Financial Sector Reform (Tasmania) Act 1999 (Tas)

Financial Sector Reform (Tasmania) Act 1999

An Act to make provision for the reform of the financial sector, to repeal the Financial Institutions (Application of Laws) Act 1992 , Friendly Societies (Tasmania) Act 1997 and Tasmanian Office of Financial Supervision Act 1992 and for related purposes [Royal Assent 30 June 1999]

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

PART 1 - Preliminary

1. Short title This Act may be cited as the Financial Sector Reform (Tasmania) Act 1999 .

2. Commencement (1) Part 1 , Subdivisions 4 , 5 and 6 of Division 3 of Part 5 and sections 25 , 49 , 52 , 53 , 54 and 55 commence on the day on which this Act receives the Royal Assent. (2) The remaining provisions of this Act commence on the transfer date.

3. Interpretation In this Act, unless the contrary intention appears – 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 Code set out in section 21 of the AFIC Act; AFIC (Tasmania) Code means the provisions applying as a law of Tasmania before the transfer date because of section 5 of the Financial Institutions (Application of Laws) Act 1992 , and includes the AFIC (Tasmania) Regulations applying as regulations before the transfer date because of section 6 of that Act; appropriately qualified, in relation to the delegation of a power, includes having the qualifications, experience or standing to exercise the power; APRA means the Australian Prudential Regulation Authority established by the APRA Act; 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 established by the Australian Securities and Investments Commission Act 1989 of the Commonwealth; 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 the provision; Credit Unions Contingency Fund means the fund of that name established under section 97(1) of the Financial Institutions (Tasmania) Code; employee, of TOFS, includes a person engaged by TOFS 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 of an offence; or (c) matters relating to an investigation or prosecution of an offence; Financial Institutions Code means the Code set out in section 30 of the Financial Institutions (Queensland) Act 1992 of Queensland; financial institutions legislation see section 8 of the AFIC Code; Financial Institutions (Tasmania) Code means the provisions applying as a law of Tasmania before the transfer date because of section 8 of the Financial Institutions (Application of Laws) Act 1992 , and includes the Financial Institutions (Tasmania) Regulations applying as regulations before the transfer date because of section 9 of that Act; fiscal bodies legislation see section 3 of the AFIC Code; Friendly Societies Code means the Code set out in Schedule 1 to the Friendly Societies (Victoria) Act 1996 of Victoria; Friendly Societies (Tasmania) Code means the provisions applying as a law of Tasmania before the transfer date because of section 5 of the Friendly Societies (Tasmania) Act 1997 and includes the Friendly Societies (Tasmania) Regulations applying as regulations because of section 6 of that Act; Friendly Societies (Tasmania) Regulations means the provisions applying as regulations because of section 6 of the Financial Institutions (Application of Laws) Act 1992 ; 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; relevant Commonwealth body means APRA or ASIC; SSA means State supervisory authority; Supervision Fund means the fund of that name established under section 94(1) of the Financial Institutions (Tasmania) Code; TOFS means the Tasmanian Office of Financial Supervision; TOFS Act means the Tasmanian Office of Financial Supervision Act 1992 ; 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.