
the defendant does not have sufficient financial resources to pay both the pecuniary penalty or fine and the compensation;
the Court must give preference to making an order for compensation.

109

Section 12GE

Repeal the section.

110

Subsection 12GF(1)

After “provision of”, insert “Subdivision C (sections 12CA to 12CC) or”.

111

Subsection 12GF(2)

Omit all the words after “within”, substitute “6 years after the day on which the cause of action that relates to the conduct accrued.”.

112

Section 12GG

Omit “or 12GE”, substitute “, 12GLA or 12GLB”.

113

At the end of section 12GH

Add:
(6)
Part 2.5 of the Criminal Code does not apply in relation to an offence against a provision of this Subdivision.

114

At the end of subsection 12GI(1)

Add:
Note: A defendant bears a legal burden in relation to the matters in subsection (1) (see section 13.4 of the Criminal Code).

115

After subsection 12GI(1)

Insert:
(1A)
Paragraph (1)(a) is to be interpreted as having the same effect in relation to a contravention of a provision of this Subdivision as section 9.2 of the Criminal Code has in relation to offences of strict liability.

116

At the end of subsection 12GI(4)

Add:
Note: A defendant bears a legal burden in relation to the matters in subsection (4) (see section 13.4 of the Criminal Code).

116A

Subsection 12GJ(2)

Repeal the subsection, substitute:
(2)
With respect to any matter:
(a)
arising under this Division; or
(b)
arising under Part 3 in its application in relation to an investigation of a contravention of this Division;
in respect of which a civil proceeding is instituted under this Subdivision or under Part 3 as so applying:
(c)
the several courts of the States are invested with federal jurisdiction within the limits of their several jurisdictions, whether those limits are as to locality, subject‑matter or otherwise; and
(d)
subject to the Constitution, jurisdiction is conferred on the several courts of the Territories.

116B

Paragraph 12GK(1)(a)

Omit “other than the Minister or ASIC”.

116C

Paragraph 12GK(1)(b)

Repeal the paragraph, substitute:
(b)
a matter for determination in the proceeding arose under:
(i)
this Division; or
(ii)
Part 3 in its application in relation to an investigation of a contravention of this Division;

116D

Paragraph 12GK(4)(b)

Repeal the paragraph, substitute:
(b)
a matter for determination in the proceeding arose under:
(i)
this Division; or
(ii)
Part 3 in its application in relation to an investigation of a contravention of this Division;

116E

Paragraph 12GK(5)(b)

Repeal the paragraph, substitute:
(b)
a matter for determination in the proceeding arose under:
(i)
this Division; or
(ii)
Part 3 in its application in relation to an investigation of a contravention of this Division;

117

After section 12GL

Insert:

12GLA Non‑punitive orders

(1)
The Court may, on application by ASIC, make one or more of the orders mentioned in subsection (2) in relation to a person who has engaged in contravening conduct.
(2)
The orders that the Court may make in relation to the person are:
(a)
a community service order; and
(b)
a probation order for a period of no longer than 3 years; and
(c)
an order requiring the person to disclose, in the way and to the persons specified in the order, such information as is so specified, being information that the person has possession of or access to; and
(d)
an order requiring the person to publish, at the person’s expense and in the way specified in the order, an advertisement in the terms specified in, or determined in accordance with, the order.
(3)
This section does not limit the Court’s powers under any other provision of this Act.
(4)
In this section:
community service order, in relation to a person who has engaged in contravening conduct, means an order directing the person to perform a service that:
(a)
is specified in the order; and
(b)
relates to the conduct;
for the benefit of the community or a section of the community.
Example: The following are examples of community service orders:
(a) an order requiring a person who has made false representations to make available a training video which explains advertising obligations under this Act; and
(b) an order requiring a person who has engaged in misleading or deceptive conduct in relation to a financial product to carry out a community awareness program to address the needs of consumers when purchasing the financial product.
contravening conduct means conduct that:
(a)
contravenes a provision of Subdivision C (sections 12CA to 12CC); or
(b)
contravenes a provision of Subdivision D (sections 12DA to 12DN); or
(c)
contravenes a provision of Subdivision E (sections 12EA to 12ED); or
(d)
constitutes an involvement in a contravention of any of those provisions.
probation order, in relation to a person who has engaged in contravening conduct, means an order that is made by the Court for the purpose of ensuring that the person does not engage in the contravening conduct, similar conduct or related conduct during the period of the order, and includes:
(a)
an order directing the person to establish a compliance program for employees or other persons involved in the person’s business, being a program designed to ensure their awareness of the responsibilities and obligations in relation to the contravening conduct, similar conduct or related conduct; and
(b)
an order directing the person to establish an education and training program for employees or other persons involved in the person’s business, being a program designed to ensure their awareness of the responsibilities and obligations in relation to the contravening conduct, similar conduct or related conduct; and
(c)
an order directing the person to revise the internal operations of the person’s business which lead to the person engaging in the contravening conduct.

12GLB Punitive orders requiring adverse publicity

(1)
The Court may, on application by ASIC, make an adverse publicity order in relation to a person who is guilty of an offence under section 12GB.
(2)
In this section, an adverse publicity order, in relation to a person, means an order that:
(a)
requires the person to disclose, in the way and to third parties specified in the order, such information as is so specified, being information that the person has possession of or access to; and
(b)
requires the person to publish, at the person’s expense and in the way specified in the order, an advertisement in the terms specified in, or determined in accordance with, the order.
(3)
This section does not limit the Court’s powers under any other provision of this Act.

118

Subsection 12GM(1)

Omit “section 12GE or 12GF”, substitute “section 12GF, 12GLA or 12GLB”.

119

Paragraph 12GM(2)(a)

After “engaged in”, insert “in”.

120

Subsection 12GM(3)

Repeal the subsection, substitute:
(3)
ASIC may only make an application under paragraph (2)(b) on behalf of one or more persons identified in the application who:
(a)
have suffered, or are likely to suffer, loss or damage by the conduct of another person that was engaged in in contravention of a provision of this Division; and
(b)
have consented in writing to the application being made before it is made.

121

Subsection 12GM(5)

Repeal the subsection, substitute:
(5)
An application under subsection (2) may be made at any time within 6 years after the day on which the cause of action that relates to the conduct accrued.

122

Subsection 12GM(6)

Omit “and 12CB” substitute “to 12CC”.

123

After subsection 12GN(5)

Insert:
(5A)
Subsection (5) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

124

Section 12GO

Repeal the section, substitute

12GO Intervention by ASIC

(1)
ASIC may, with the leave of the Court and subject to any conditions imposed by the Court, intervene in any proceeding instituted under this Division.
(2)
If ASIC intervenes in a proceeding, it is taken to be a party to the proceeding and has all the rights, duties and liabilities of such a party.

125

Subsection 12HB(1)

Omit “corporation or other” (wherever occurring).

126

Paragraph 12HB(1)(b)

Omit “section 12GE”, substitute “section 12GLA or 12GLB”.

127

Subsection 12HB(2)

Omit “corporation which, or other person who,”, substitute “person who”.

128

Paragraph 12HC(3)(b)

Omit “or”.

129

Paragraph 12HC(3)(c)

Repeal the paragraph.

130

At the end of subsection 19(2)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

131

At the end of subsection 21(1)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

132

After subsection 21(1)

Insert:
(1A)
An offence under subsection 63(3) relating to subsection (1) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

133

At the end of subsection 21(3)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

134

At the end of section 22

Add:
(3)
Subsection (2) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

135

At the end of subsection 23(2)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

136

At the end of section 23

Add:
(3)
An offence under subsection 63(4) relating to subsection (2) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

137

At the end of subsection 24(2)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

138

At the end of section 24

Add:
(3)
An offence under subsection 63(3) relating to paragraph (2)(a) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

139

After subsection 25(2)

Insert:
(2A)
Subsection (2) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

140

At the end of section 26

Add:
(2)
Subsection (1) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

141

After subsection 29(2)

Insert:
(2A)
An offence under subsection 63(3) relating to subsection (2) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

142

At the end of subsection 30(1)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

143

At the end of subsection 30(2)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

144

At the end of subsection 31(1)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

145

At the end of section 32A

Add:
Note: Failure to comply with a requirement made under this section is an offence (see section 63).

146

At the end of section 33

Add:
Note: Failure to comply with a requirement made under this section is an offence (see section 63).

147

At the end of subsection 34(1)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

148

Subsection 37(9)

Omit “to the best of his or her knowledge and belief”.

149

At the end of subsection 37(9)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

150

Section 38

Omit “, to the best of his or her knowledge and belief”.

151

At the end of section 38

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

152

Section 39

Omit “, so far as the other person can do so”.

153

At the end of section 39

Add:
Note: Failure to comply with a requirement made under this section is an offence (see section 63).

154

At the end of subsection 41(1)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

155

At the end of subsection 41(2)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

156

At the end of subsection 41(3)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

157

At the end of subsection 41(4)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

158

At the end of section 41

Add:
(6)
An offence under subsection 63(2) relating to subsection (1), (2), (3) or (4) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

159

At the end of subsection 43(2)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

160

At the end of subsection 43(3)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

161

After subsection 43(3)

Insert:
(3A)
An offence under subsection 63(2) relating to subsection (2) or (3) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

162

At the end of section 47

Add:
(3)
Subsection (2) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

163

At the end of subsection 48(2)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

164

At the end of section 48

Add:
(3)
An offence under subsection 63(4) relating to subsection (2) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

165

At the end of subsection 49(3)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

166

After subsection 49(3)

Insert:
(3A)
An offence under subsection 63(3) relating to subsection (3) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

167

At the end of subsection 49(4)

Add:
Note: A defendant bears an evidential burden in relation to the matter in subsection (4), see subsection 13.3(3) of the Criminal Code.

168

At the end of section 56

Add:
(4)
Subsection (3) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

169

At the end of subsection 58(1)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

170

At the end of subsection 58(2)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

171

At the end of subsection 58(4)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).

172

After subsection 58(4)

Insert:
(4A)
An offence under subsection 63(3) relating to subsection (1), (2) or (4) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

173

Subsection 63(1)

Repeal the subsection, substitute:
(1)
A person must not intentionally or recklessly fail to comply with a requirement made under:
(a)
section 19; or
(b)
subsection 21(3); or
(c)
section 30, 31, 32A, 33 or 34; or
(d)
subsection 37(9); or
(e)
section 38; or
(f)
section 39.
Penalty: 100 penalty units or imprisonment for 2 years, or both.

174

Subsection 63(2)

Omit “, without reasonable excuse,”.

175

Subsection 63(3)

Omit “, without reasonable excuse,”.

176

At the end of section 63

Add:
(5)
Subsections (1), (1A), (2) and (3) do not apply to the extent that the person has a reasonable excuse.
Note: A defendant bears an evidential burden in relation to the matter in this subsection, see subsection 13.3(3) of the Criminal Code.
(6)
Paragraph (1)(d) does not apply to the extent that the person has explained the matter to the best of his or her knowledge or belief.
Note: A defendant bears an evidential burden in relation to the matter in this subsection, see subsection 13.3(3) of the Criminal Code.
(7)
Paragraph (1)(e) does not apply to the extent that the person has stated the matter to the best of his or her knowledge or belief.
Note: A defendant bears an evidential burden in relation to the matter in this subsection, see subsection 13.3(3) of the Criminal Code.
(8)
Paragraph (1)(f) does not apply to the extent that the person has, to the extent that the person is capable of doing so, performed the acts referred to in paragraphs 39(a) and (b).
Note: A defendant bears an evidential burden in relation to the matter in this subsection, see subsection 13.3(3) of the Criminal Code.

177

At the end of subsection 64(3)

Add:
Note: A defendant bears a legal burden in relation to the matter in subsection (3), see section 13.4 of the Criminal Code.

178

Subsection 65(1)

Omit “, without reasonable excuse”.

179

Paragraph 65(1)(a)

Omit “obstruct or hinder”, substitute “engage in conduct that results in the obstruction or hindering of”.

180

Paragraph 65(1)(b)

Omit “obstruct or hinder”, substitute “engage in conduct that results in the obstruction or hindering of”.

181

After subsection 65(1)

Insert:
(1A)
Subsection (1) does not apply to the extent that the person has a reasonable excuse.
Note: A defendant bears an evidential burden in relation to the matters in this subsection, see subsection 13.3(3) of the Criminal Code.

182

Subsection 65(2)

After “must”, insert “not intentionally or recklessly fail to”.

183

Paragraph 66(1)(a)

Omit “obstruct or hinder”, substitute “engage in conduct that results in the obstruction or hindering of”.

184

Paragraph 66(1)(b)

Omit “disrupt”, substitute “engage in conduct that results in the disruption of”.

185

Subsection 66(2)

Omit “, without reasonable excuse,”.

186

After subsection 66(2)

Insert:
(2A)
Subsection (2) does not apply to the extent that the person has a reasonable excuse.
Note: A defendant bears an evidential burden in relation to the matter in this subsection, see subsection 13.3(3) of the Criminal Code.
(2B)
Subsection (2) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

187

Paragraph 67(1)(a)

Omit “conceal, destroy, mutilate or alter”, substitute “engage in conduct that results in the concealment, destruction, mutilation or alteration of”.

188

Paragraph 67(1)(b)

Omit “take or send”, substitute “engage in conduct that results in the taking or sending of”.

189

At the end of subsection 67(2)

Add:
Note: A defendant bears a legal burden in relation to a matter mentioned in subsection (2), see section 13.4 of the Criminal Code.

190

At the end of section 72

Add:
(2)
An offence under subsection 75(5) relating to subsection (1) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

191

At the end of section 73

Add:
(3)
An offence under subsection 75(5) relating to subsection (1) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

192

After subsection 91(3)

Insert:
(3A)
Subsection (3) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

193

Subsection 125(3)

After “must”, insert “not intentionally or recklessly fail to”.

194

Subsection 127(4E)

After “must”, insert “not intentionally or recklessly fail to”.

195

Subsection 127(4F)

Omit “, without the written consent of the Chairperson”, substitute “intentionally or recklessly”.

196

Paragraph 127(4F)(b)

Repeal the paragraph, substitute:
(b)
use the information.

197

After subsection 127(4F)

Insert:
(4FA)
Subsection (4F) does not apply to the extent that:
(a)
the person has the written consent of the Chairperson; or
(b)
the information is used for the purpose of monitoring compliance with, enforcing, or performing functions or exercising powers under:
(i)
the Corporations Act; or
(ii)
the business law of a State that is not in this jurisdiction; or
(iii)
the business law of a foreign country; or
(iv)
the operating rules (if any), of the body corporate.
Note: A defendant bears an evidential burden in relation to the matters in this subsection, see subsection 13.3(3) of the Criminal Code.

198

At the end of subsection 192(1)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 198).

199

At the end of subsection 192(2)

Add:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 198).

200

After subsection 192(4)

Insert:
Note: Failure to comply with a requirement made under this subsection is an offence (see section 198).
(5)
An offence under section 198 relating to subsection (1), (2) or (4) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

201

Section 198

Omit “, without reasonable excuse,”.

202

At the end of section 198

Add:
(2)
Subsection (1) does not apply to the extent that the person has a reasonable excuse.
Note: A defendant bears an evidential burden in relation to the matter in this subsection, see subsection 13.3(3) of the Criminal Code.

203

At the end of subsection 199(2)

Add:
Note: A defendant bears a legal burden in relation to the matters in subsection (2), see section 13.4 of the Criminal Code.

204

Paragraph 200(1)(a)

Omit “obstruct or hinder”, substitute “engage in conduct that results in the obstruction or hindering of”.

205

Paragraph 200(1)(b)

Omit “disrupt”, substitute “engage in conduct that results in the disruption of”.

206

Subsection 200(2)

Omit “, without reasonable excuse,”.

207

After subsection 200(2)

Insert:
(2A)
Subsection (2) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
(2B)
Subsection (2) does not apply to the extent that the person has a reasonable excuse.
Note: A defendant bears an evidential burden in relation to the matter in this subsection, see subsection 13.3(3) of the Criminal Code.

208

After subsection 216(7)

Insert:
(7A)
Subsection (7) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

209

Subsection 219(1)

Omit “, without reasonable excuse”.

210

Subsection 219(2)

Omit “, without reasonable excuse”.

211

After subsection 219(2)

Insert:
(2A)
Subsections (1) and (2) do not apply to the extent that the person has a reasonable excuse.
Note: A defendant bears an evidential burden in relation to the matters in this subsection, see subsection 13.3(3) of the Criminal Code.

212

Paragraph 220(1)(a)

Omit “obstruct or hinder”, substitute “engage in conduct that results in the obstruction or hindering of”.

213

Paragraph 220(1)(b)

Omit “disrupt”, substitute “engage in conduct that results in the disruption of”.

214

Subsection 220(2)

Omit “, without reasonable excuse,”.

215

After subsection 220(2)

Insert:
(2A)
Subsection (2) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
(2B)
Subsection (2) does not apply to the extent that the person has a reasonable excuse.
Note: A defendant bears an evidential burden in relation to the matters in this subsection, see subsection 13.3(3) of the Criminal Code.

Bankruptcy Act 1966

216
Subsection 5(1) (paragraph (a) of the definition of private company)
Omit “securities exchange within the meaning of the Corporations Act 2001”, substitute “prescribed financial market (as defined by section 9 of the Corporations Act 2001)”.

Commonwealth Serum Laboratories Act 1961

217

Subsection 19B(1) (definition of associate)

Omit “if”, substitute “as in force on the commencement of that Act if that Division as so in force were, subject to the following modifications, still in force”.
218
Subsection 19B(1) (paragraphs (a) and (b) of the definition of associate)
After “that Act”, insert “as then in force”.

Corporations Act 2001

219
Subsection 443BA(2) (before paragraph (a) of the definition of remittance provision)
Insert:
- (aa)
  section 220AAE, 220AAM or 220AAR;

220

Before paragraph 459E(5)(a)

Insert:
(aa)
section 220AAE, 220AAM or 220AAR;
221
Subsection 588F(2) (before paragraph (a) of the definition of remittance provision)
Insert:
(aa)
section 220AAE, 220AAM or 220AAR;

222

Before paragraph 588FGA(1)(a)

Insert:
(aa)
section 220AAE, 220AAM or 220AAR;

223

After Part 10.1

Insert:

Part 10.2—Transitional provisions relating to the Financial Services Reform Act 2001

Division 1—Transitional provisions relating to the phasing‑in of the new financial services regime

Subdivision A—Preliminary

1410 Definitions

(1)
In this Division, unless the contrary intention appears:
amended Corporations Act means this Act as in force after the FSR commencement.
associated provisions, in relation to provisions (the core provisions) of a particular Act as in force at a particular time, include (but are not limited to):
(a)
any regulations or other instruments that are or were in force for the purposes of any of the core provisions at that time; and
(b)
any interpretation provisions that apply or applied in relation to any of the core provisions at that time (whether or not they also apply or applied for other purposes); and
(c)
any provisions relating to liability (civil or criminal) that apply or applied in relation to any of the core provisions at that time (whether or not they also apply or applied for other purposes); and
(d)
any provisions that limit or limited, or that otherwise affect or affected, the operation of any of the core provisions at that time (whether or not they also limit or limited, or affect or affected, the operation of other provisions).
class, in relation to financial products,has a meaning affected by regulations made for the purposes of subsection (2).
FSR commencement means the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001.
old Corporations Act means this Act as in force immediately before the FSR commencement.
regulated activities, in relation to a regulated principal, has the meaning given by section 1430.
regulated principal has the meaning given by section 1430.
relevant old legislation,in relation to a regulated principal, has the meaning given by section 1430.
transition period:
(a)
in relation to a market to which section 1414, 1418, 1420, 1421 or 1422 applies—has the meaning given by subsection (2) of that section; and
(b)
in relation to a market to which section 1417 applies and the additional products referred to in that section—has the meaning given by subsection 1417(2); and
(c)
in relation to a clearing and settlement facility to which section 1426 or 1429 applies—has the meaning given by subsection (2) of that section; and
(d)
in relation to a clearing and settlement facility to which section 1428 applies and the additional products referred to in that section—has the meaning given by subsection 1428(2); and
(e)
in relation to a regulated principal—has the meaning given by subsection 1431(1); and
(f)
in relation to a financial product to which section 1438 applies—has the meaning given by subsection (3) of that section.
(1A)
Other expressions used in this Part that are defined in Division 2 of Part 7.1 have the same meanings as they are given by that Division. This has effect subject to:
(a)
any contrary intention in a provision of this Part; or
(b)
regulations made for the purposes of this paragraph.
(2)
The regulations may include provisions identifying, or providing for the identification of, what constitutes a class of financial products for the purposes of a provision or provisions of this Division.
(3)
If a provision of this Division (the transitional provision) provides for a provision of this or another Act (the preserved provision), as in force immediately before the FSR commencement, to continue to apply to or in relation to a person, thing or matter:
(a)
the preserved provision so continues to apply only to the extent (if any) to which it is expressed in terms that cover the person, thing or matter; and
(b)
the transitional provision is not taken to extend the scope of the preserved provision (otherwise than by giving it a continued operation).

Subdivision B—Treatment of existing markets

1411 When is a market being operated immediately before the FSR commencement?

Subject to section 1412, in this Subdivision, a reference to a market being operated immediately before the FSR commencement is a reference to a market that had not permanently ceased to operate before the FSR commencement, even if trading on the market was not actually occurring immediately before the FSR commencement (for example, because of a routine temporary closure of the market).

1412 Treatment of proposed markets that have not started to operate by the FSR commencement

(1)
This section applies in relation to the following proposed markets, other than any such market that starts to operate before the FSR commencement:
(a)
a market proposed to be operated by Bendigo Stock Exchange Ltd, or by ASX Futures Exchange Pty Limited, that is identified in writing by the Minister as being a proposed market to which this section applies;
(b)
any other proposed market identified in, or in accordance with, regulations made for the purposes of this paragraph.
For this purpose, a proposed market is a market that a person has, before the FSR commencement, indicated an intention that they propose to operate.
(2)
This Subdivision applies in relation to a proposed market to which this section applies subject to the following paragraphs:
(a)
subject to paragraphs (b), (c) and (d), this Subdivision applies in relation to the proposed market as if the market, as proposed to be operated, were in fact being operated immediately before the FSR commencement;
(b)
if, taking account of the effect of paragraph (a), section 1413 applies in relation to the proposed market, that section applies in relation to the proposed market:
(i)
as if the Minister’s obligation to grant a licence, and impose conditions, under subsection 1413(2) in relation to the market does not arise unless and until the market operator lodges with ASIC a notice in relation to the market under subsection (3) of this section, and does not arise at all if no such notice is given to ASIC by the end of 6 months after the FSR commencement; and
(ii)
as if subsection 1413(3) provided for a licence so granted under subsection 1413(2) in relation to the market, and the conditions subject to which it is granted, to be taken to have had effect from the day (the start day) specified in the subsection (3) notice as the day on which the market started to operate; and
(iii)
as if subsection 1413(6) were omitted; and
(iv)
as if the references in subsection 1413(8) to the FSR commencement were instead references to the start day;
(c)
if:
(i)
taking account of the effect of paragraph (a), section 1418, 1420, 1421 or 1422 applies to the proposed market; and
(ii)
the market operator does not lodge with ASIC a notice in relation to the market under subsection (3) of this section by the end of 6 months after the FSR commencement;
that section ceases to apply in relation to the proposed market at the end of that period;
(d)
if a provision of this Subdivision provides for a provision of the old Corporations Act to continue to apply in relation to the proposed market, then (without limiting the generality of subsection 1410(3)), while the proposed market remains non‑operational, the provision of the old Corporations Act only applies in relation to the proposed market to the extent (if any) to which it would, disregarding the effect of paragraph (a), apply in relation to the proposed market.
(3)
If a proposed market to which this section applies starts to operate on a day during the period of 6 months starting on the FSR commencement, the operator must, as soon as practicable, and in any event within 7 days, lodge with ASIC written notice of the fact that the market started to operate on that day.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).
(4)
ASIC must, within a reasonable time, give the Minister a notice it receives under subsection (3).

1413 Obligation of Minister to grant licences covering main existing markets

(1)
This section applies to each market being operated immediately before the FSR commencement in relation to which any of the following paragraphs applies:
(a)
the market was a stock market operated by the Australian Stock Exchange Limited;
(b)
the market was a stock market operated by a body corporate covered by an approval in force under subsection 769(2) of the old Corporations Act;
(c)
the market was a futures market operated by a body corporate covered by an approval in force under subsection 1126(2) of the old Corporations Act.
(2)
Subject to subsections (3) and (4), the Minister must, in relation to each market to which this section applies, grant the operator of the market a licence, and impose conditions on that licence, in accordance with the following requirements:
(a)
the licence must be described as an Australian market licence;
(b)
the licence must be granted subject to the following conditions:
(i)
a condition specifying the market as the market that the licence authorises the licensee to operate;
(ii)
a condition specifying, as the classes of financial products that can be dealt with on the market, the classes that are appropriate for the market under subsection (5);
(iii)
if the Minister considers that the licensee should have clearing and settlement arrangements for transactions effected through the market—a condition specifying the type of clearing and settlement arrangements that are adequate.
(3)
Subject to subsection (6), a licence that subsection (2) requires to be granted must be granted on, or as soon as practicable after, the FSR commencement. If it is granted after the FSR commencement, it, and the conditions subject to which it is granted, are taken to have had effect from that commencement.
(4)
Sections 795D (more than one licence in the same document) and 795E (more than one market covered by the same licence) of the amended Corporations Act apply in relation to the granting of licences, and licences granted, under this section as if the licences were, or were being, granted under section 795B of that Act. If, pursuant to section 795E, a single licence is granted under this section in respect of several separate markets, paragraph (2)(b) of this section must be complied with separately in the licence document in relation to each of those markets.
(5)
For the purposes of subparagraph (2)(b)(ii), the classes of financial products that are appropriate for a market to which this section applies are as follows:
(a)
for a market described in paragraph (1)(a) or (b)—securities, within the meaning of section 92 of the old Corporations Act as applying for the purposes of Part 7.2 of the old Corporations Act, and agreements of a kind to which section 92A of the old Corporations Act applied immediately before the FSR commencement (or would have applied after the FSR commencement if that section, and any associated provisions, had continued to have effect);
(b)
for a market described in paragraph (1)(c)—futures contracts, within the meaning of section 72 of the old Corporations Act, and agreements of a kind to which section 72A of the old Corporations Act applied immediately before the FSR commencement (or would have applied after the FSR commencement if that section, and any associated provisions, had continued to have effect).
(6)
Despite anything in subsection (3), the Minister may, under this section, grant a licence, and impose conditions on the licence, at any time during the period starting on the commencement of this section and ending on the FSR commencement on the basis that matters known to the Minister in relation to the market concerned will continue to be the case up to the FSR commencement. If the Minister does so:
(a)
the licence and conditions come into effect on the FSR commencement, and not before; and
(b)
the Minister may vary or revoke the licence, or any of the conditions, before the FSR commencement if the Minister considers it appropriate to do so having regard to the provisions of this section concerning the granting of licences and the imposition of conditions; and
(c)
the licence and conditions do not come into effect on the FSR commencement if, immediately before the FSR commencement, the market is not a market to which this section applies.
(7)
If the Minister grants a licence under this section, the Minister must give the operator of the market written notice of:
(a)
the grant of the licence, and the conditions imposed on the licence; and
(b)
any subsequent revocation or variation under subsection (6) of the licence or conditions.
(8)
A notice advising of the grant of a licence under this section must contain a statement to the effect that the licence and conditions will not take effect until the FSR commencement, or will be taken to have had effect from the FSR commencement, as the case requires.

1414 Section 1413 markets—effect of licences and conditions

(1)
Subject to subsections (2) to (4):
(a)
a licence granted under section 1413 that authorises the operation of a market is, for the purposes of the amended Corporations Act (other than this section), taken to have been granted (and to have been properly granted) under section 795B of the amended Corporations Act; and
(b)
conditions imposed under section 1413 on the licence are, for the purposes of the amended Corporations Act (other than this section), taken to have been imposed (and to have been properly imposed) under section 796A of the amended Corporations Act.
Note 1: Section 795C of the amended Corporations Act (publication of notice of licence grant) applies to the grant of the licence.
Note 2: The conditions may be varied or revoked, and additional conditions may be imposed, under section 796A of the amended Corporations Act.
(2)
Subject to subsection (4), the relevant new legislation (see subsection (6)) does not apply in relation to the market during the period (the transition period) starting on the FSR commencement and ending on whichever of the following first occurs:
(a)
the end of the period of 2 years starting on the FSR commencement;
(b)
the licensee applies, under subsection 796A(2) of the amended Corporations Act, to have the conditions on the licence varied or revoked, or to have additional conditions imposed on the licence;
(c)
the licensee has lodged with ASIC notice in writing that it wants to take advantage of the compensation arrangements under Division 3 of Part 7.5 of the amended Corporations Act:
(i)
from a specified date, being a date that is after the notice is given to ASIC and that is after compensation arrangements for the market have been approved under Division 3 of Part 7.5 of the amended Corporations Act (see also subsection (4)); or
(ii)
from the end of a specified period, being a period that is described as starting when compensation arrangements for the market are approved under Division 3 of Part 7.5 of the amended Corporations Act (see also subsection (4)) and that ends after the notice is given to ASIC;
and that date arrives or period ends.
(3)
A notice (the original notice) given for the purposes of paragraph (2)(c) may, before the date, or the end of the period, specified in the original notice as mentioned in that paragraph:
(a)
be varied to specify another date or period, being a date or period that would satisfy the requirements of subparagraph (2)(c)(i) or (ii) if the reference in that subparagraph to when the notice (being the original notice) is given to ASIC were instead a reference to when the notice of variation is given to ASIC under this subsection; or
(b)
be revoked.
The variation or revocation must be made by notice in writing lodged with ASIC.
(4)
If the relevant new legislation in relation to a market includes Part 7.5 of the amended Corporations Act, then, despite subsection (2), Division 3 of that Part applies to the market during the transition period to the extent necessary for the operator to apply to have compensation arrangements for the market approved before the end of the transition period, and for that application to be determined. However, any approval of the arrangements under that Division does not take effect until immediately after the end of the transition period.
(5)
The annual report of the licensee (see section 792F of the amended Corporations Act) for a financial year in which part of the transition period occurs, other than a financial year in which the transition period ends, must include information about:
(a)
the steps taken in the year; and
(b)
the steps proposed to be taken in the next year;
to ensure that the relevant new legislation will be complied with by the time the transition period ends.
(6)
In this section:
relevant new legislation, in relation to a market, means:
(a)
section 793A of the amended Corporations Act; and
(b)
unless the market is a market to which Division 4 of Part 7.5 of the amended Corporations Act applies—Part 7.5 of the amended Corporations Act.

1415 Section 1413 markets—preservation of old Corporations Act provisions during transition period

Preservation of compensation regimes
(1)
If, during the transition periodin relation to a market the operation of which is authorised by a licence granted under section 1413, Part 7.5 of the amended Corporations Act does not apply in relation to the market (except as provided in subsection 1414(4)) because of subsection 1414(2), Part 7.9, or Part 8.6, as the case requires, of the old Corporations Act, and any associated provisions, continue to apply in relation to the market during the transition period.

(b)
the purpose for which a thing done or instrument made, or a class of things done or instruments made, is to continue to have effect;
(c)
any modifications subject to which an instrument made, or a class of instruments made, is to continue to have effect.
(6)
Despite subsection 48(2) of the Acts Interpretation Act 1901, regulations made for the purposes of this section:
(a)
may be expressed to take effect from a date before the regulations are notified in the Gazette; and
(b)
may provide for a determination of a kind referred to in subsection (5) to take effect from a date before the determination is made (including a date before the regulations are notified in the Gazette).
(7)
If a relevant amendment does not commence on the FSR commencement, this section applies in relation to that amendment as if references in the other provisions of this section, and in the definitions in section 1443, to “the FSR commencement” were instead references to the commencement of the relevant amendment.
(8)
In this section:
matters of a transitional, saving or application nature includes, but is not limited to, matters related to any of the following:
(a)
how a matter that arose or existed under the old legislation is to be dealt with under the new legislation;
(b)
the significance for the purposes of the new legislation of a matter that arose or existed under the old legislation;
(c)
how a process started but not completed under the old legislation is to be dealt with;
(d)
the preservation of concessions or exemptions (however described) that existed under the old legislation;
(e)
interpreting references to matters in terms of the new legislation so as to include references to matters in terms of the old legislation (including that legislation as it continues to have effect because of provisions of Division 1), and vice versa;
(f)
any other matters that are prescribed by regulations made for the purposes of this paragraph.

1445 ASIC determinations may deal with transitional, saving or application matters

(1)
ASIC may, by determination in writing, deal with matters of a transitional, saving or application nature relating to the relevant amendments and the transition from the application of the old legislation to the application of the new legislation. Determinations for this purpose may make such provision as is necessary to take account of the fact that, because of Division 1, different provisions of the amended Corporations Act start applying (and different provisions of the old legislation stop applying) in relation to different people, things and matters at different times.
(2)
A determination:
(a)
is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901; and
(b)
overrides any inconsistent regulations made for the purposes of section 1444, other than any such regulations that are expressed to have effect despite anything in a determination under this section (in which case, the determination is of no effect, to the extent of the inconsistency).
(3)
A determination is of no effect to the extent that it is inconsistent with:
(a)
a provision of Division 1; or
(b)
a regulation or determination made under a provision of Division 1, other than any such regulation or determination (the other instrument) that is expressed to have effect subject to anything in a determination under this section (in which case, the other instrument is of no effect, to the extent of the inconsistency).
(4)
Without limiting subsection (1), a determination may provide for a matter to be dealt with, wholly or partly, in any of the following ways:
(a)
by applying (with or without modifications) to the matter:
(i)
provisions of a law of the Commonwealth; or
(ii)
provisions of a repealed or amended law of the Commonwealth, in the form that those provisions took before the repeal or amendment; or
(iii)
a combination of provisions referred to in subparagraphs (i) and (ii);
(b)
by otherwise specifying rules for dealing with the matter;
(c)
by specifying a particular consequence of the matter, or of an outcome of the matter, for the purposes of a law of the Commonwealth.
(5)
Without limiting subsections (1) and (4), a determination may provide for the continued effect after the FSR commencement, for the purposes of the new legislation, of a thing done or instrument made, or a class of things done or instruments made, before the FSR commencement, under or for the purposes of the old legislation. In the case of an instrument, or class of instruments, a determination may (either when providing for the continued effect of the instrument or instruments or at a later time) provide for the instrument or instruments, as continuing to have effect, to have effect subject to modifications.
(6)
Without limiting subsection (5), a determination for the purposes of that subsection may permit all or any of the following matters to be determined in writing by a specified person, or by a person included in a specified class of persons:
(a)
the identification of a thing done or instrument made, or a class of things done or instruments made, that is to continue to have effect;
(b)
the purpose for which a thing done or instrument made, or a class of things done or instruments made, is to continue to have effect;
(c)
any modifications subject to which an instrument made, or a class of instruments made, is to continue to have effect.
(7)
If a relevant amendment does not commence on the FSR commencement, this section applies in relation to that amendment as if references in the other provisions of this section, and in the definitions in section 1443, to “the FSR commencement” were instead references to the commencement of the relevant amendment.
(8)
In this section:
matters of a transitional, saving or application nature includes, but is not limited to, matters related to any of the following:
(a)
how a matter that arose or existed under the old legislation is to be dealt with under the new legislation;
(b)
the significance for the purposes of the new legislation of a matter that arose or existed under the old legislation;
(c)
how a process started but not completed under the old legislation is to be dealt with;
(d)
the preservation of concessions or exemptions (however described) that existed under the old legislation;
(e)
interpreting references to matters in terms of the new legislation so as to include references to matters in terms of the old legislation (including that legislation as it continues to have effect because of provisions of Division 1), and vice versa;
(f)
any other matters that are prescribed by regulations made for the purposes of this paragraph.

224

Schedule 3 (at the end of the table)

Add:

344	Subsection 1412(3)	100 penalty units or imprisonment for 2 years, or both.
345	Subsection 1424(3)	100 penalty units or imprisonment for 2 years, or both.
346	Subsection 1438(6)	50 penalty units.

Corporations (Futures Organisations Levies) Act 2001

225

Subsection 3(2)

Repeal the subsection, substitute:
(2)
Other expressions used in this Act that were defined in a provision of the Corporations Act 2001 that, immediately before the commencement of this subsection, applied for the purposes of Part 8.6 of that Act (whether it also applied for other purposes) have the same meanings in this Act as they were given by that provision.

226

Paragraphs 4(a), (b) and (c)

After “Corporations Act 2001”, insert “, as that subsection continues to apply because of section 1415 or 1420 of the Financial Services Reform (Consequential Provisions) Act 2001,”.

227

The whole of the Act

Repeal the Act.

Corporations (Securities Exchanges Levies) Act 2001

228

Subsection 3(2)

Repeal the subsection, substitute:
(2)
Other expressions used in this Act that were defined in a provision of the Corporations Act 2001 that, immediately before the commencement of this subsection, applied for the purposes of Part 7.9 of that Act (whether it also applied for other purposes) have the same meanings in this Act as they were given by that provision.

229

Paragraphs 4(a), (b) and (c)

After “Corporations Act 2001”, insert “, as that subsection continues to apply because of section 1415 or 1420 of the Financial Services Reform (Consequential Provisions) Act 2001,”.
230
Subsection 6(1) (definition of relevant person)
After “Corporations Act 2001”, insert “, as that section continues to apply because of section 1415 or 1420 of the Financial Services Reform (Consequential Provisions) Act 2001”.

231

The whole of the Act

Repeal the Act.

Financial Transaction Reports Act 1988

232
Subsection 3(1) (paragraphs (d) and (e) of the definition of cash dealer)
Repeal the paragraphs, substitute:
- (d)
  a financial services licensee (as defined by section 761A of the Corporations Act 2001) whose licence covers either or both of the following:
  - (i)
    dealing in securities (as defined by subsection 92(1) of the Corporations Act 2001);
  - (ii)
    dealing in derivatives (as defined by section 761A of the Corporations Act 2001);
233
Subsection 3(1) (definition of futures broker)
Repeal the definition.
234
Subsection 3(1) (definition of securities dealer)
Repeal the definition.

235

Subsection 9(4)

Repeal the subsection, substitute:
(4)
A significant cash transaction is also an exempt transaction if it is between:
(a)
a financial services licensee (as defined by section 761A of the Corporations Act 2001) whose licence covers dealing in derivatives (as defined by that section); and
(b)
a clearing and settlement facility (as defined by that section) that is associated with a financial market (as defined by that section) of which the financial services licensee is a member.

236

Subsection 24(8)

Repeal the subsection, substitute:
(8)
This section does not apply in relation to a person and an account that is an RSA within the meaning of the Retirement Savings Accounts Act 1997 if:
(a)
the person (the employer) is an employer, within the meaning of that Act, of another person (the employee); and
(b)
the employer made the application for the account on behalf of the employee.

Fringe Benefits Tax Assessment Act 1986

237

Paragraph 136AB(2)(b)

Omit “while in breach of that Act or regulations under that Act”, substitute “in contravention of a regulatory provision, as defined in section 38A of that Act”.

Income Tax Assessment Act 1936

238

Paragraph 82AAD(3)(b)

Omit “while in breach of that Act or regulations under that Act”, substitute “in contravention of a regulatory provision, as defined in section 38A of that Act”.

239

Subparagraph 128AE(2)(e)(iii)

Repeal the subparagraph, substitute:
(iii)
a financial services licensee (as defined by section 761A of the Corporations Act 2001) whose licence covers dealing in securities (as defined by subsection 92(3) of the Corporations Act 2001), providing financial advice in relation to such securities or operating a managed investment scheme (as defined by section 9 of the Corporations Act 2001); or

Insurance Act 1973

240
Subsection 3(1) (paragraph (b) of the definition of securities exchange)
Repeal the paragraph, substitute:
- (b)
  a licensed market (as defined in section 761A of the Corporations Act 2001) whose licence covers dealing in derivatives; or

241

Subsection 8(1)

Omit “, other than section 113”.

242

Subsection 8(2)

Repeal the subsection.

243

Subsection 8(3)

Omit “or ASIC”.

244

Section 113

Repeal the section.

Insurance (Agents and Brokers) Act 1984

245

The whole of the Act

Repeal the Act.

Insurance Contracts Act 1984

246
Subsection 11(1) (definition of insurance broker)
Omit “but does not include a person who is a supplier within the meaning of section 73”.

247

Paragraph 11(10)(a)

Omit “, 68 or 71A”, substitute “or 68”.

248

Paragraph 11(10)(c)

Omit “, 68 and 71A”, substitute “and 68”.

249

Sections 64, 64A, 64B, 71A and 73

Repeal the sections.

Interactive Gambling Act 2001

250

Section 4 (definition of Chapter 8 agreement)

Repeal the definition.

251

Section 4 (definition of futures contract)

Repeal the definition.

252

Section 4 (definition of option contract)

Repeal the definition.

253

Section 4 (definition of relevant agreement)

Repeal the definition.

254

Paragraph 5(3)(b)

Repeal the paragraph, substitute:
(b)
a service to the extent to which it relates to the entering into of contracts that are financial products within the meaning of Chapter 7 of the Corporations Act 2001;

255

Paragraph 6(3)(a)

Repeal the paragraph, substitute:
(a)
a service to the extent to which it relates to the entering into of contracts that are financial products within the meaning of Chapter 7 of the Corporations Act 2001;

256

Section 9

Repeal the section.

Life Insurance Act 1995

257
Section 126 (paragraph (b) of the definition of officer)
Omit “Insurance (Agents and Brokers) Act 1984”, substitute “Insurance Contracts Act 1984”.

258

Schedule (definition of securities exchange)

Repeal the definition.

Marine Insurance Act 1909

259

Sections 59 and 60

Repeal the sections.

Payment Systems and Netting Act 1998

260
Section 5 (definition of approved futures clearing house)
Repeal the definition.
261
Section 5 (definition of approved special stock market)
Repeal the definition.
262
Section 5 (subparagraph (a)(i) of the definition of netting market)
Repeal the subparagraph, substitute:
- (i)
  a licensed market or a licensed CS facility as defined in section 761A of the Corporations Act 2001; and

Retirement Savings Accounts Act 1997

263
Section 16 (paragraphs (g) and (h) of the definition of reviewable decision)
Repeal the paragraphs.

264

Section 16 (definition of stop order)

Repeal the definition.

265

Subsection 34(4) (note)

Repeal the note.

266

Section 45

Repeal the section.

267

Section 51

Repeal the section.

268

After subsection 52(1)

Insert:
(1A)
For the purposes of this section, the regulations may:
(a)
require that particular information is to be given to persons; and
(b)
specify formal requirements (including, for example, requirements about layout and type size) that documents used to give information to persons must comply with.

269

Divisions 4, 5, 6 and 7 of Part 5

Repeal the Divisions.

270

Sections 69, 70, 71, 72 and 73

Repeal the sections.

271

Subsection 74(1)

Omit “72, 73 or”.

272

Subsection 74(2)

Repeal the subsection.

273

Sections 75, 76 and 77

Repeal the sections.
274
Section 173 (paragraph (a) of the definition of modifiable provision)
Repeal the paragraph, substitute:
(a)
section 38 or 39; or
275
Section 173 (paragraph (b) of the definition of modifiable provision)
Omit “, 3, 4, 5, 6 or 7”, substitute “or 3”.

276

Before subsection 182(1)

Insert:
Definition
(1A)
In this section:
regulatory provision, in relation to an RSA institution, means:
(a)
a provision of this Act or the regulations; or
(b)
a provision of the Financial Sector (Collection of Data) Act 2001; or
(c)
any of the following provisions of the Corporations Act 2001 as applying in relation to RSA products (within the meaning of Chapter 7 of that Act) that are provided by the RSA institution:
(i)
subsection 1013K(1) or (2);
(ii)
subsection 1016A(2) or (3);
(iii)
subsection 1017B(1);
(iv)
subsection 1017C(2), (3) or (5);
(v)
subsection 1017D(1);
(vi)
subsection 1017DA(3);
(vii)
subsection 1017E(3) or (4);
(viii)
subsection 1020E(8) or (9);
(ix)
subsection 1021C(1) or (3);
(x)
subsection 1021D(1);
(xi)
subsection 1021E(1);
(xii)
subsection 1021O(1) or (3);
(xiii)
section 1041E;
(xiv)
subsection 1041F(1);
(xv)
any other provisions that are specified in regulations made for the purposes of this subparagraph.

277

Paragraph 182(2)(a)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “any of the regulatory provisions”.

278

Subsection 182(4)

Omit all the words from and including “the provisions” to and including “applicable”, substitute “the regulatory provisions applicable”.

279

Subsection 182(6) (note)

Repeal the note.

Superannuation Guarantee (Administration) Act 1992

280

Subsection 24(4)

Omit “while in breach of that Act or regulations under that Act”, substitute “in contravention of a regulatory provision, as defined in section 38A of that Act”.

281

Paragraph 25(2)(b)

Omit “while in breach of that Act or regulations under that Act”, substitute “in contravention of a regulatory provision, as defined in section 38A of that Act”.

Superannuation Industry (Supervision) Act 1993

282

Section 4 (table item relating to Part 18)

Repeal the item.

283

Section 4 (table item relating to Part 19)

Omit “and about the disclosure of information about such entities”.

284

Section 4 (table item relating to Part 20)

Repeal the item.

285

Subparagraph 6(1)(c)(iv)

Repeal the subparagraph, substitute:
(iii)
Part 19;

286

Paragraphs 9A(1)(b), (c), (d) and (e)

Repeal the paragraphs, substitute:
(b)
subsections 152(2), 152(3), 202(1), 278(3) and 282(2);
287
Subsection 10(1) (paragraphs (v), (w) and (x) of the definition of reviewable decision)
Repeal the paragraphs.

288

Subsection 10(1) (definition of statement)

Repeal the definition.

289

Subsection 10(1) (definition of stop order)

Repeal the definition.

290

Before section 39

Insert in Division 2 of Part 5:

38A Meaning of regulatory provision

In this Division:
regulatory provision, in relation to a superannuation entity, means:
(a)
a provision of this Act or the regulations; or
(b)
a provision of the Financial Sector (Collection of Data) Act 2001; or
(c)
any of the following provisions of the Corporations Act 2001 as applying in relation to financial products (within the meaning of Chapter 7 of that Act) that are interests in the superannuation entity:
(i)
subsection 1013K(1) or (2);
(ii)
subsection 1016A(2) or (3);
(iii)
subsection 1017B(1);
(iv)
subsection 1017C(2), (3) or (5);
(v)
subsection 1017D(1);
(vi)
subsection 1017DA(3);
(vii)
subsection 1017E(3) or (4);
(viii)
subsection 1020E(8) or (9);
(ix)
subsection 1021C(1) or (3);
(x)
subsection 1021D(1);
(xi)
subsection 1021E(1);
(xii)
subsection 1021O(1) or (3);
(xiii)
section 1041E;
(xiv)
subsection 1041F(1);
(xv)
subsection 1043A(1) or (2);
(xvi)
any other provisions that are specified in regulations made for the purposes of this subparagraph.

291

Subsection 39(1)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “a regulatory provision”.

292

After subsection 39(1)

Insert:
(1A)
In relation to a regulatory provision that states that a person commits an offence if they engage, or fail to engage, in specified conduct, a person is, for the purposes of this Division, taken to contravene the provision if the person engages, or fails to engage, in that conduct.

293

Subparagraph 42(1)(b)(i)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “any of the regulatory provisions”.

294

Sub‑subparagraph 42(1)(b)(ii)(A)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “one or more of the regulatory provisions”.

295

Subparagraph 42(1AA)(c)(i)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “any of the regulatory provisions”.

296

Subparagraph 42(1AA)(c)(ii)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “one or more of the regulatory provisions”.

297

Subparagraph 42(1AA)(c)(ii)

Omit “this Act and the regulations and the Financial Sector (Collection of Data) Act 2001”, substitute “the regulatory provisions”.

298

Subsection 42(1AB)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001 was”, substitute “any of the regulatory provisions were”.

299

Subsection 42(1AB)

Omit “this Act and the regulations and the Financial Sector (Collection of Data) Act 2001”, substitute “the regulatory provisions”.

300

Subparagraph 42(1AC)(d)(i)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “any of the regulatory provisions”.

301

Subparagraph 42(1AC)(d)(ii)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “one or more of the regulatory provisions”.

302

Subparagraph 42(1AC)(d)(ii)

Omit “this Act and the regulations and the Financial Sector (Collection of Data) Act 2001”, substitute “the regulatory provisions”.

303

Subsection 42(1AD)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001 was”, substitute “any of the regulatory provisions were”.

304

Subsection 42(1AD)

Omit “this Act and the regulations and the Financial Sector (Collection of Data) Act 2001”, substitute “the regulatory provisions”.

305

Subsection 42(1A)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “a regulatory provision”.

306

Subparagraph 42A(2)(b)(ii)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “one or more of the regulatory provisions”.

307

Subparagraph 42A(3)(d)(i)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “any of the regulatory provisions”.

308

Subparagraph 42A(3)(d)(ii)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “one or more of the regulatory provisions”.

309

Subparagraph 42A(3)(d)(ii)

Omit “this Act and the regulations and the Financial Sector (Collection of Data) Act 2001”, substitute “the regulatory provisions”.

310

Paragraph 42A(3)(g)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “one or more of the regulatory provisions”.

311

Subparagraph 42A(4)(c)(i)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “any of the regulatory provisions”.

312

Subparagraph 42A(4)(c)(ii)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “one or more of the regulatory provisions”.

313

Subparagraph 42A(4)(c)(ii)

Omit “this Act and the regulations and the Financial Sector (Collection of Data) Act 2001”, substitute “the regulatory provisions”.

314

Subparagraph 42A(4)(f)(ii)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

315

Paragraph 42A(5)(a)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “any of the regulatory provisions”.

316

Paragraph 42A(5)(b)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “one or more of the regulatory provisions”.

317

Subparagraph 42A(5)(b)(ii)

After “contravention”, insert “or contraventions”.

318

Subsection 42A(6)

Omit “the Act or the regulations or the Financial Sector (Collection of Data) Act 2001 was”, substitute “any of the regulatory provisions were”.

319

Subsection 42A(6)

Omit “this Act and the regulations and the Financial Sector (Collection of Data) Act 2001”, substitute “the regulatory provisions”.

320

Subparagraph 43(b)(i)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “any of the regulatory provisions”.

321

Sub‑subparagraph 43(b)(ii)(A)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “one or more of the regulatory provisions”.

322

Sub‑subparagraph 43(b)(iii)(A)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “one or more of the regulatory provisions”.

323

Subparagraph 44(b)(i)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “any of the regulatory provisions”.

324

Sub‑subparagraph 44(b)(ii)(A)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “one or more of the regulatory provisions”.

325

Sub‑subparagraph 44(b)(iii)(A)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “one or more of the regulatory provisions”.

325A

Paragraph 63(3)(a)

Omit “this Act or the regulations or the Financial Sector (Collection of Data) Act 2001”, substitute “one or more of the regulatory provisions (as defined in section 38A)”.

325B

Subsection 63(5)

Omit all the words from and including “the provisions of”, substitute “the regulatory provisions (as defined in section 38A) applicable to the fund”.

325C

Subsection 63(6)

Omit “this Act”, substitute “the applicable provisions of that Part”.
326
Subsection 66(5) (definition of listed security)
Repeal the definition, substitute:
listed security means a security listed for quotation in the official list of any of the following:
(a)
a licensed market within the meaning of section 761A of the Corporations Act 2001; or
(b)
an approved stock exchange within the meaning of section 470 of the Income Tax Assessment Act 1936; or
(c)
a market exempted under section 791C of the Corporations Act 2001.

327

Part 18

Repeal the Part.

328

Part 19 (heading)

Repeal the heading, substitute:

Part 19—Public offer entities: provisions relating to superannuation interests

329

Section 150

Repeal the section.

330

Section 153

Repeal the section.

331

Division 3 of Part 19

Repeal the Division.

332

Division 4 of Part 19

Repeal the Division.

333

Divisions 5 and 6 of Part 19

Repeal the Divisions.

334

Part 20

Repeal the Part.

335

Subsection 314(1)

Omit “Part 18, 19 or 20”, substitute “Part 19”.

336

Paragraph 323(1)(b)

Repeal the paragraph, substitute:
(b)
proceedings under subsection 55(3).

337

Subsection 326(2)

Repeal the subsection.
338
Section 327 (definition of temporarily modifiable provision)
Repeal the definition.

339

Sections 329 and 333

Repeal the sections.

340

Section 375

Repeal the section.

341

Subsection 376(2)

Repeal the subsection, substitute:
(2)
A modification under subsection (1) must not change the penalty for an offence.

Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001

342

Subsection 2(2)

Omit all the words from and including “Items” to and including “commence”, substitute “Item 33 of Schedule 1 commences”.
343
Items 38 to 40, 43 to 50, 53, 54, 57, 58, 59, 61 and 65 of Schedule 1
Repeal the items.
344
Items 34 to 36, 41, 42, 51, 52, 55, 56, 60, 62, 63, 64 and 66 of Schedule 1
Repeal the items.

345

Item 67 of Schedule 1

Repeal the item, substitute:

Application

The amendments made by this Part apply to acts and omissions on or after the commencement of this item.

Superannuation (Resolution of Complaints) Act 1993

346
Subsection 3(2) (definition of life insurance broker)
Repeal the definition, substitute:
life insurance broker means:
- (a)
  a financial services licensee (as defined in section 761A of the Corporations Act 2001) who carries on the business of arranging contracts of life insurance, whether in Australia or elsewhere, as an agent for intending insureds; or
- (b)
  a representative of such a licensee.

Telstra Corporation Act 1991

347

Paragraph 8AQ(5)(ab)

Repeal the paragraph, substitute:
(ab)
if Telstra is a listed disclosing entity—the listing rules of a listing market in relation to Telstra; or

348

Subsection 8AQ(7)

Repeal the subsection, substitute:
(7)
In this section:
listed disclosing entity has the same meaning as it is given by section 9 of the Corporations Act 2001.
listing market, in relation to a listed disclosing entity,has the same meaning as it is given by section 9 of the Corporations Act 2001.
listing rules of a market has the same meaning as it is given by section 9 of the Corporations Act 2001.

349

Subsection 8AT(1)

Omit “Chapters 6D and 7”, substitute “Despite subsection 5A(4) of the Corporations Act 2001 (but subject to subsection 5A(5) of that Act), Chapters 6CA, 6D and 7”.
Note: The heading to section 8AT is altered by omitting “Chapter 7” and substituting “Chapters 6CA, 6D and 7”.

350

Subsection 8AT(1)

Omit “binds”, substitute “bind”.

351

Subsection 8AT(1)

Omit “that Chapter deals”, substitute “those Chapters deal”.

352

Subsection 8AT(3)

Repeal the subsection.

353

Subsection 8AT(4)

Omit “Chapter 6D or 7” (first occurring), substitute “Chapter 6CA, 6D or 7”.

354

Subsection 8AT(4)

Omit “to Chapter 6D or 7” (second occurring), substitute “to that Chapter”.

355

Paragraph 8AUA(4)(b)

Repeal the paragraph, substitute:
(b)
if Telstra is a listed disclosing entity—the listing rules of a listing market in relation to Telstra; or

356

Subsection 8AUA(6)

Repeal the subsection, substitute:
(6)
In this section:
listed disclosing entity has the same meaning as it is given by section 9 of the Corporations Act 2001.
listing market, in relation to a listed disclosing entity,has the same meaning as it is given by section 9 of the Corporations Act 2001.
listing rules of a market has the same meaning as it is given by section 9 of the Corporations Act 2001.

357

Paragraph 8AW(5)(ab)

Repeal the paragraph, substitute:
(ab)
if Telstra is a listed disclosing entity—the listing rules of a listing market in relation to Telstra; or

358

Subsection 8AW(6)

Insert:
listed disclosing entity has the same meaning as it is given by section 9 of the Corporations Act 2001.

359

Subsection 8AW(6)

Insert:
listing market, in relation to a listed disclosing entity,has the same meaning as it is given by section 9 of the Corporations Act 2001.
360
Subsection 8AW(6) (definition of listing rules)
Repeal the definition, substitute:
listing rules of a market has the same meaning as it is given by section 9 of the Corporations Act 2001.
361
Subsection 8AW(6) (definition of securities exchange)
Repeal the definition.

362

Paragraph 8AY(1)(b)

Repeal the paragraph, substitute:
(b)
if Telstra is a listed disclosing entity—the listing rules of a listing market in relation to Telstra.

363

Subsections 8AY(2) and (3)

Repeal the subsections, substitute:
(2)
In this section:
listed disclosing entity has the same meaning as it is given by section 9 of the Corporations Act 2001.
listing market, in relation to a listed disclosing entity,has the same meaning as it is given by section 9 of the Corporations Act 2001.
listing rules of a market has the same meaning as it is given by section 9 of the Corporations Act 2001.

Trade Practices Act 1974

364

Paragraph 51AF(2)(b)

Omit “security (within the meaning of the Corporations Act 2001)”, substitute “financial product”.

364A

Paragraph 51AF(2)(c)

Repeal the paragraph, substitute:
(c)
section 63A does not apply to:
(i)
a credit card that is part of, or that provides access to, a credit facility that is a financial product; or
(ii)
a debit card that allows access to an account that is a financial product.

364B

Subsection 51AF(3)

Insert:
credit card has the same meaning as in section 63A.
364C
Subsection 63A(3) (definition of credit card)
Repeal the definition, substitute:
credit card means an article that is of a kind described in one or more of the following paragraphs:
(a)
an article of a kind commonly known as a credit card;
(b)
a similar article intended for use in obtaining cash, goods or services on credit;
(c)
an article of a kind that persons carrying on business commonly issue to their customers or prospective customers for use in obtaining goods or services from those persons on credit;
or an article that may be used as an article referred to in paragraph (a), (b) or (c).

364D

Subsection 63A(3) (definition of debit card)

Repeal the definition, substitute:
debit card means:
(a)
an article intended for use by a person in obtaining access to an account that is held by the person for the purpose of withdrawing or depositing cash or obtaining goods or services; or
(b)
an article that may be used as an article referred to in paragraph (a).

365

Paragraph 75AZA(2)(b)

Repeal the paragraph, substitute:
(b)
if a financial product consists of or includes an interest in land, section 75AZD does not apply to that interest; and

365A

Paragraph 75AZA(2)(c)

Repeal the paragraph, substitute:
(c)
section 75AZP does not apply to:
(i)
a credit card that is part of, or that provides access to, a credit facility that is a financial product; or
(ii)
a debit card that allows access to an account that is a financial product.

365B

Subsection 75AZA(3)

Insert:
credit card has the same meaning as in section 75AZP.

Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001

366
Items 25, 105, 106, 112 to 124, 135 to 139 and 194 to 212 of Schedule 1
Repeal the items.

Schedule 2—Amendments related to possible delayed commencement of Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of DataConsequential and Transitional Provisions) Act 2001 Financial Sector (Collection of DataConsequential and Transitional Provisions) Act 2001

Items 92 and 92A of Schedule 2

Repeal the items.

Items 101 to 130AA of Schedule 2

Repeal the items.

Retirement Savings Accounts Act 1997

Before subsection 182(1)

Insert:
Definition
(1A)
In this section:
regulatory provision, in relation to an RSA institution, means:
(a)
a provision of this Act or the regulations; or
(b)
any of the following provisions of the Corporations Act 2001 as applying in relation to RSA products (within the meaning of Chapter 7 of that Act) that are provided by the RSA institution:
(i)
subsection 1013K(1) or (2);
(ii)
subsection 1016A(2) or (3);
(iii)
subsection 1017B(1);
(iv)
subsection 1017C(2), (3) or (5);
(v)
subsection 1017D(1);
(vi)
subsection 1017DA(3);
(vii)
subsection 1017E(3) or (4);
(viii)
subsection 1020E(8) or (9);
(ix)
subsection 1021C(1) or (3);
(x)
subsection 1021D(1);
(xi)
subsection 1021E(1);
(xii)
subsection 1021O(1) or (3);
(xiii)
section 1041E;
(xiv)
subsection 1041F(1);
(xv)
any other provisions that are specified in regulations made for the purposes of this subparagraph.
4
Subsection 182(1A) (after paragraph (a) of the definition of regulatory provision)
Insert:
(aa)
a provision of the Financial Sector (Collection of Data) Act 2001; or

Application of amendment made by item 4

The amendment made by item 4 applies only on and after the day on which the reporting standards determined under section 13 of the Financial Sector (Collection of Data) Act 2001 begin to apply under section 15 of that Act to financial sector entities (within the meaning of that Act) that are RSA providers (within the meaning of the Retirement Savings Accounts Act 1997).

Paragraph 182(2)(a)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

Subsection 182(4)

Omit “the provisions of this Act and the regulations”, substitute “the regulatory provisions”.

Superannuation Industry (Supervision) Act 1993

Before section 39

Insert in Division 2 of Part 5:

38A Meaning of regulatory provision

In this Division:
regulatory provision, in relation to a superannuation entity, means:
(a)
a provision of this Act or the regulations; or
(b)
any of the following provisions of the Corporations Act 2001 as applying in relation to financial products (within the meaning of Chapter 7 of that Act) that are interests in the superannuation entity:
(i)
subsection 1013K(1) or (2);
(ii)
subsection 1016A(2) or (3);
(iii)
subsection 1017B(1);
(iv)
subsection 1017C(2), (3) or (5);
(v)
subsection 1017D(1);
(vi)
subsection 1017DA(3);
(vii)
subsection 1017E(3) or (4);
(viii)
subsection 1020E(8) or (9);
(ix)
subsection 1021C(1) or (3);
(x)
subsection 1021D(1);
(xi)
subsection 1021E(1);
(xii)
subsection 1021O(1) or (3);
(xiii)
section 1041E;
(xiv)
subsection 1041F(1);
(xv)
subsection 1043A(1) or (2);
(xvi)
any other provisions that are specified in regulations made for the purposes of this subparagraph.
9
Section 38A (after paragraph (a) of the definition of regulatory provision)
Insert:
(aa)
a provision of the Financial Sector (Collection of Data) Act 2001; or

Application of amendment made by item 9

The amendment made by item 9 applies only on and after the day on which the reporting standards determined under section 13 of the Financial Sector (Collection of Data) Act 2001 begin to apply under section 15 of that Act to financial sector entities (within the meaning of that Act) that are trustees of superannuation entities (within the meaning of the Superannuation Industry (Supervision) Act 1993).

Subsection 39(1)

Omit “this Act or the regulations”, substitute “a regulatory provision”.

After subsection 39(1)

Insert:
(1A)
In relation to a regulatory provision that states that a person commits an offence if they engage, or fail to engage, in specified conduct, a person is, for the purposes of this Division, taken to contravene the provision if the person engages, or fails to engage, in that conduct.

Subparagraph 42(1)(b)(i)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

Sub‑subparagraph 42(1)(b)(ii)(A)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

Subparagraph 42(1AA)(c)(i)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

Subparagraph 42(1AA)(c)(ii)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

Subparagraph 42(1AA)(c)(ii)

Omit “this Act and the regulations”, substitute “the regulatory provisions”.

Subsection 42(1AB)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

Subsection 42(1AB)

Omit “this Act and the regulations”, substitute “the regulatory provisions”.

Subparagraph 42(1AC)(d)(i)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

Subparagraph 42(1AC)(d)(ii)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

Subparagraph 42(1AC)(d)(ii)

Omit “this Act and the regulations”, substitute “the regulatory provisions”.

Subsection 42(1AD)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

Subsection 42(1AD)

Omit “this Act and the regulations”, substitute “the regulatory provisions”.

Subsection 42(1A)

Omit “this Act or the regulations”, substitute “a regulatory provision”.

Subparagraph 42A(2)(b)(ii)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

Subparagraph 42A(3)(d)(i)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

Subparagraph 42A(3)(d)(ii)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

Subparagraph 42A(3)(d)(ii)

Omit “this Act and the regulations”, substitute “the regulatory provisions”.

Paragraph 42A(3)(g)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

Subparagraph 42A(4)(c)(i)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

Subparagraph 42A(4)(c)(ii)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

Subparagraph 42A(4)(c)(ii)

Omit “this Act and the regulations”, substitute “the regulatory provisions”.

Subparagraph 42A(4)(f)(ii)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

Paragraph 42A(5)(a)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

Paragraph 42A(5)(b)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

Subparagraph 42A(5)(b)(ii)

After “contravention”, insert “or contraventions”.

Subsection 42A(6)

Omit “the Act or the regulations”, substitute “any of the regulatory provisions”.

Subsection 42A(6)

Omit “this Act and the regulations”, substitute “the regulatory provisions”.

Subparagraph 43(b)(i)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

Sub‑subparagraph 43(b)(ii)(A)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

Sub‑subparagraph 43(b)(iii)(A)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

Subparagraph 44(b)(i)

Omit “this Act or the regulations”, substitute “any of the regulatory provisions”.

Sub‑subparagraph 44(b)(ii)(A)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

Sub‑subparagraph 44(b)(iii)(A)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions”.

Paragraph 63(3)(a)

Omit “this Act or the regulations”, substitute “one or more of the regulatory provisions (as defined in section 38A)”.

Subsection 63(5)

Omit all the words from and including “the provisions of”, substitute “the regulatory provisions (as defined in section 38A) applicable to the fund”.

Subsection 63(6)

Omit “this Act”, substitute “the applicable provisions of that Part”.