Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000

This is a document containing amendments to various Australian laws and regulations. The changes cover several areas, including:

1. Financial Sector Reform (Amendments and Transitional Provisions) Act 2000 No. 24, 2000:
2. Introduces a new framework for the regulation of financial services.
3. Establishes the Reserve Bank's standard-setting powers.

4. Allows exemptions from certain standards for registered corporations.

5. Financial Corporations (Transfer of Assets and Liabilities) Act 1993:

6. Amends the definition of eligible foreign ADI.
7. Updates the definition of newly established local ADI.

8. Makes changes to paragraphs 7(2)(a), 7(3)(a), 7(4)(a), and 7(5)(a).

9. Life Insurance Act 1995:

10. Omit all the words from and including "if" in section 16ZA, substituting: if the following requirements have been satisfied: (a) the assignment must be by memorandum of transfer in accordance with, or substantially in accordance with, the form set out in the relevant benefit fund rules; (b) the memorandum must be signed by the transferor and the transferee; (c) the transferor must give 2 copies of the signed memorandum to the friendly society concerned; (d) the assignment must be registered in a register of assignments kept by the friendly society concerned; (e) the date of registration must be inserted in the memorandum; (f) the memorandum must be signed by an officer of the friendly society concerned who is authorized to do so by the friendly society.

11. Reserve Bank Act 1959:

12. Omit "Subject to subsection (2), a person" from section 17, substituting: A person.

13. Omit "of a corporation (other than the Reserve Bank) the business of which is wholly or mainly that of banking" from section 17, substituting: of an ADI.

14. Retirement Savings Accounts Act 1997:

15. Omit all the words from and including "APRA" (second occurring), substituting: APRA may refer the details of the matter to the persons specified in subsection (2).

16. Superannuation legislation relating to financial assistance to funds:

17. Add a new item to section 16 (at the end of the definition of fund), but does not include a self-managed superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993).
18. Omit "any such" from Title, substituting: certain.
19. Omit "such" from section 3.

These amendments introduce significant changes to various financial regulations and laws in Australia.