Financial Sector Reform (New South Wales) Act 1999 (NSW)

Financial Sector Reform (New South Wales) Act 1999 No 1

An Act to make provision for the reform of the financial sector; to dissolve the New South Wales Financial Institutions Commission; to repeal the Financial Institutions (New South Wales) Act 1992, the Friendly Societies (New South Wales) Act 1997, and the Financial Institutions Commission Act 1992; to amend certain Acts; and for other purposes.

Part 1 Preliminary

1 Name of Act and purposes (1) This Act is the Financial Sector Reform (New South Wales) Act 1999. (2) The main purposes of this Act are: (a) to facilitate the registration of building societies, credit unions and friendly societies and related bodies as companies under the Corporations Law in accordance with amendments made by the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 of the Commonwealth, and (b) to facilitate the transfer of businesses under the Financial Sector (Transfers of Business) Act 1999 of the Commonwealth, and (c) to wind up the New South Wales Financial Institutions Commission, and (d) to enact transitional and ancillary provisions.

2 Commencement (1) This Act commences on a day or days to be appointed by proclamation. (2) Different days may be appointed for the repeal of different provisions of any Act repealed by this Act.

3 Definitions In this Act: AFIC means the Australian Financial Institutions Commission established by the AFIC Act. AFIC Act means the Australian Financial Institutions Commission Act 1992 of Queensland. AFIC Code means the AFIC (NSW) Code. AFIC (NSW) Code means the provisions applying before the transfer date because of section 5 of the Financial Institutions (New South Wales) Act 1992, and includes the AFIC (NSW) Regulations. AFIC (NSW) Regulations means the provisions applying before the transfer date because of section 6 of the Financial Institutions (New South Wales) Act 1992. AFIC Regulations means the AFIC (NSW) Regulations. APRA means the Australian Prudential Regulation Authority. APRA Act means the Australian Prudential Regulation Authority Act 1998 of the Commonwealth. APRA employee means a person appointed under section 45 of the APRA Act. ASIC means the Australian Securities and Investments Commission. authorised APRA officer, in a provision of Part 4, means a person authorised under section 9 to perform or exercise the functions or powers of an authorised APRA officer under that provision. employee, in relation to AFIC or FINCOM, includes a person engaged by AFIC or FINCOM on a contract for services. enforcement power means a function or power relating to: (a) the investigation of an offence, or (b) the institution and carrying on of a prosecution for an offence, or (c) matters relating to an investigation or prosecution of an offence. Financial Institutions Code means the Financial Institutions (NSW) Code. financial institutions legislation has the same meaning as in the AFIC Code. Financial Institutions (NSW) Code means the provisions applying before the transfer date because of section 8 of the Financial Institutions (New South Wales) Act 1992, and includes the Financial Institutions (NSW) Regulations. Financial Institutions (NSW) Regulations means the provisions applying before the transfer date because of section 9 of the Financial Institutions (New South Wales) Act 1992. FINCOM means the New South Wales Financial Institutions Commission. FINCOM employee means a member of the staff of FINCOM employed under section 18 of the Financial Institutions Commission Act 1992, and includes the Chief Executive of FINCOM. fiscal bodies legislation has the same meaning as in section 3 of the AFIC Code. Friendly Societies Code means the Friendly Societies (NSW) Code. Friendly Societies (NSW) Code means the provisions applying before the transfer date because of section 5 of the Friendly Societies (New South Wales) Act 1997, and includes the Friendly Societies (NSW) Regulations. Friendly Societies (NSW) Regulations means the provisions applying before the transfer date because of section 6 of the Friendly Societies (New South Wales) Act 1997. FSR Act means the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 of the Commonwealth. FS(TB) Act means the Financial Sector (Transfers of Business) Act 1999 of the Commonwealth. jurisdiction means a State or Territory. relevant Commonwealth body means APRA or ASIC. SSA means State Supervisory Authority. transfer date means the date that, under section 3 (16) of the FSR Act, is specified as the transfer date for the purposes of that Act.