Financial Sector Reform (Amendments and Transitional Provisions) Act 1998

Here is the summary of the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998:

This Act amends laws to deal with transitional matters in connection with the reform of the financial sector. It commences on the day it receives the Royal Assent, unless otherwise stated.

The Act includes amendments to various Acts, including the Australian Securities Commission Act 1989, the Banking Act 1959, and the Corporations Law. These amendments relate to the regulation of financial institutions, securities, and corporate law.

The Act also introduces new provisions for the Australian Prudential Regulation Authority (APRA), which is responsible for regulating financial institutions and ensuring their stability. APRA's powers and functions are expanded, including its ability to make prudential standards, issue directions, and conduct investigations.

The Act includes transitional provisions to address changes made by other Acts, such as the Insurance Laws Amendment Act 1998 and the Superannuation Legislation Amendment Act 1999. These provisions help to ensure a smooth transition for affected organizations and individuals.

Overall, this Act is designed to promote stability and regulation in the financial sector, while also addressing transitional matters related to its reform.