Commonwealth: Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 (Cth)

Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 Act No. 154 of 2007 as amended This compilation was prepared on 27 July 2010 taking into account amendments up to Act No. 82 of 2010 The text of any of those amendments not in force on that date is appended in the Notes section The operation of amendments that have been incorporated may be affected by application provisions that are set out in the Notes section Prepared by the Office of Legislative Drafting and Publishing, Attorney-General's Department, Canberra Contents 1 Short title [see Note 1]........................... 2 Commencement 3 Schedule(s) Schedule 1—Streamlining prudential regulation Part 1—Amendments commencing on Royal Assent A New Tax System (Australian Business Number) Act 1999 Banking Act 1959 Corporations Act 2001 Insurance Act 1973 Life Insurance Act 1995 Superannuation Industry (Supervision) Act 1993 Part 2—Amendments commencing 1 January 2008 Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 Banking Act 1959 Corporations Act 2001 Income Tax Assessment Act 1936 Income Tax Assessment Act 1997 Insurance Act 1973 Life Insurance Act 1995 Superannuation Industry (Supervision) Act 1993 Part 3—Amendments commencing 12 months after Royal Assent A New Tax System (Australian Business Number) Act 1999 Superannuation Industry (Supervision) Act 1993 Part 4—Amendments commencing 1 July 2011 Life Insurance Act 1995 Part 5—Application, transitional and saving provisions Schedule 2—Financial assistance Financial Institutions Supervisory Levies Collection Act 1998 Superannuation Industry (Supervision) Act 1993 Schedule 3—Accounts, reporting etc. obligations Financial Institutions Supervisory Levies Collection Act 1998 Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 Income Tax Assessment Act 1936 Superannuation Industry (Supervision) Act 1993 Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 Schedule 4—Technical amendments relating to legislative instruments Australian Securities and Investments Commission Act 2001 Authorised Deposit‑taking Institutions Supervisory Levy Imposition Act 1998 Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998 Banking Act 1959 Cheques Act 1986 Commonwealth Bank Sale Act 1995 Commonwealth Borrowing Levy Collection Act 1987 Corporations Act 2001 Currency Act 1965 Financial Sector (Business Transfer and Group Restructure) Act 1999 Financial Sector (Collection of Data) Act 2001 Insurance Acquisitions and Takeovers Act 1991 Insurance Act 1973 Life Insurance Supervisory Levy Imposition Act 1998 Payment Systems and Netting Act 1998 Retirement Savings Account Providers Supervisory Levy Imposition Act 1998 Superannuation Industry (Supervision) Act 1993 Superannuation Supervisory Levy Determination Validation Act 2000 Superannuation Supervisory Levy Imposition Act 1998 Notes An Act to amend the law relating to banking, insurance, superannuation and other matters in the Treasury portfolio, and for related purposes 1 Short title [see Note 1] This Act may be cited as the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007. 2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms. Commencement information Column 1 Column 2 Column 3 Provision(s) Commencement Date/Details 1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table The day on which this Act receives the Royal Assent. 24 September 2007 2. Schedule 1, Part 1 The day on which this Act receives the Royal Assent. 24 September 2007 3. Schedule 1, Part 2 1 January 2008. 1 January 2008 4. Schedule 1, Part 3 On the day after the end of the period of 12 months beginning on the day on which this Act receives the Royal Assent. 24 September 2008 5. Schedule 1, Part 4 1 July 2011. 1 July 2011 6. Schedule 1, Part 5 The day on which this Act receives the Royal Assent. 24 September 2007 7. Schedules 2, 3 and 4 The day on which this Act receives the Royal Assent. 24 September 2007 Note: This table relates only to the provisions of this Act as originally passed by both Houses of the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent. (2) Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act. 3 Schedule(s) 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—Streamlining prudential regulation Part 1—Amendments commencing on Royal Assent A New Tax System (Australian Business Number) Act 1999 1 Section 5 (heading) Repeal the heading, substitute: 5 Application to government entities, non‑profit sub‑entities, superannuation funds and certain RSE licensees 2 Section 5 Before "This", insert "(1)". 3 At the end of section 5 Add: (2) This Act applies to an *RSE licensee, or an applicant for an *RSE licence, that is a group of individual trustees as if the group were an *entity *carrying on an *enterprise in *Australia. 4 Section 16 (heading) Repeal the heading, substitute: 16 Application of sections 14 and 15 to partnerships, unincorporated associations and bodies and certain RSE licensees 5 After subsection 16(2) Insert: Application to RSE licensee that is a group of individual trustees (2A) If, but for this subsection, section 14 or 15 would impose an obligation on an *RSE licensee that is a group of individual trustees, the obligation is imposed on each individual, but may be discharged by any of the individuals. 6 Subsection 16(3) (heading) Repeal the heading, substitute: Defences for partners, members of committee of management and certain RSE licensees 7 Subsection 16(3) Omit "or (2)", substitute ", (2) or (2A)". 8 Section 41 Insert: RSE licence means an RSE licence within the meaning of the Superannuation Industry (Supervision) Act 1993. 9 Section 41 Insert: RSE licensee means an RSE licensee within the meaning of the Superannuation Industry (Supervision) Act 1993. Banking Act 1959 10 Paragraphs 7(1)(c), 8(1)(d), 9(6)(c) and 10(3)(c) Omit "order in force under section 11 determining", substitute "determination in force under section 11". 11 Subsections 11(1) and (2) Repeal the subsections, substitute: (1) APRA may, in writing, determine that any or all of the following provisions of this Act do not apply to a person while the determination is in force: (a) a provision of Division 1, 1AA or 1A of Part II (other than section 11A, 11B or 11C); (b) section 66; (c) section 66A; (d) section 67; (e) section 69. (2) The determination: (a) may be expressed to apply to a particular person or to a class of persons; and (b) may specify the period during which the determination is in force; and (c) may be made subject to specified conditions. (2A) If APRA makes a determination that applies to a particular person, APRA must also give the person written notice of the determination. 12 Paragraph 11(3)(b) Omit "an order" (wherever occurring), substitute "a determination". 13 Subsection 11(4) Repeal the subsection, substitute: (4) APRA may, in writing, vary or revoke a determination under this section. (5) The following instruments made under this section are not legislative instruments: (a) a determination that applies to a particular person; (b) an instrument varying or revoking a determination that applies to a particular person. (6) Otherwise, an instrument made under this section is a legislative instrument. 14 Paragraph 11AA(5)(c) Omit "order in force under section 11 determining", substitute "determination in force under section 11". 15 Subsection 11AF(2) Repeal the subsection, substitute: (2) A standard may provide for APRA to exercise powers and discretions under the standard, including (but not limited to) discretions to approve, impose, adjust or exclude specific prudential requirements in relation to one or more specified ADIs or authorised NOHCs. 16 After subsection 11AF(3) Insert: (3A) A standard referred to in paragraph (1)(d), or an instrument varying or revoking such a standard, has effect: (a) from the day on which the standard, variation or revocation is made; or (b) if the standard, variation or revocation specifies a later day—from that later day. 17 Subsections 11AF(4), (5), (6) and (6A) Repeal the subsections. 18 Subsection 11AF(7) Omit "(4), (4A), (5), (5A) or (6)", substitute "(4A) or (5A)". 19 After subsection 11AF(7) Insert: (7A) The following instruments made under this section are not legislative instruments: (a) a standard referred to in paragraph (1)(d); (b) an instrument varying or revoking a standard referred to in paragraph (1)(d). (7B) Otherwise, an instrument made under this section is a legislative instrument. 20 Paragraph 11CG(1)(b) Omit "23; and", substitute "23.". 21 Paragraph 11CG(1)(c) Repeal the paragraph. 22 Paragraph 11CG(2)(b) Omit "direction; and", substitute "direction.". 23 Paragraph 11CG(2)(c) Repeal the paragraph. 24 Paragraph 11E(2)(b) Omit "(1); and", substitute "(1).". 25 Paragraph 11E(2)(c) Repeal the paragraph. 26 Paragraph 13(3)(b) Omit "situation; and", substitute "situation.". 27 Paragraph 13(3)(c) Repeal the paragraph. 28 Paragraph 13A(4)(b) Omit "value; and", substitute "value.". 29 Paragraph 13A(4)(c) Repeal the paragraph. 30 Subsection 13B(1A) Repeal the subsection (but not the penalty or notes), substitute: (1A) An ADI commits an offence if: (a) the ADI does not give the investigator access to its books, accounts and documents; or (b) the ADI fails to comply with a requirement made under subsection (1) for the provision of information or facilities. 31 Paragraph 14A(2A)(c) Omit "requirement; and", substitute "requirement.". 32 Paragraph 14A(2A)(d) Repeal the paragraph. 33 Paragraph 16B(1A)(b) Omit "requirement; and", substitute "requirement.". 34 Paragraph 16B(1A)(c) Repeal the paragraph. 35 Subsections 16B(5) to (7) Repeal the subsections. 36 Section 18 Repeal the section, substitute: 18 Referring matters to professional associations for auditors (1) If APRA is of the opinion that an auditor of a relevant body corporate (see subsection (2)): (a) has failed, whether within or outside Australia, to perform adequately and properly his or her duties or functions as an auditor under: (i) this Act, the regulations or the prudential standards; or (ii) any other law of the Commonwealth, a State or a Territory; or (b) is otherwise not a fit and proper person to be the auditor of a relevant body corporate; APRA may refer the details of the matter to either or both of the following: (c) the Companies Auditors and Liquidators Disciplinary Board established by Division 1 of Part 11 of the Australian Securities and Investments Commission Act 2001; (d) those members of the professional association of the auditor whom APRA believes will be involved in considering or taking any disciplinary or other action concerning the matter against the auditor. (2) For the purposes of this section, each of the following is a relevant body corporate: (a) an ADI; (b) an authorised NOHC; (c) a subsidiary of an ADI or authorised NOHC; (d) if an ADI is a subsidiary of a foreign corporation (whether or not the ADI is itself a foreign corporation)—a subsidiary of that foreign corporation that is incorporated in, or carries on business in, Australia. (3) If APRA refers details of a matter under this section, APRA must also give written notice of the referral (including the nature of the matter) to the auditor. 37 After Division 2B of Part II Insert: Division 2C—Enforceable undertakings 18A Enforceable undertakings (1) APRA may accept a written undertaking given by a person in connection with a matter in relation to which APRA has a power or function under this Act. (2) The person may, with APRA's consent, vary or withdraw the undertaking. (3) If APRA considers that a person who has given an undertaking has breached any of the terms of the undertaking, APRA may apply to the Federal Court of Australia for an order under subsection (4). (4) If the Federal Court is satisfied that a person who has given an undertaking has breached any of the terms of the undertaking, the Court may make any or all of the following orders: (a) an order directing the person to comply with the undertaking; (b) an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person obtained (whether directly or indirectly) and that is reasonably attributable to the breach; (c) any order that the Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach; (d) any other order that the Court considers appropriate. 38 Subparagraph 33(4)(b)(ii) Omit "specified; and", substitute "specified.". 39 Paragraph 33(4)(c) Repeal the paragraph. 40 Paragraph 36(1A)(b) Omit "policy; and", substitute "policy.". 41 Paragraph 36(1A)(c) Repeal the paragraph. 42 Paragraph 36(2A)(b) Omit "directions; and", substitute "directions.". 43 Paragraphs 36(2A)(c), 41(2)(b), 42(1A)(b), 42(3)(b), 45(1A)(b), 45(4)(b) and 46(2)(b) Repeal the paragraphs. 44 After Part VI Insert: Part VIA—Protections in relation to information Division 1—Protection for whistleblowers 52A Disclosures qualifying for whistleblower protection (1) This section applies to a disclosure of information made by a person (the discloser) who is, in relation to a body corporate that is an ADI, an authorised NOHC or a subsidiary of an ADI or authorised NOHC, any of the following: (a) an officer of the body corporate; (b) an employee of the body corporate; (c) a person who has a contract for the supply of services or goods to the body corporate; (d) an employee of a person who has a contract for the supply of services or goods to the body corporate. (2) The disclosure of the information by the discloser qualifies for protection under this Division if: (a) the disclosure is made to any of the following: (i) APRA; (ii) the auditor, or a member of an audit team conducting an audit, of the body corporate or a related body corporate; (iii) a director or senior manager of the body corporate or a related body corporate; (iv) a person authorised by the body corporate to receive disclosures of the kind made; and (b) the discloser informs the person to whom the disclosure is made of the discloser's name before making the disclosure; and (c) both: (i) the information concerns misconduct, or an improper state of affairs or circumstances, in relation to the body corporate; and (ii) the discloser considers that the information may assist a person referred to in paragraph (a) to perform the person's functions or duties in relation to the body corporate or a related body corporate; and (d) the discloser makes the disclosure in good faith. (3) For the purposes of this section, a body corporate is a related body corporate of another body corporate if: (a) in the case of an ADI—the other body corporate is the authorised NOHC of the ADI or a subsidiary of the ADI or authorised NOHC; or (b) in the case of an authorised NOHC of an ADI—the other body corporate is the ADI or a subsidiary of the ADI or authorised NOHC; or (c) in the case of a subsidiary of an ADI or authorised NOHC—the other body corporate is the ADI, the authorised NOHC or another subsidiary of the ADI or authorised NOHC. (4) In this section, officer has the same meaning as it has in the Corporations Act 2001. 52B Whistleblower protection for disclosures that qualify (1) If a person makes a disclosure that qualifies for protection under this Division: (a) the person is not subject to any civil or criminal liability for making the disclosure; and (b) no contractual or other remedy may be enforced, and no contractual or other right may be exercised, against the person on the basis of the disclosure. (2) Without limiting subsection (1): (a) the person has qualified privilege in respect of the disclosure; and (b) a contract to which the person is a party must not be terminated on the basis that the disclosure constitutes a breach of the contract. (3) Without limiting paragraphs (1)(b) and (2)(b), if a court is satisfied that: (a) a person (the employee) is employed in a particular position under a contract of employment with another person (the employer); and (b) the employee makes a disclosure that qualifies for protection under this Division; and (c) the employer purports to terminate the contract of employment on the basis of the disclosure; the court may order that the employee be reinstated in that position or a position at a comparable level. (4) If an individual makes a disclosure of information that qualifies for protection under this Division, the information is not admissible in evidence against the individual in criminal proceedings or in proceedings for the imposition of a penalty, other than proceedings in respect of the falsity of the information. 52C Victimisation of whistleblowers prohibited Actually causing detriment to another person (1) A person commits an offence if: (a) the person engages in conduct; and (b) the person's conduct causes any detriment to another person; and (c) the person intends that his or her conduct cause detriment to the other person; and (d) the person engages in his or her conduct because the other person made a disclosure that qualifies for protection under this Division. Penalty: 25 penalty units or imprisonment for 6 months, or both. Threatening to cause detriment to another person (2) A person (the first person) commits an offence if: (a) the first person makes a threat to another person (the second person) to cause any detriment to the second person or to a third person; and (b) the first person: (i) intends the second person to fear that the threat will be carried out; or (ii) is reckless as to causing the second person to fear that the threat will be carried out; and (c) the first person makes the threat because a person: (i) made a disclosure that qualifies for protection under this Division; or (ii) may make a disclosure that would qualify for protection under this Division. Penalty: 25 penalty units or imprisonment for 6 months, or both. Threats (3) For the purposes of subsection (2), a threat may be: (a) express or implied; or (b) conditional or unconditional. (4) In a prosecution for an offence under subsection (2), it is not necessary to prove that the person threatened actually feared that the threat would be carried out. Definition (5) In this section: engage in conduct means: (a) do an act; or (b) omit to do an act. 52D Right to compensation If: (a) a person: (i) commits an offence under subsection 52C(1) or (2); or (ii) commits an offence under Part 2.4 of the Criminal Code in relation to subsection 52C(1) or (2); and (b) another person suffers damage because of the conduct constituting the offence or because of the contravention; the person is liable to compensate the other person for the damage. 52E Confidentiality requirement for company, company officers and employees and auditors (1) A person (the offender) commits an offence under this subsection if: (a) a person (the discloser) makes a disclosure of information that qualifies for protection under this Division; and (b) the disclosure is made to: (i) the auditor of, or a member of an audit team conducting an audit of, the body corporate or a related body corporate within the meaning of subsection 52A(3); or (ii) a director or senior manager of the body corporate or a related body corporate within the meaning of subsection 52A(3); or (iii) a person authorised by the body corporate to receive disclosures of that kind; and (c) the offender is: (i) the auditor, or a member of an audit team conducting an audit, of the body corporate or a related body corporate; or (ii) a director or senior manager of the body corporate or a related body corporate; or (iii) a person authorised by the body corporate to receive disclosures of that kind; or (iv) the body corporate or a related body corporate; or (v) an officer or employee of the body corporate or a related body corporate; and (d) the offender discloses any of the following information (the confidential information): (i) the information referred to in paragraph (a); (ii) the identity of the discloser; (iii) information that is likely to lead to the identification of the discloser; and (e) the confidential information is information that the offender obtained directly or indirectly because of the disclosure referred to in paragraph (a); and (f) either: (i) the offender is the person to whom the disclosure referred to in paragraph (a) is made; or (ii) the offender is a person to whom the confidential information is disclosed in contravention of this section and the offender knows that the disclosure of the confidential information to the offender was unlawful or made in breach of confidence; and (g) the disclosure referred to in paragraph (d) is not authorised under subsection (2). Penalty: 25 penalty units. (2) The disclosure referred to in paragraph (1)(d) is authorised under this subsection if: (a) it is made to APRA; or (b) it is made to a member of the Australian Federal Police (within the meaning of the Australian Federal Police Act 1979); or (c) it is made to someone else with the consent of the discloser. (3) In this section, officer has the same meaning as it has in the Corporations Act 2001. Division 2—Self‑incrimination 52F Self‑incrimination (1) A person is not excused from complying with a requirement under this Act or the Financial Sector (Collection of Data) Act 2001 to give information to APRA on the ground that doing so would tend to incriminate the person or make the person liable to a penalty. (2) However, if the person is an individual, the information given by the individual in compliance with the requirement is not admissible in evidence against the individual in criminal proceedings or in proceedings for the imposition of a penalty, other than proceedings in respect of the falsity of the information, if: (a) before giving the information, the individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and (b) giving the information might in fact tend to incriminate the individual or make the individual liable to a penalty. 45 Subparagraph 61(3)(b)(ii) Omit "facilities; and", substitute "facilities.". 46 Paragraph 61(3)(c) Repeal the paragraph. 47 Subsection 61(4) Repeal the subsection. 48 Paragraph 62(1A)(b) Omit "requirement; and", substitute "requirement.". 49 Paragraph 62(1A)(c) Repeal the paragraph. 50 Subsections 62(3) and (4) Repeal the subsections. 51 Paragraphs 66(1)(e) and (3)(c), 66A(1)(c), 67(1)(d) and (3)(c) and 69(3AA)(b), (5A)(b) and (7A)(b) Omit "order in force under section 11 determining", substitute "determination in force under section 11". Corporations Act 2001 52 Before subsection 1274(3) Insert: (2D) For the purposes of subsections (2) and (5), each of the following is taken to be a document lodged with ASIC if a copy has been given to ASIC by APRA: (a) benefit fund rules that have been approved by APRA under section 16L of the Life Insurance Act 1995; (b) an amendment of benefit fund rules that has been approved by APRA under section 16Q of the Life Insurance Act 1995; (c) consequential amendments of a company's constitution that have been approved by APRA under section 16U or 16V of the Life Insurance Act 1995. Insurance Act 1973 53 Subsection 7(1) Repeal the subsection, substitute: (1) APRA may, in writing, determine that any or all of the following provisions of this Act do not apply to a person while the determination is in force: (a) a provision of Part III (other than a provision of Division 3A of that Part); (b) section 35; (c) section 39; (d) section 41; (e) a provision of Division 3 or 4 of Part IV; (f) section 49Q; (g) section 117; (h) section 118; (i) section 120; (j) section 121. 54 After subsection 7(2) Insert: (2A) If APRA makes a determination that applies to a particular person, APRA must also give the person written notice of the determination. 55 Subsections 7(3) and (4) Repeal the subsections, substitute: (3) APRA may, in writing, vary or revoke a determination under this section. (4) The following instruments made under this section are not legislative instruments: (a) a determination that applies to a particular person; (b) an instrument varying or revoking a determination that applies to a particular person. (5) Otherwise, an instrument made under this section is a legislative instrument. 56 At the end of subsection 32(1) Add: ; or (e) one or more specified general insurers, authorised NOHCs or subsidiaries of general insurers or authorised NOHCs. 57 Paragraph 32(3D)(b) Omit "NOHCs;", substitute "NOHCs.". 58 Paragraph 32(3D)(c) Repeal the paragraph. 59 Subsections 32(4), (4A) and (5) Repeal the subsections, substitute: (4) APRA may, in writing, vary or revoke a standard. However, APRA must not, under this subsection, vary or revoke a standard in a way described in subsection (3A). (4A) A standard referred to in paragraph (1)(e), or an instrument varying or revoking such a standard, has effect: (a) from the day on which the standard, variation or revocation is made; or (b) if the standard, variation or revocation specifies a later day—from that later day. (5) The following instruments made under this section are not legislative instruments: (a) a standard referred to in paragraph (1)(e); (b) an instrument varying or revoking a standard referred to in paragraph (1)(e); (c) a modification of a standard under subsection (3A); (d) an instrument varying or revoking a modification under subsection (3A). (5A) Otherwise, an instrument made under this section is a legislative instrument. 60 Subsection 32(6) Omit "section 49A", substitute "section 14 of the Legislative Instruments Act 2003 and section 46AA". 61 Section 33 Repeal the section. 62 At the end of Part IIIA Add: Division 4—Protections in relation to information Subdivision A—Protection for whistleblowers 38A Disclosures qualifying for whistleblower protection (1) This section applies to a disclosure of information made by a person (the discloser) who is, in relation to a body corporate that is a general insurer, an authorised NOHC or a subsidiary of a general insurer or authorised NOHC, any of the following: (a) an officer of the body corporate; (b) an employee of the body corporate; (c) a person who has a contract for the supply of services or goods to the body corporate; (d) an employee of a person who has a contract for the supply of services or goods to the body corporate. (2) The disclosure of information by the discloser qualifies for protection under this Subdivision if: (a) the disclosure is made to any of the following: (i) APRA; (ii) the auditor, or a member of an audit team conducting an audit, of the body corporate or a related body corporate; (iii) the actuary of the body corporate or a related body corporate; (iv) a director or senior manager of the body corporate or a related body corporate; (v) a person authorised by the body corporate to receive disclosures of the kind made; and (b) the discloser informs the person to whom the disclosure is made of the discloser's name before making the disclosure; and (c) both: (i) the information concerns misconduct, or an improper state of affairs or circumstances, in relation to the body corporate or a related body corporate; and (ii) the discloser considers that the information may assist a person referred to in paragraph (a) to perform the person's functions or duties in relation to the body corporate or a related body corporate; and (d) the discloser makes the disclosure in good faith. (3) For the purposes of this section, a body corporate is a related body corporate of another body corporate if: (a) in the case of a general insurer—the other body corporate is the authorised NOHC of the general insurer or a subsidiary of the general insurer or authorised NOHC; or (b) in the case of an authorised NOHC of a general insurer—the other body corporate is the general insurer or a subsidiary of the general insurer or authorised NOHC; or (c) in the case of a subsidiary of a general insurer or authorised NOHC—the other body corporate is the general insurer, the authorised NOHC or another subsidiary of the general insurer or authorised NOHC. (4) In this section, officer has the same meaning as it has in the Corporations Act 2001. 38B Whistleblower protection for disclosures that qualify (1) If a person makes a disclosure that qualifies for protection under this Subdivision: (a) the person is not subject to any civil or criminal liability for making the disclosure; and (b) no contractual or other remedy may be enforced, and no contractual or other right may be exercised, against the person on the basis of the disclosure. (2) Without limiting subsection (1): (a) the person has qualified privilege in respect of the disclosure; and (b) a contract to which the person is a party must not be terminated on the basis that the disclosure constitutes a breach of the contract. (3) Without limiting paragraphs (1)(b) and (2)(b), if a court is satisfied that: (a) a person (the employee) is employed in a particular position under a contract of employment with another person (the employer); and (b) the employee makes a disclosure that qualifies for protection under this Subdivision; and (c) the employer purports to terminate the contract of employment on the basis of the disclosure; the court may order that the employee be reinstated in that position or a position at a comparable level. (4) If an individual makes a disclosure of information that qualifies for protection under this Subdivision, the information is not admissible in evidence against the individual in criminal proceedings or in proceedings for the imposition of a penalty, other than proceedings in respect of the falsity of the information. 38C Victimisation of whistleblowers prohibited Actually causing detriment to another person (1) A person commits an offence if: (a) the person engages in conduct; and (b) the person's conduct causes any detriment to another person; and (c) the person intends that his or her conduct cause detriment to the other person; and (d) the person engages in his or her conduct because the other person made a disclosure that qualifies for protection under this Subdivision. Penalty: 25 penalty units or imprisonment for 6 months, or both. Threatening to cause detriment to another person (2) A person (the first person) commits an offence if: (a) the first person makes a threat to another person (the second person) to cause any detriment to the second person or to a third person; and (b) the first person: (i) intends the second person to fear that the threat will be carried out; or (ii) is reckless as to causing the second person to fear that the threat will be carried out; and (c) the first person makes the threat because a person: (i) made a disclosure that qualifies for protection under this Subdivision; or (ii) may make a disclosure that would qualify for protection under this Subdivision. Penalty: 25 penalty units or imprisonment for 6 months, or both. Threats (3) For the purposes of subsection (2), a threat may be: (a) express or implied; or (b) conditional or unconditional. (4) In a prosecution for an offence under subsection (2), it is not necessary to prove that the person threatened actually feared that the threat would be carried out. Definition (5) In this section: engage in conduct means: (a) do an act; or (b) omit to do an act. 38D Right to compensation If: (a) a person: (i) commits an offence under subsection 38C(1) or (2); or (ii) commits an offence under Part 2.4 of the Criminal Code in relation to subsection 38C(1) or (2); and (b) another person suffers damage because of the conduct constituting the offence or because of the contravention; the person is liable to compensate the other person for the damage. 38E Confidentiality requirement for company, company officers and employees and auditors (1) A person (the offender) commits an offence under this subsection if: (a) a person (the discloser) makes a disclosure of information that qualifies for protection under this Subdivision; and (b) the disclosure is made to: (i) the auditor, or a member of an audit team conducting an audit, of the body corporate or a related body corporate in within the meaning of subsection 38A(3); or (ii) a director or senior manager of the body corporate or a related body corporate; or (iii) a person authorised by the body corporate to receive disclosures of that kind; and (c) the offender is: (i) the auditor, or a member of an audit team conducting an audit, of the body corporate or a related body corporate; or (ii) a director or senior manager of the body corporate or a related body corporate; or (iii) a person authorised by the body corporate to receive disclosures of that kind; or (iv) the body corporate or a related body corporate; or (v) an officer or employee of the body corporate or a related body corporate; and (d) the offender discloses any of the following information (the confidential information): (i) the information referred to in paragraph (a); (ii) the identity of the discloser; (iii) information that is likely to lead to the identification of the discloser; and (e) the confidential information is information that the offender obtained directly or indirectly because of the disclosure referred to in paragraph (a); and (f) either: (i) the offender is the person to whom the disclosure referred to in paragraph (a) is made; or (ii) the offender is a person to whom the confidential information is disclosed in contravention of this section and the offender knows that the disclosure of the confidential information to the offender was unlawful or made in breach of confidence; and (g) the disclosure referred to in paragraph (d) is not authorised under subsection (2). Penalty: 25 penalty units. (2) The disclosure referred to in paragraph (1)(d) is authorised under this subsection if: (a) it is made to APRA; or (b) it is made to a member of the Australian Federal Police (within the meaning of the Australian Federal Police Act 1979); or (c) it is made to someone else with the consent of the discloser. (3) In this section, officer has the same meaning as it has in the Corporations Act 2001. Subdivision B—Self‑incrimination 38F Self‑incrimination (1) A person is not excused from complying with a requirement under this Act, the prudential standards or the Financial Sector (Collection of Data) Act 2001 to give information to APRA on the ground that doing so would tend to incriminate the person or make the person liable to a penalty. (2) However, if the person is an individual, the information given by the individual in compliance with the requirement is not admissible in evidence against the individual in criminal proceedings or in proceedings for the imposition of a penalty, other than proceedings in respect of the falsity of the information, if: (a) before giving the information, the individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and (b) giving the information might in fact tend to incriminate the individual or make the individual liable to a penalty. 63 Subsection 39(1) (note) Repeal the note. 64 Sections 47 and 48 Repeal the sections, substitute: 48 Referring matters to professional associations for auditors and actuaries (1) If APRA is of the opinion that an auditor of a general insurer: (a) has failed, whether within or outside Australia, to perform adequately and properly his or her duties or functions as an auditor under: (i) this Act, the regulations or the prudential standards; or (ii) any other law of the Commonwealth, a State or a Territory; or (b) is otherwise not a fit and proper person to be the auditor of a general insurer; APRA may refer the details of the matter to either or both of the following: (c) the Companies Auditors and Liquidators Disciplinary Board established by Division 1 of Part 11 of the Australian Securities and Investments Commission Act 2001; (d) those members of the professional association of the auditor whom APRA believes will be involved in considering or taking any disciplinary or other action concerning the matter against the auditor. (2) If APRA is of the opinion that an actuary of a general insurer: (a) has failed, whether within or outside Australia, to perform adequately and properly his or her duties as an actuary under: (i) this Act, the regulations or the prudential standards; or (ii) any other law of the Commonwealth, a State or a Territory; or (b) is otherwise not a fit and proper person to be the actuary of a general insurer; APRA may refer the details of the matter to those members of the professional association of the actuary whom APRA believes will be involved in considering or taking any disciplinary or other action concerning the matter against the actuary. (3) If APRA refers details of a matter under this section, APRA must also give written notice of the referral (including the nature of the matter) to the auditor or actuary. (4) APRA's powers under subsection (1) and (2) may be exercised whether or not APRA has disqualified the person under section 44. 65 Subsection 49A(2) Omit "unless there is a determination in force under subsection 7(1) that this subsection does not apply to the person". 65A Section 49D Repeal the section. 66 Subsection 70(5) Repeal the subsection. Life Insurance Act 1995 67 After section 7 Insert: 7A Determination that certain provisions do not apply (1) APRA may, in writing, determine that any or all of the following provisions of this Act do not apply to a person while the determination is in force: (a) a provision of Part 2, 2A, 2B or 3; (b) a provision of Division 1, 3, 4, 5 or 6 of Part 4; (c) section 75; (d) section 76; (e) section 78; (f) section 79; (g) section 80; (h) section 81. (2) The determination: (a) may be expressed to apply to a particular person or to a class of persons; and (b) may specify the period during which the determination is in force; and (c) may be made subject to specified conditions. (3) If APRA makes a determination that applies to a particular person, APRA must also give the person written notice of the determination. (4) APRA may, in writing, vary or revoke a determination under this section. (5) The following instruments made under this section are not legislative instruments: (a) a determination that applies to a particular person; (b) an instrument varying or revoking a determination that applies to a particular person. (6) Otherwise, an instrument made under this section is a legislative instrument. 7B Breach of condition of a determination under section 7A (1) A person commits an offence if: (a) a determination under section 7A applies to a person; and (b) the person does or fails to do an act; and (c) doing or failing to do the act results in a breach of a condition to which the determination is subject. Penalty: 60 penalty units. (2) Strict liability applies to subsection (1). Note: For strict liability, see section 6.1 of the Criminal Code. 68 At the end of subsections 12A(2) and 12B(3) Add "or in the prudential standards". 69 Subsection 15(3) After "Prudential Rules", insert "or the prudential standards". 70 Subsection 16A(6) (note) Omit "to which section 125A or 125B applies has been modified, an exemption order", substitute "referred to in subsection 7A(1) has been modified, a determination". 71 Paragraph 16B(2)(a) After "Prudential Rules", insert "or in the prudential standards". 71A Subsection 16C(4) After "Prudential Rules", insert "or in the prudential standards". 72 At the end of subsection 16H(4) Add "or the prudential standards". 73 Paragraph 16H(4A)(b) After "Prudential Rules", insert "or the prudential standards". 74 Section 16J Omit "Rules", substitute "Rules or the prudential standards". 75 At the end of subsection 16L(2) Add "or the prudential standards". 76 Paragraph 16L(4)(b) After "Prudential Rules", insert "or the prudential standards". 77 Section 16M Repeal the section. 78 Paragraph 16N(a) Omit "a copy of the rules is lodged with ASIC", substitute "APRA approved the rules". 79 At the end of subsection 16Q(2) Add "or the prudential standards". 80 Paragraph 16Q(4)(b) After "Prudential Rules", insert "or the prudential standards". 81 Paragraph 16R(6)(b) After "Prudential Rules", insert "or the prudential standards". 82 Section 16S Repeal the section. 83 Paragraph 16T(c) Omit "a copy of the amendment is lodged with ASIC", substitute "APRA approved or determined the amendment". 84 At the end of subsection 16U(2) Add "or the prudential standards". 85 Paragraph 16U(4)(b) After "Prudential Rules", insert "or the prudential standards". 86 At the end of subsection 16V(3) Add "or the prudential standards". 87 Paragraph 16V(7)(b) After "Prudential Rules", insert "or the prudential standards". 88 Section 16W Repeal the section. 89 Paragraph 16X(c) Omit "a copy of the amendments is lodged with ASIC", substitute "APRA approved or determined the amendments". 90 Section 20 Repeal the section, substitute: 20 Application for registration (1) A company may apply in writing to APRA for registration under this Act. (2) The application must: (a) be in the form (if any) approved by APRA; and (b) be accompanied by any information requested by APRA; and (c) nominate for the purposes of this Act: (i) the person who is to be the principal executive officer of the life company; and (ii) the period that is to be the financial year of the life company. (3) For the purposes of determining an application, APRA may by written notice require an applicant to provide information specified in the notice, before the end of the period specified in the notice. (4) If the applicant does not provide the specified information before the end of the specified period or any longer period agreed to in writing by APRA, the application is taken to be withdrawn. (5) A notice under subsection (3) must include a statement about the effect of subsection (4). 91 Subsections 21(1) and (2) Repeal the subsections, substitute: (1) APRA must, in writing, register a company that applies for registration under section 20, unless: (a) APRA is satisfied that a ground for refusal specified in subsection (3) exists; and (b) the Treasurer approves of the refusal. 92 Subsections 21(5), (6) and (7) Repeal the subsections. 93 Sections 25 and 28 Repeal the sections. 94 At the end of subsection 34(4) Add "or the prudential standards". 95 Subsection 39(2) Omit "and section 259". 96 Subsection 40(3) Omit "The Commissioner", substitute "APRA". 97 Subsection 44(6) After "Prudential Rules", insert "or by reporting standards made under the Financial Sector (Collection of Data) Act 2001". 98 Paragraphs 44(7)(a) and (b) After "Prudential Rules", insert "or by reporting standards made under the Financial Sector (Collection of Data) Act 2001". 99 Subsections 52(1) and (3) After "Prudential Rules", insert "or the prudential standards". 100 Subsection 53(1) After "Prudential Rules", insert "or the prudential standards". 101 Subsection 53(2) After "Prudential Rules", insert "or the prudential standards". 102 At the end of subsection 55(2) Add "or the prudential standards". 103 At the end of subsection 55(3) Add "or the prudential standards". 104 Subsection 61(1) (definition of starting amount) After "Prudential Rules", insert "or prudential standards". 105 Paragraph 62(3)(c) After "Prudential Rules", insert "or prudential standards". 106 Subsection 62(5) After "Prudential Rules", insert "or the prudential standards". 107 Subsection 77(2) Omit "under subsection 20(4)", substitute "for the purposes of section 20". 108 After section 88 Insert: 88A Auditor may give information to APRA (1) A person who is or was an auditor of a life company may give information, or produce books, accounts or documents, about the life company to APRA if the person considers that doing so will assist APRA in performing its functions under this Act or under the Financial Sector (Collection of Data) Act 2001. (2) A person who, in good faith and without negligence, gives information to APRA in accordance with this section is not subject to any action, claim or demand by, or any liability to, any other person in respect of the information. 109 After section 98 Insert: 98A Appointed actuary may give information to APRA (1) A person who is or was the appointed actuary of a life company may give information, or produce books, accounts or documents, about the life company to APRA if the person considers that doing so will assist APRA in performing its functions under this Act or under the Financial Sector (Collection of Data) Act 2001. (2) A person who, in good faith and without negligence, gives information to APRA in accordance with this section is not subject to any action, claim or demand by, or any liability to, any other person in respect of the information. 110 Divisions 7 and 8 of Part 6 Repeal the Divisions, substitute: Division 8—Miscellaneous 125 Referring matters to professional associations for auditors and actuaries (1) If APRA is of the opinion that an auditor of a life company: (a) has failed, whether within or outside Australia, to perform adequately and properly his or her duties as an auditor under: (i) this Act; or (ii) any other law of the Commonwealth, a State or a Territory; or (b) is otherwise not a fit and proper person to be the auditor of a life company; APRA may refer the details of the matter to either or both of the following: (c) the Companies Auditors and Liquidators Disciplinary Board established by Division 1 of Part 11 of the Australian Securities and Investments Commission Act 2001; (d) those members of the professional association of the auditor whom APRA believes will be involved in considering or taking any disciplinary or other action concerning the matter against the auditor. (2) If APRA is of the opinion that an appointed actuary of a life company: (a) has failed, whether within or outside Australia, to perform adequately and properly his or her duties as an actuary under: (i) this Act; or (ii) any other law of the Commonwealth, a State or a Territory; or (b) is otherwise not a fit and proper person to be the actuary of a life company; APRA may refer the details of the matter to those members of the professional association of the actuary whom APRA believes will be involved in considering or taking any disciplinary or other action concerning the matter against the actuary. (3) If APRA refers details of a matter under this section, APRA must also give written notice of the referral (including the nature of the matter) to the auditor or actuary. 111 At the end of Division 2 of Part 7 Add: 133A Enforceable undertakings (1) APRA may accept a written undertaking given by a person in connection with a matter in relation to which APRA has a power or function under this Act. (2) The person may, with APRA's consent, vary or withdraw the undertaking. (3) If APRA considers that a person who has given an undertaking has breached any of the terms of the undertaking, APRA may apply to the Court for an order under subsection (4). (4) If the Court is satisfied that a person who has given an undertaking has breached any of the terms of the undertaking, the Court may make any or all of the following orders: (a) an order directing the person to comply with the undertaking; (b) an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person obtained (whether directly or indirectly) and that is reasonably attributable to the breach; (c) any order that the Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach; (d) any other order that the Court considers appropriate. 112 Division 3 of Part 7 (heading) Repeal the heading, substitute: Division 3—Investigation by APRA 113 After paragraph 136(c) Insert: (ca) that a term of an undertaking referred to in section 133A that relates to the life company has been breached by a person who is subject to the undertaking; 114 Section 148 Repeal the section. 115 At the end of Part 7 Add: Division 5—Protections in relation to information Subdivision A—Protection for whistleblowers 156A Disclosures qualifying for whistleblower protection (1) This section applies to a disclosure of information by a person (the discloser) who is, in relation to a life company, any of the following: (a) an officer of the life company; (b) an employee of the life company; (c) a person who has a contract for the supply of services or goods to the life company; (d) an employee of a person who has a contract for the supply of services or goods to the life company. (2) The disclosure of information by the discloser qualifies for protection under this Subdivision if: (a) the disclosure is made to any of the following: (i) APRA; (ii) the life company's auditor or a member of an audit team conducting an audit of the life company; (iii) the appointed actuary of the life company; (iv) a director or senior manager of the life company; (v) a person authorised by the life company to receive disclosures of the kind made; and (b) the discloser informs the person to whom the disclosure is made of the discloser's name before making the disclosure; and (c) both: (i) the information concerns misconduct, or an improper state of affairs or circumstances, in relation to the life company; and (ii) the discloser considers that the information may assist a person referred to in paragraph (a) to perform the person's functions or duties in relation to the life company; and (d) the discloser makes the disclosure in good faith. (3) In this section, officer has the same meaning as it has in the Corporations Act 2001. 156B Whistleblower protection for disclosures that qualify (1) If a person makes a disclosure that qualifies for protection under this Subdivision: (a) the person is not subject to any civil or criminal liability for making the disclosure; and (b) no contractual or other remedy may be enforced, and no contractual or other right may be exercised, against the person on the basis of the disclosure. (2) Without limiting subsection (1): (a) the person has qualified privilege in respect of the disclosure; and (b) a contract to which the person is a party must not be terminated on the basis that the disclosure constitutes a breach of the contract. (3) Without limiting paragraphs (1)(b) and (2)(b), if a court is satisfied that: (a) a person (the employee) is employed in a particular position under a contract of employment with another person (the employer); and (b) the employee makes a disclosure that qualifies for protection under this Subdivision; and (c) the employer purports to terminate the contract of employment on the basis of the disclosure; the court may order that the employee be reinstated in that position or a position at a comparable level. (4) If an individual makes a disclosure of information that qualifies for protection under this Subdivision, the information is not admissible in evidence against the individual in criminal proceedings or in proceedings for the imposition of a penalty, other than proceedings in respect of the falsity of the information. 156C Victimisation of whistleblowers prohibited Actually causing detriment to another person (1) A person commits an offence if: (a) the person engages in conduct; and (b) the person's conduct causes any detriment to another person; and (c) the person intends that his or her conduct cause detriment to the other person; and (d) the person engages in his or her conduct because the other person made a disclosure that qualifies for protection under this Subdivision. Penalty: 25 penalty units or imprisonment for 6 months, or both. Threatening to cause detriment to another person (2) A person (the first person) commits an offence if: (a) the first person makes a threat to another person (the second person) to cause any detriment to the second person or to a third person; and (b) the first person: (i) intends the second person to fear that the threat will be carried out; or (ii) is reckless as to causing the second person to fear that the threat will be carried out; and (c) the first person makes the threat because a person: (i) made a disclosure that qualifies for protection under this Subdivision; or (ii) may make a disclosure that would qualify for protection under this Subdivision. Penalty: 25 penalty units or imprisonment for 6 months, or both. Threats (3) For the purposes of subsection (2), a threat may be: (a) express or implied; or (b) conditional or unconditional. (4) In a prosecution for an offence under subsection (2), it is not necessary to prove that the person threatened actually feared that the threat would be carried out. Definition (5) In this section: engage in conduct means: (a) do an act; or (b) omit to do an act. 156D Right to compensation If: (a) a person: (i) commits an offence under subsection 156C(1) or (2); or (ii) commits an offence under Part 2.4 of the Criminal Code in relation to subsection 156C(1) or (2); and (b) another person suffers damage because of the conduct constituting the offence or because of the contravention; the person is liable to compensate the other person for the damage. 156E Confidentiality requirement for company, company officers and employees and auditors (1) A person (the offender) commits an offence under this subsection if: (a) a person (the discloser) makes a disclosure of information that qualifies for protection under this Subdivision; and (b) the disclosure is made to: (i) the life company's auditor or a member of an audit team conducting an audit of the life company; or (ii) a director or senior manager of the life company; or (iii) a person authorised by the life company to receive disclosures of that kind; and (c) the offender is: (i) the life company's auditor or a member of an audit team conducting an audit of the life company; or (ii) a director or senior manager of the life company; or (iii) a person authorised by the life company to receive disclosures of that kind; or (iv) the life company; or (v) an officer or employee of the life company; and (d) the offender discloses any of the following information (the confidential information): (i) the information referred to in paragraph (a); (ii) the identity of the discloser; (iii) information that is likely to lead to the identification of the discloser; and (e) the confidential information is information that the offender obtained directly or indirectly because of the disclosure referred to in paragraph (a); and (f) either: (i) the offender is the person to whom the disclosure referred to in paragraph (a) is made; or (ii) the offender is a person to whom the confidential information is disclosed in contravention of this section and the offender knows that the disclosure of the confidential information to the offender was unlawful or made in breach of confidence; and (g) the disclosure referred to in paragraph (d) is not authorised under subsection (2). Penalty: 25 penalty units. (2) The disclosure referred to in paragraph (1)(d) is authorised under this subsection if: (a) it is made to APRA; or (b) it is made to a member of the Australian Federal Police (within the meaning of the Australian Federal Police Act 1979); or (c) it is made to someone else with the consent of the discloser. (3) In this section, officer has the same meaning as it has in the Corporations Act 2001. Subdivision B—Self‑incrimination 156F Self‑incrimination (1) A person is not excused from complying with a requirement under this Act or under the Financial Sector (Collection of Data) Act 2001 to give information to APRA on the ground that doing so would tend to incriminate the person or make the person liable to a penalty. (2) However, if the person is an individual, the information given by the individual in compliance with the requirement is not admissible in evidence against the individual in criminal proceedings or in proceedings for the imposition of a penalty, other than proceedings in respect of the falsity of the information, if: (a) before giving the information, the individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and (b) giving the information might in fact tend to incriminate the individual or make the individual liable to a penalty. 116 Subsection 230A(4) Repeal the subsection, substitute: (4) A standard may provide for APRA to exercise powers and discretions under the standard, including (but not limited to) discretions to approve, impose, adjust or exclude specific prudential requirements in relation to one or more specified life companies. 117 After subsection 230A(5) Insert: (5A) A standard referred to in paragraph (1)(c), or an instrument varying or revoking such a standard, has effect: (a) from the day on which the standard, variation or revocation is made; or (b) if the standard, variation or revocation specifies a later day—from that later day. 118 Subsections 230A(6), (8) (10) and (11) Repeal the subsections. 119 Subsection 230A(12) Omit "(6), (7), (8), (9) or (10)", substitute "(7) or (9)". 120 After subsection 230A(12) Insert: (12A) The following instruments made under this section are not legislative instruments: (a) a standard referred to in paragraph (1)(c); (b) an instrument varying or revoking a standard referred to in paragraph (1)(c). (12B) Otherwise, an instrument made under this section is a legislative instrument. 121 Paragraph 230B(1)(a) Omit "paragraph 125A(4)(a) or 125B(4)(a)", substitute "paragraph 7A(2)(c)". 122 Subsection 236(1) (before paragraph (a) of the definition of reviewable decision) Insert: (aaa) a decision under section 7A that applies to a particular person; 123 Subsection 236(1) (paragraph (e) of the definition of reviewable decision) Omit "direction", substitute "condition". 124 Subsection 236(1) (paragraph (f) of the definition of reviewable decision) Omit "direction", substitute "condition". 125 Subsection 236(1) (paragraphs (k) and (l) of the definition of reviewable decision) After "Prudential Rules", insert "or prudential standards". 126 Subsection 236(1) (at the end of the definition of reviewable decision) Add: ; (zp) a decision under section 230A to make, vary or revoke a standard referred to in paragraph 230A(1)(c). 127 Sections 238 and 239 Repeal the sections. 128 Subsection 246(1) Omit "under subsection 20(4)", substitute "for the purposes of section 20". 129 Subsection 252(1) Omit "in writing", substitute "by legislative instrument". 130 Subsection 252(2) Repeal the subsection, substitute: (2) APRA must not make rules under this section on or after the day on which Part 1 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 commences (the cut‑off day). (3) A rule made under this section that is in force immediately before the cut‑off day continues in force until revoked by APRA. (4) APRA may, on or after the cut‑off day, vary or revoke a rule continued in force under subsection (3). 131 Paragraph 253(1)(a) Omit ", other than matters required or permitted to be prescribed by Prudential Rules or actuarial standards". 132 Subsections 254(4) and (6) Repeal the subsections. 133 Sections 256 to 263 Repeal the sections. 134 Schedule (definition of Commissioner) Repeal the definition. 135 Schedule Insert: senior manager, of a life company, means a person who has or exercises any of the senior management responsibilities (within the meaning of the prudential standards) for the life company. Superannuation Industry (Supervision) Act 1993 136 Section 4 (table item for Part 31) Repeal the item. 137 Subsection 6(2) Omit ", 30 and 31", substitute "and 30". 138 Subsection 10(1) (paragraph (z) of the definition of reviewable decision) After "exemption", insert "that applies to a particular person or a particular group of individual trustees". 139 Subsection 10(1) (paragraph (za) of the definition of reviewable decision) Repeal the paragraph. 140 Subsection 10(1) (paragraph (zb) of the definition of reviewable decision) After "declaration", insert "that applies to a particular person or a particular group of individual trustees". 141 Subsection 10(1) (paragraph (zc) of the definition of reviewable decision) Repeal the paragraph. 142 Subsection 10(1) (paragraph (zd) of the definition of reviewable decision) Omit "to revoke an exemption or declaration", substitute "to vary or revoke an exemption or declaration that applies to a particular person or a particular group of individual trustees". 143 After section 29JC Insert: 29JCA False representation about status as RSE licensee (1) A person commits an offence if: (a) the person makes a representation; and (b) the representation is that the person is, or is a member of a group that is, an RSE licensee; and (c) the representation is false. Penalty: 60 penalty units. (2) Strict liability applies to subsection (1). Note: For strict liability, see section 6.1 of the Criminal Code. 144 Section 29JE Repeal the section. 145 Section 29QB Repeal the section. 146 Subsection 71(2B) Omit "(ba),". 147 Subsection 130A(1) Omit "(1)". 148 Subsection 130A(2) Repeal the subsection. 150 Section 327 (definition of modifiable provision) Repeal the definition, substitute: modifiable provision means any of the following: (a) a provision of Part 2A, 2B or 3; (aa) section 35C (except so far as it applies in relation to self‑managed superannuation funds); (b) section 36; (c) section 54; (d) subsection 63(7B), (7C) or (7D); (e) a provision of Part 9; (g) a provision of Part 19 or 24; (h) a provision of any regulations made for the purposes of a provision referred to in paragraphs (a) to (g). 151 Section 328 Repeal the section, substitute: 328 Regulator's powers of exemption—modifiable provisions (1) The Regulator may, in writing, exempt from compliance with any or all of the modifiable provisions: (a) a particular person or a class of