Commonwealth: Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 (Cth)

Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 Act No. 54 of 1998 as amended This compilation was prepared on 5 April 2006 [This Act was amended by Act Nos. 44 and 146 of 1999; No. 24 of 2000; No. 9 of 2006] Amendments from Act No. 44 of 1999 [Schedule 6 (items 7–9) amended section 2 Schedule 6 (item 10) repealed and substituted item 11 of Schedule 13 Schedule 6 (item 11) repealed and substituted heading to Part 7 of Schedule 16 Schedule 6 (item 12) repealed and substituted the heading to Part 8 of Schedule 16 Schedule 6 (item 13) repealed and substituted item 236 of Schedule 16 and added item 237 to Schedule 16 Schedule 6 (item 14) repealed item 5 of Schedule 19 Schedule 6 (items 7, 13 and 14) commenced on 17 June 1999 Schedule 6 (items 8, 9, 11 and 12) commenced immediately after 29 June 1998 Schedule 6 (item 10) commenced immediately before 1 July 1998] Amendments from Act No. 146 of 1999 [Schedule 1 (item 486) amended section 2 Schedule 1 (item 487) amended item 42 of Schedule 18 Schedule 1 (items 486 and 487) commenced on 5 December 1999] Amendments from Act No. 24 of 2000 [Schedule 11 (items 1 and 2) amended section 2 Schedule 11 (item 3) amended the heading to Part 3 of Schedule 17 Schedule 11 (items 1–3) commenced immediately after 29 June 1998] Amendment from Act No. 9 of 2006 [Schedule 2 (item 18) repealed and substituted item 99 of Schedule 2 Schedule 2 (item 18) commenced immediately after 1 July 1998] Prepared by the Office of Legislative Drafting and Publishing, Attorney‑General's Department, Canberra Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Amendment of the Australian Securities Commission Act 1989 12A Functions and powers—non‑national scheme laws 93AA Enforcement of undertakings 123 Chairperson to disclose certain interests to Minister Part 18—Transitional: from the ASC to ASIC 268 Changes to name of ASC and the Australian Securities Commission Act 1989 Schedule 2—Amendment of the Banking Act 1959 9A Revocation of authority 9B Bodies that cease to exist or change their names 9C Publication of list of ADIs Division 1AA—Authority to be a NOHC of an ADI 11AA Authority to be a NOHC 11AB Revocation of authority 11AC Bodies that cease to exist or change their names 11AD Publication of list of NOHCs Division 1A—Prudential supervision and monitoring of ADIs and authorised NOHCs 11AF APRA may make prudential standards for ADIs and authorised NOHCs Division 1BA—APRA's power to issue directions Subdivision A—Directions other than directions to enforce certified industry liquidity contracts 11CA APRA may give directions in certain circumstances Subdivision B—Directions to enforce certified industry liquidity contracts 11CB APRA may certify an industry liquidity contract 11CC APRA may direct parties to an industry liquidity contract to comply with the contract Subdivision C—General provisions relating to all directions 11CD Direction not grounds for denial of obligations 11CE Supply of information about issue and revocation of directions 11CF Secrecy requirements 11CG Non‑compliance with a direction Division 1B—Provisions relating to certain ADIs Subdivision A—General provisions relating to depositor protection 13 ADI to supply information to APRA 13A Consequences of inability or failure of ADI to meet obligations 13B Investigators—ADI must provide information and facilities 13C ADI statutory managers—termination of control Subdivision B—Provisions dealing with control of an ADI's business by an ADI statutory manager 14A ADI statutory manager's powers and functions 14B Administrator in control—additional powers to recommend action by APRA 14C ADI statutory manager's liabilities and duties 14D Administrator in control—additional duties 14E Termination of administrator's appointment 14F APRA's powers to apply for ADI to be wound up 15 Effect on directors of ADI statutory manager taking control of an ADI's business 15A Effect on external administrator of ADI statutory manager taking control of an ADI's business 15B Effect on legal proceedings of ADI statutory manager taking control of an ADI's business 15C ADI statutory manager being in control not grounds for denial of obligations 16 Costs of statutory management 16A APRA must report to Treasurer and publish information about statutory management Division 2A—Auditors of ADIs and authorised NOHCs and their subsidiaries 16B Requirements for auditors and people who have been auditors to give information to APRA 16C Auditor may provide information to APRA Part IIA—ADI mergers (operation of State and Territory Laws) 61 APRA may conduct investigations 62 Supply of information 66A Restriction on use of expressions authorised deposit‑taking institution and ADI 69AA Powers about money of depositors who have died 69E Compensation for acquisition of property 69F Severability 70A Indemnity 70B Act has effect despite the Corporations Law Schedule 1—State and Territory laws relating to bank mergers Schedule 3—Repeal of the Banks (Shareholdings) Act 1972 Schedule 4—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 Part 1—Changing the administration of the Corporations Law Part 2—Changing references to "ASC" to "ASIC" Schedule 5—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Company Law Review Act 1998 Part 1—General amendments to take account of Schedule 1 to the Company Law Review Act 1998 Division 5—Lodging reports with ASIC Chapter 2N—Annual return and lodgments with ASIC Part 2N.2—Lodgments with ASIC Part 2—Changing "ASC" to "ASIC" to take account of Schedule 1 to the Company Law Review Act 1998 Part 3—General amendments to take account of Schedules 2 to 4 to the Company Law Review Act 1998 Part 4—Changing "ASC" to "ASIC" to take account of Schedules 2 to 4 to the Company Law Review Act 1998 Part 5—General amendments to take account of Schedule 5 to the Company Law Review Act 1998 Schedule 6—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Managed Investments Act 1998 Part 1—General amendments to take account of Schedule 1 to the Managed Investments Act 1998 Part 2—Changing "ASC" to "ASIC" to take account of Schedule 1 to the Managed Investments Act 1998 Part 3—General amendments to take account of Schedule 2 to the Managed Investments Act 1998 Part 4—Changing "ASC" to "ASIC" to take account of Schedule 2 to the Managed Investments Act 1998 Schedule 7—Amendment of the Financial Corporations Act 1974 22A Delegation by Governor Schedule 8—Amendment of the Insurance Acquisitions and Takeovers Act 1991 75 APRA Act secrecy provisions apply Schedule 9—Amendment of the Insurance Act 1973 Part 1—Changing the administration of the Act (main amendments) 8 General administration of Act 125 APRA Act secrecy provisions apply Part 2—Changing "Commissioner" to "APRA" (main amendments) Part 3—Changing the administration of the Act (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) Division 3—General powers of APRA Subdivision A—Inquiries and directions by APRA Part 4—Changing "Commissioner" to "APRA" (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) Schedule 10—Amendment of the Insurance (Agents and Brokers) Act 1984 Part 1—Changing the administration of the Act 47 Authorisation of an officer Part 2—Changing "Commissioner" to "ASIC" Part 3—Changing "Commissioner's" to "ASIC's" Part 4—Amendments to take account of Schedule 1 to the Insurance Laws Amendment Act 1998 Schedule 11—Repeal of the Insurance and Superannuation Commissioner Act 1987 Schedule 12—Amendment of the Insurance Contracts Act 1984 Part 1—Changing the administration of the Act 11A ASIC responsible for general administration of Act Part 2—Changing "Commissioner" to "ASIC" Schedule 13—Amendment of the Life Insurance Act 1995 Part 1—Changing the administration of the Act 7 General administration of Act Part 2—Changing "Commissioner" to "APRA" Part 3—Changing "Commissioner's" to "APRA's" Part 4—Changing "Commissioner's rules" to "Prudential Rules" Part 5—Changing "Commissioner" to "ASIC" Part 6—Changing "Commissioner" to "Regulator" Part 7—Other amendments Schedule 14—Amendment of the Reserve Bank Act 1959 Division 1—Constitution of the Reserve Bank Division 2—Policy and management of the Reserve Bank 8A The Boards of the Bank 10A Establishment of Payments System Board 10B Functions of Payments System Board 10C Resolving differences between the Boards 22A Conduct of meetings 22B Resolutions without meetings Part IIIA—The Payments System Board Division 1—The members of the Payments System Board 25A Membership of Payments System Board 25B Appointment of members 25C Chair of the Payments System Board 25D Deputy Chair of the Payments System Board 25E Declaration by members Division 2—Meetings 25F Meetings 25G Conduct of meetings 25H Resolutions without meetings Division 3—Other administrative provisions 25I Remuneration 25J Leave of absence 25K Resignation 25L Termination of appointment Schedule 15—Amendment of the Retirement Savings Accounts Act 1997 Part 1—Changing the administration of the Act 3 General administration of Act Division 3—Investigations by the Regulator 129A Authorisation of members of staff Part 2—Changing "Commissioner" to "APRA" Part 3—Changing "Commissioner" to "ASIC" Part 4—Changing "Commissioner" to "Regulator" Part 5—Changing "Commissioner's" to "Regulator's" Schedule 16—Amendment of the Superannuation Industry (Supervision) Act 1993 Part 1—Changing the administration of the Act 6 General administration of Act Part 4—Trustee of superannuation entity to lodge annual returns with APRA Division 2—APRA may give notices about complying fund status. Part 22—Payment of unclaimed superannuation money to ASIC Division 3—APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity Division 4—Investigations by Regulator 298A Authorisation of members of staff Part 2—Changing "Commissioner" to "APRA" Part 3—Changing "Commissioner's" to "APRA's" Part 4—Changing "Commissioner" to "ASIC" Part 5—Changing "Commissioner" to "Regulator" Part 6—Changing "Commissioner's" to "Regulator's" Schedule 17—Amendment of the Superannuation (Resolution of Complaints) Act 1993 Part 1—Amendments relating to changing "Commissioner" to "ASIC" Part 2—Changing "Commissioner" to "ASIC" Schedule 18—Amendment and repeal of other Acts Part 1—Amendment and repeal of levy Acts General Insurance Supervisory Levy Act 1989 Insurance Supervisory Levies Collection Act 1989 Life Insurance Supervisory Levy Act 1989 Retirement Savings Accounts Supervisory Levy Act 1997 Superannuation Entities (Taxation) Act 1987 Part III—Functions of APRA Part IIIAA—Collection of Superannuation (Excluded Funds) Supervisory Levy Superannuation Supervisory Levy Act 1991 Part 2—Amendment of other Acts Acts Interpretation Act 1901 Australian Prudential Regulation Authority Act 1998 Corporations Act 1989 Crimes Act 1914 Financial Corporations (Transfer of Assets and Liabilities) Act 1993 Financial Transactions Reports Act 1988 Schedule 19—Transitional provisions Part 1—Transitional provisions relating to amendments of the Banking Act 1959 Part 2—Transitional provisions relating to amendments of the Financial Corporations Act 1974 Part 3—Transitional provisions relating to the establishment of APRA and the repeal of the Insurance and Superannuation Commissioner Act 1987 Division 1—Interpretation Division 2—Transfer of staff Division 3—Transfer of assets and liabilities Division 4—Other general transitional provisions Part 4—Transitional provisions relating to amendments of the Reserve Bank Act 1959 Part 5—Transitional provisions relating to the Payment Systems (Regulation) Act 1998 Part 6—Transitional provisions relating to levies Part 7—Regulations dealing with transitional matters An Act to amend laws, and to deal with transitional matters, in connection with the reform of the financial sector, and for other purposes 1 Short title This Act may be cited as the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998. 2 Commencement (1) Subject to this section, this Act commences on the day on which it receives the Royal Assent. (2) The following provisions of this Act commence on the commencement of the Australian Prudential Regulation Authority Act 1998: (a) Schedule 1; (b) Schedule 2, other than item 86; (c) Schedule 3; (d) Schedule 4; (e) Schedule 7; (f) Schedule 8; (g) Schedule 9, subject to subsections (9) and (10); (h) Parts 1 to 3 of Schedule 10; (i) Schedule 11; (j) Schedule 12, subject to subsection (12); (k) Parts 1 to 6 of Schedule 13; (l) Schedule 14; (m) Schedule 15; (n) Parts 1 to 6 of Schedule 16; (o) Schedule 17; (p) Schedule 18, other than the items amending the Australian Prudential Regulation Authority Act 1998. (3) Subject to subsection (4), item 86 of Schedule 2 commences on a day to be fixed by Proclamation. (4) If item 86 of Schedule 2 does not commence under subsection (3) within the period of 24 months beginning on the day on which this Act receives the Royal Assent, it commences on the first day after the end of that period. (6) Parts 1 to 4 of Schedule 5 commence: (a) on the commencement of the Australian Prudential Regulation Authority Act 1998 if item 32 of Schedule 3 to the Company Law Review Act 1998 commences before the commencement of the Australian Prudential Regulation Authority Act 1998; or (b) immediately after the commencement of item 32 of Schedule 3 to the Company Law Review Act 1998 if that item does not commence before the commencement of the Australian Prudential Regulation Authority Act 1998. (7) Part 5 of Schedule 5 commences: (a) on the commencement of the Australian Prudential Regulation Authority Act 1998 if Schedule 5 to the Company Law Review Act 1998 commences before the commencement of the Australian Prudential Regulation Authority Act 1998; or (b) immediately after the commencement of Schedule 5 to the Company Law Review Act 1998 if that Schedule does not commence before the commencement of the Australian Prudential Regulation Authority Act 1998. (8) Schedule 6 commences: (a) on the commencement of the Australian Prudential Regulation Authority Act 1998 if the Managed Investments Act 1998 commences before the commencement of the Australian Prudential Regulation Authority Act 1998; or (b) immediately after the commencement of the Managed Investments Act 1998 if that Act does not commence before the commencement of the Australian Prudential Regulation Authority Act 1998. (9) If item 5 of Schedule 2 to the Insurance Laws Amendment Act 1998 commences on or before the commencement of the Australian Prudential Regulation Authority Act 1998, items 76, 128 and 143 to 149 of Schedule 9 to this Act do not commence. (10) Parts 3 and 4 of Schedule 9 commence: (a) on the commencement of the Australian Prudential Regulation Authority Act 1998 if that Act commences after the commencement of item 5 of Schedule 2 to the Insurance Laws Amendment Act 1998; or (b) immediately after the commencement of item 5 of Schedule 2 to the Insurance Laws Amendment Act 1998 if the Australian Prudential Regulation Authority Act 1998 commences on or before the commencement of that item. (11) The items in Part 4 of Schedule 10 listed in the table commence: (a) on the commencement of the Australian Prudential Regulation Authority Act 1998 if the corresponding item of Schedule 1 to the Insurance Laws Amendment Act 1998 commences before the commencement of the corresponding item; or (b) immediately after the commencement of the corresponding item of Schedule 1 to the Insurance Laws Amendment Act 1998 if that item does not commence before the commencement of the Australian Prudential Regulation Authority Act 1998. Corresponding items table Corresponding item of Schedule 1 to the Insurance Laws Amendment Act 1998 Item in Part 4 of Schedule 10 to this Act Item 1 61 47 2 62 52 3 63 60 4 64 66 (12) If, under subsection (2), Schedule 12 commences on the same day as provisions of the Insurance Laws Amendment Act 1998 commence, that Schedule commences on that day immediately after the commencement of those provisions. (13) Part 7 of Schedule 13 commences on the day on which this Act receives the Royal Assent. (14) Part 7 of Schedule 16 commences: (a) on the commencement of the Australian Prudential Regulation Authority Act 1998 if Part 1 of Schedule 2 to the Superannuation Legislation Amendment Act 1999 commences before the commencement of the Australian Prudential Regulation Authority Act 1998; or (b) immediately after the commencement of Part 1 of Schedule 2 to the Superannuation Legislation Amendment Act 1999 if that Part does not commence before the commencement of the Australian Prudential Regulation Authority Act 1998. (15) Items 232 to 234 of Part 8 of Schedule 16 commence: (a) immediately after the commencement of the Australian Prudential Regulation Authority Act 1998 if item 42 of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1999 commences before the commencement of the Australian Prudential Regulation Authority Act 1998; or (b) immediately after the commencement of item 42 of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1999 if that item does not commence before the commencement of the Australian Prudential Regulation Authority Act 1998. (16) Items 235 and 236 of Part 8 of Schedule 16 commence: (a) on the commencement of the Australian Prudential Regulation Authority Act 1998 if item 50 of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2000 commences before the commencement of the Australian Prudential Regulation Authority Act 1998; or (b) immediately after the commencement of item 50 of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2000 if that item does not commence before the commencement of the Australian Prudential Regulation Authority Act 1998. (17) Part 3 of Schedule 17 has effect only if the Australian Prudential Regulation Authority Act 1998 commences before the commencement of Schedule 3 to the Superannuation Legislation Amendment Act 1999 and, if so, Part 3 commences immediately after the commencement of Schedule 3 to the Superannuation Legislation Amendment Act 1999. (18) The items in Schedule 18 amending the Australian Prudential Regulation Authority Act 1998 commence: (a) on the commencement of the Australian Prudential Regulation Authority Act 1998 if the Public Service Act 1999 commences before the commencement of the Australian Prudential Regulation Authority Act 1998; or (b) immediately after the commencement of the Public Service Act 1999 if that Act does not commence before the commencement of the Australian Prudential Regulation Authority Act 1998. (19) Schedule 19 commences on the day on which this Act receives the Royal Assent. 3 Schedule(s) Subject to section 2, the Corporations Law and 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—Amendment of the Australian Securities Commission Act 1989 1 Title Omit "establish an Australian Securities Commission", substitute "provide for the Australian Securities and Investments Commission". 2 Paragraph 1(1)(a) Repeal the paragraph, substitute: (a) to provide for the Australian Securities and Investments Commission which will administer such laws of: (i) the Commonwealth; and (ii) the Capital Territory; and (iii) the States and the other Territories; as confer functions and powers under those laws on the Commission; and 3 Subsection 1(2) Repeal the subsection, substitute: (2) In performing its functions and exercising its powers, the Commission must strive to: (a) maintain, facilitate and improve the performance of the financial system and the entities within that system in the interests of commercial certainty, reducing business costs, and the efficiency and development of the economy; and (b) promote the confident and informed participation of investors and consumers in the financial system; and (c) achieve uniformity throughout Australia in how the Commission and its delegates perform those functions and exercise those powers; and (d) administer the laws that confer functions and powers on it effectively and with a minimum of procedural requirements; and (e) receive, process and store, efficiently and quickly, the information given to the Commission under the laws that confer functions and powers on it; and (f) ensure that information is available as soon as practicable for access by the public; and (g) take whatever action it can take, and is necessary, in order to enforce and give effect to the laws that confer functions and powers on it. 4 Section 1A After "Securities", insert "and Investments". 5 Subsection 1B(1) After "This Act", insert "(except section 12A)". 6 Subsection 5(1) Insert: APRA means the Australian Prudential Regulation Authority. 7 Subsection 5(1) (definition of Commission) Repeal the definition, substitute: Commission means the Australian Securities and Investments Commission. 8 At the end of section 7 Add: (2) From the commencement of this subsection, the Commission is to be known as the Australian Securities and Investments Commission. 9 Subsection 9(3A) Repeal the subsection. 10 After section 12 Insert: 12A Functions and powers—non‑national scheme laws (1) The Commission has the functions and powers that are conferred on it by or under the following Acts: (a) the Insurance Act 1973; (b) the Insurance (Agents and Brokers) Act 1984; (c) the Insurance Contracts Act 1984; (d) the Superannuation (Resolution of Complaints) Act 1993; (e) the Life Insurance Act 1995; (f) the Retirement Savings Accounts Act 1997; (g) the Superannuation Industry (Supervision) Act 1993. (2) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the Australian financial system. (3) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the payments system by: (a) promoting the adoption of approved industry standards and codes of practice; and (b) promoting the protection of consumer interests; and (c) promoting community awareness of payments system issues; and (d) promoting sound customer‑banker relationships, including through: (i) monitoring the operation of industry standards and codes of practice; and (ii) monitoring compliance with such standards and codes. (4) Subsections (2) and (3) confer functions and powers to the extent to which they are not in excess of the legislative power of the Commonwealth. (5) The Commission may: (a) advise the Minister about any changes to a law listed in subsection (1) that the Commission thinks are needed to help overcome any problems that the Commission has encountered in the course of performing its functions or exercising any of its powers under that law; and (b) advise the Minister and make such recommendations as it thinks fit about any matter relating to its functions in subsections (2) and (3). (6) The Commission has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions. Note: The heading to section 11 is altered by adding at the end "—national scheme laws". 11 At the end of Division 10 of Part 3 Add: 93AA Enforcement of undertakings (1) The Commission may accept a written undertaking given by a person in connection with a matter in relation to which the Commission has a function or power under this Act. (2) The person may withdraw or vary the undertaking at any time, but only with the consent of the Commission. (3) If the Commission considers that the person who gave the undertaking has breached any of its terms, the Commission may apply to the Court for an order under subsection (4). (4) If the Court is satisfied that the person has breached a term of the undertaking, the Court may make all or any of the following orders: (a) an order directing the person to comply with that term of 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 has obtained 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. 12 At the end of paragraph 102(2)(a) Add "or". 13 At the end of subsection 102(2) Add: ; or (d) a person appointed by APRA under section 45 of the Australian Prudential Regulation Authority Act 1998. 14 After subsection 102(2) Insert: (2A) The Commission must not delegate a function or power to an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998, unless the Chief Executive Officer of APRA has agreed to the delegation in writing. 15 At the end of section 102 Add: (8) If this section is being applied as a law of a State, it applies only in relation to functions and powers conferred by a national scheme law. 16 Section 123 Repeal the section, substitute: 123 Chairperson to disclose certain interests to Minister The Chairperson must give written notice to the Minister of all direct or indirect pecuniary interests that the Chairperson has or acquires in: (a) a business carried on in Australia or a body corporate carrying on such a business; or (b) a pooled superannuation trust (within the meaning of the Superannuation Industry (Supervision) Act 1993) or a body corporate that is a trustee of such a trust; or (c) a superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) or an approved deposit fund (within the meaning of that Act) or a body corporate that is a trustee of such a fund; or (d) an RSA or an RSA provider (within the meaning of the Retirement Savings Accounts Act 1997). 17 Subsection 127(1) Omit all the words from and including "disclosure information" to and including "this jurisdiction", substitute: disclosure information: (a) given to it in confidence in or in connection with the performance of its functions or the exercise of its powers under a national scheme law of this jurisdiction; or (b) that is protected information. 18 After subsection 127(1) Insert: (1A) Disclosing summaries of information or statistics derived from information is authorised use and disclosure of the information provided that information relating to any particular person cannot be found out from those summaries or statistics. (1B) Disclosing: (a) the names of entities that are RSA providers or RSA institutions for the purposes of the RSA Act; or (b) the addresses at which business relating to entities referred to in paragraph (a) is conducted; or (c) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to an RSA (within the meaning of the RSA Act); is authorised use and disclosure of the information. (1C) Disclosing any or all of the following information about an RSA provider is authorised use and disclosure of the information: (a) whether or not the RSA provider has lodged a return under section 44 of the RSA Act in respect of a particular year of income; (b) whether or not a notice, or a particular kind of notice, has been given under section 92 of the RSA Act in relation to an RSA provider in respect of a particular year of income. (1D) Disclosing: (a) the names of: (i) superannuation funds, approved deposit funds and pooled superannuation trusts that are superannuation entities for the purposes of the SIS Act; or (ii) superannuation entities that are non‑complying superannuation funds or non‑complying approved deposit funds, or are not pooled superannuation trusts, as the case may be, in relation to a specified year of income for the purposes of Part IX of the Income Tax Assessment Act; or (iii) superannuation funds and approved deposit funds that are eligible roll‑over funds for the purposes of Part 24 of the SIS Act; and (b) the addresses at which business relating to funds or trusts referred to in paragraph (a) is conducted; and (c) particulars of names of beneficiaries and amounts set out in a statement of unclaimed money given to the Commission under section 225 of the SIS Act; and (d) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to a superannuation entity (within the meaning of the SIS Act); is authorised use and disclosure of the information. (1E) Disclosing any or all of the following information about a fund, scheme or trust (of a type referred to in subsection (1D)) is authorised use and disclosure of the information: (a) whether or not the trustee of the fund, scheme or trust has lodged a return under section 36 of the SIS Act in respect of a particular year of income; (b) whether or not a decision has been made by APRA to give a notice, or a particular kind of notice, in relation to the fund, scheme or trust under section 40 of the SIS Act in relation to a particular year of income; (c) whether or not a notice or a particular kind of notice has been given by APRA or the Commission under section 40 or 254 of the SIS Act in relation to the fund, scheme or trust, in respect of a particular year of income; (d) in the case of a superannuation fund—whether or not the trustee of the fund has told APRA that the trustee is willing to accept a particular kind of contribution. 19 After subsection 127(2) Insert: (2A) Disclosing information to one of the following is authorised use and disclosure of the information: (a) the Minister; (b) the Secretary to the Department for the purpose of advising the Minister, or an officer authorised for that purpose; (c) APRA. 20 At the end of paragraph 127(4)(a) Add "or". 21 After paragraph 127(4)(a) Insert: (aa) will enable or assist: (i) the Australian Bureau of Criminal Intelligence; or (ii) the Australian Financial Institutions Commission; or (iii) the Superannuation Complaints Tribunal; to perform any of its functions or powers; or (ab) will enable or assist an officer of the Commonwealth Attorney‑General's Department who is in the office known as the Office of Law Enforcement Co‑ordination to perform any of his or her functions or powers; or 22 After paragraph 127(4)(c) Insert: or (d) will enable or assist a prescribed professional disciplinary body to perform 1 of its functions; 23 Subsection 127(4) Omit "agency or government by a person", insert "agency, government or disciplinary body by a person". 24 Subsection 127(4B) After "subsection (4C)", insert "(including a body corporate that is a foreign company)". 25 After subparagraph 127(4B)(a)(i) Insert: (ia) the business law of a foreign country; or 26 After subsection 127(4E) Insert: (4EA) If the Commission discloses information to a disciplinary body under paragraph (4)(d), the body or a member of the body: (a) must not disclose the information to any other person; and (b) must not use the information for any purpose other than for deciding whether or not to take disciplinary or other action or for taking that action. Penalty: Imprisonment for 2 years. 27 After subparagraph 127(4F)(b)(i) Insert: (ia) the business law of a foreign country; or 28 Subsection 127(6) Omit "(2)", substitute "(1A), (1B), (1C), (ID), (IE), (2), (2A)". 29 At the end of section 127 Add: (8) If this section is being applied as a law of a State, it applies only in relation to the performance of the Commission's functions and the exercise of the Commission's powers under a national scheme law. (9) In this section: Income Tax Assessment Act means the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997. protected information means information disclosed or obtained, or a document given or produced, (whether before or after the commencement of this section) for the purposes of a function in section 12A and relating to the affairs of: (a) a body regulated by the Commission; or (b) a body corporate (including a body corporate that has ceased to exist) that has at any time been, or is, related (within the meaning of the Corporations Law) to a body regulated by the Commission; or (c) a person who has been, is, or proposes to be, a customer of a body regulated by the Commission; other than information that has already been lawfully made available to the public from other sources. RSA Act means the Retirement Savings Accounts Act 1997. SIS Act means the Superannuation Industry (Supervision) Act 1993. 30 Paragraph 135(1)(a) Omit "under a national scheme law of this or any other jurisdiction". 31 Subsection 135(4) Repeal the subsection, substitute: (4) This section and subsection 18(3) of the Commonwealth Authorities and Companies Act 1997 have effect subject to: (a) a provision that a national scheme law of this or any other jurisdiction makes about money or property that vests in the Commission under such a law; and (b) Part 22 of the Superannuation Industry (Supervision) Act 1993. 32 At the end of section 138 Add: (2) The report must also set out information about the exercise during the year of the Commission's powers under Part 15 of the Retirement Savings Accounts Act 1997 and under Part 29 of the Superannuation Industry (Supervision) Act 1993. (3) In relation to the Commission's functions under the Insurance (Agents and Brokers) Act 1984, the report must include information about: (a) the number of persons registered by the Commission for the time being as foreign insurance agents, life insurance brokers or general insurance brokers, respectively; and (b) any suspensions or cancellations effected by the Commission under section 25 or 31H of that Act during the period to which the report relates; and (c) any prosecutions for offences against that Act during that period; and (d) any insolvency of an insurance intermediary that came to the Commission's notice during that period; and (e) any other matters (if any) as are prescribed. 33 Section 245 After "Securities", insert "and Investments". 34 Paragraph 246(1)(f) After "Securities", insert "and Investments". 35 At the end of the Act Add: Part 18—Transitional: from the ASC to ASIC 268 Changes to name of ASC and the Australian Securities Commission Act 1989 (1) After the commencement of this section, a reference in: (a) an Act of this jurisdiction; or (b) an instrument under such an Act; or (c) an award or other industrial determination, order or agreement; or (d) any other order (whether executive, judicial or otherwise); or (e) any contract; or (f) any pleading in, or process issued in connection with, any legal or other proceeding; or (g) any other instrument; to the Australian Securities Commission Act 1989 is taken to be a reference to the Australian Securities and Investments Commission Act 1989, except in relation to matters that occurred before the commencement of this section. (2) After the commencement of this section, a reference in: (a) an Act of the Commonwealth; or (b) an instrument under such an Act; to the ASC (or the Australian Securities Commission) is taken to be a reference to ASIC, except in relation to matters that occurred before the commencement of this section. Note: Subsection (2) is enacted in case the effect of subsections 5(3) to (5) is to exclude the application of section 25B of the Acts Interpretation Act 1901. Schedule 2—Amendment of the Banking Act 1959 1 Section 5 Insert: ADI is short for authorised deposit‑taking institution. 2 Section 5 Insert: ADI statutory manager has the meaning given by subsection 13A(2). 3 Section 5 Insert: administrator of an ADI's business means an administrator appointed under subsection 13A(1) to take control of an ADI's business. 4 Section 5 Insert: APRA means the Australian Prudential Regulation Authority. 5 Section 5 Insert: APRA board member means a member of APRA's board of management, including APRA's Chair and Chief Executive Officer. 6 Section 5 Insert: APRA staff member has the same meaning as in the Australian Prudential Regulation Authority Act 1998. 7 Section 5 Insert: authorised deposit‑taking institution means a body corporate in relation to which an authority under subsection 9(3) is in force. 8 Section 5 Insert: authorised NOHC means a body corporate: (a) in relation to which an authority under subsection 11AA(2) is in force; and (b) that is a NOHC of an ADI or ADIs. 9 Section 5 (definition of bank) Repeal the definition, substitute: bank means an ADI that is permitted under section 66 to assume or use: (a) the word bank, banker or banking; or (b) any other word (whether or not in English) that is of like import to a word referred to in paragraph (a). 10 Section 5 Insert: banking business means: (a) a business that consists of banking within the meaning of paragraph 51(xiii) of the Constitution; or (b) a business that is carried on by a corporation to which paragraph 51(xx) of the Constitution applies and that consists, to any extent, of: (i) both taking money on deposit (otherwise than as part‑payment for identified goods or services) and making advances of money; or (ii) other financial activities prescribed by the regulations for the purposes of this definition. 11 Section 5 (definition of foreign bank) Omit "bank", substitute "ADI". 12 Section 5 Insert: industry liquidity contract means a contract under which emergency liquidity support is to be provided by parties to the contract to any ADI that is a party to the contract if a specified event occurs. 13 Section 5 Insert: insolvent, in relation to a body corporate, means that the body corporate is not able to pay all its debts as and when they become due and payable. 14 Section 5 Insert: NOHC is short for non‑operating holding company. 15 Section 5 Insert: NOHC authority means an authority under subsection 11AA(2). 16 Section 5 Insert: non‑operating holding company means, in relation to a body corporate, a body corporate: (a) of which the first body corporate is a subsidiary; and (b) that does not carry on a business (other than a business consisting of the ownership or control of other bodies corporate); and (c) that is incorporated in Australia. 17 Section 5 (definition of prudential matters) Omit all the words from and including ", in relation to a bank" to and including "bank):", substitute ", in relation to a body corporate that is an ADI or a NOHC, means matters relating to the conduct by the body corporate of any of its affairs:". 18 Section 5 Insert: prudential regulation means a regulation under section 11A. 19 Section 5 Insert: prudential standard means a standard under section 11AF. 20 Section 5 (definition of Queensland Industry Development Corporation) Repeal the definition. 21 Section 5 Insert: section 9 authority means an authority under subsection 9(3). 22 Section 5 (definition of State Bank Limited) Repeal the definition. 23 Section 5 Insert: subsidiary has the meaning given by subsection (2). 24 Section 5 Insert: ultimate termination of control has the meaning given by subsection 13C(1). 25 At the end of section 5 Add: (2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same way as that question is determined for the purposes of the Corporations Law. 26 Subsection 6(1) Omit "Subject to subsections (1A), (1B) and (1C), nothing in Part II", substitute "Nothing in Part II". 27 Subsections 6(1A), (1B) and (1C) (including the notes) Repeal the subsections (including the notes). 28 Section 8 Add at the end: Note: See also section 11, which provides for the making of determinations that provisions of this Act do not apply to certain persons carrying on banking business. 29 Subsection 9(1) Repeal the subsection. 30 Subsection 9(2) Omit "(not being a body corporate specified in the First Schedule)". 31 Subsection 9(2) Omit "the Treasurer", substitute "APRA". 32 At the end of subsection 9(2) Add: Note: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. 33 Subsection 9(3) Repeal the subsection, substitute: (3) If an application has been made, APRA may grant the body corporate an authority to carry on banking business in Australia. The authority must be in writing, and APRA must give the body corporate written notice of the granting of the authority. Note 1: The fact that a body corporate is granted an authority to carry on banking business in Australia does not mean it is entitled to call itself a bank. To do this, the body corporate will need to have a consent under section 66. Note 2: For APRA's power to revoke an authority, see section 9A. (3A) Without limiting the circumstances in which APRA may refuse an application by a body corporate for authority to carry on banking business in Australia, APRA may refuse such an application if the body corporate is a subsidiary of a NOHC that does not hold a NOHC authority. 34 Subsection 9(4) Omit "The Governor‑General", substitute "APRA". 35 At the end of subsection 9(4) Add: The conditions must relate to prudential matters. 36 After subsection 9(4) Insert (4A) Without limiting the conditions that APRA may impose under subsection (4) on an ADI's authority, APRA may make the authority conditional on a body corporate of which the ADI is a subsidiary being an authorised NOHC. 37 Subsection 9(5) Omit "relating to a prudential matter". 38 Subsection 9(5) Before "the regulations", insert "the prudential standards or". 39 Subsections 9(7) to (11) Repeal the subsections, substitute: (7) If APRA: (a) grants an authority under subsection (3); or (b) imposes, varies or revokes conditions under subsection (4); APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way it considers appropriate. (8) A failure to comply with subsection (7) does not affect the validity of the action concerned. 40 After section 9 Insert: 9A Revocation of authority (1) APRA must revoke a body corporate's section 9 authority if: (a) the body corporate, by notice in writing to APRA, requests the revocation of the authority; and (b) APRA is satisfied that the revocation of the authority: (i) would not be contrary to the national interest; and (ii) would not be contrary to the interests of depositors of the body corporate. (2) APRA may revoke a body corporate's section 9 authority if APRA is satisfied that: (a) the body corporate has failed to comply with: (i) a requirement of this Act or the regulations; or (ii) a direction under Division 1BA; or (iii) a condition of its section 9 authority; or (b) it would be contrary to the national interest for the authority to remain in force; or (c) it would be contrary to the interests of depositors of the body corporate for the authority to remain in force; or (d) the body corporate has failed to pay: (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or (ii) an amount of charge fixed under section 51 of the Australian Prudential Regulation Authority Act 1998; or (e) the body corporate is insolvent and is unlikely to return to solvency within a reasonable period of time; or (f) the body corporate has ceased to carry on banking business in Australia. The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (3) Subject to subsection (4), APRA must not, under subsection (2), revoke a body corporate's section 9 authority unless: (a) APRA has given the body corporate a notice in writing advising the body corporate: (i) that APRA is considering revoking the authority for the reasons specified in the notice; and (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (b) APRA has considered any submissions that were made by the body corporate by the specified date. (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (a) contrary to the national interest; or (b) contrary to the interests of depositors with the body corporate. (5) A revocation of a body corporate's section 9 authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate's section 9 authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. 9B Bodies that cease to exist or change their names (1) If APRA is satisfied that a body corporate that has been granted a section 9 authority: (a) has ceased to exist; or (b) has changed its name; APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, its section 9 authority is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, its section 9 authority has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. 9C Publication of list of ADIs APRA may, from time to time, publish a list of ADIs: (a) in the Gazette; or (b) in such other manner as APRA determines. 41 Subsection 10(2) Omit "the Treasurer", substitute "APRA". Note: The heading to section 10 is altered by omitting "Treasurer" and substituting "APRA". 42 Subsection 10(3) Omit "A bank specified in the First Schedule", substitute " An ADI". 43 Subsection 10(3) Omit "the bank" (wherever occurring), substitute "the ADI". 44 Subsection 10(3) Omit "the Treasurer", substitute "APRA". 45 Subsection 11(1) Repeal the subsection, substitute: (1) APRA may, by order published in the Gazette, determine that all or specified provisions of this Act do not apply to a person during the period while the order continues in force. The determination has effect accordingly. Note: The heading to section 11 is replaced by the heading "APRA may determine that provisions of this Act do not apply". 46 At the end of section 11 Add: (4) APRA may, by order published in the Gazette, vary or revoke an order under this section. 47 After Division 1 of Part II Insert: Division 1AA—Authority to be a NOHC of an ADI 11AA Authority to be a NOHC (1) A body corporate may apply in writing to APRA for an authority under this section. The authority operates as an authority in relation to the body corporate and any ADIs that are subsidiaries of the body corporate from time to time. Note 1: The body corporate may want the authority: (a) because APRA refuses or may refuse to grant a subsidiary of the body corporate a section 9 authority unless the body corporate holds a NOHC authority (see subsection 9(3A)); or (b) for a purpose connected with the Financial Sector (Shareholdings) Act 1998. Note 2: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. (2) APRA may grant the authority if it considers it is appropriate to do so. Note: For APRA's power to revoke the authority, see section 11AB. (3) APRA may, at any time, by notice in writing given to the body corporate: (a) impose conditions, or additional conditions, on the authority; and (b) vary or revoke conditions imposed on the authority. The conditions must relate to prudential matters. (4) A condition may be expressed to have effect despite anything in the prudential standards or the regulations. (5) The body corporate must comply with any conditions to which the authority is subject. (6) If APRA: (a) grants an authority under subsection (2); or (b) imposes, varies or revokes conditions under subsection (3); APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way that it considers appropriate. (7) A failure to comply with subsection (6) does not affect the validity of the action concerned. 11AB Revocation of authority (1) APRA must revoke a NOHC authority granted to a body corporate if: (a) the body corporate, by notice in writing to APRA, requests the revocation of the authority; and (b) APRA is satisfied that revocation of the authority: (i) would not be contrary to the national interest; and (ii) would not be contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate. (2) APRA may revoke a NOHC authority granted to a body corporate if APRA is satisfied that: (a) the body corporate has failed to comply with: (i) a requirement of this Act or the regulations; or (ii) a direction under Division 1BA; or (iii) a condition of its NOHC authority; or (b) the body corporate has ceased to be a NOHC of any ADI or ADIs; or (c) it would be contrary to the national interest for the authority to remain in force; or (d) it would be contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate for the authority to remain in force; or (e) the body corporate has failed to pay: (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or (ii) an amount of charge fixed under section 51 of the Australian Prudential Regulation Authority Act 1998. The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (3) Subject to subsection (4), APRA must not, under subsection (2), revoke a body corporate's NOHC authority unless: (a) APRA has given the body corporate a notice in writing advising the body corporate: (i) that APRA is considering revoking the authority for the reasons specified in the notice; and (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (b) APRA has considered any submissions that were made by the body corporate by the specified date. (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (a) contrary to the national interest; or (b) contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate. (5) A revocation of a body corporate's NOHC authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate's NOHC authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. 11AC Bodies that cease to exist or change their names (1) If APRA is satisfied that a body corporate that has been granted a NOHC authority: (a) has ceased to exist; or (b) has changed its name; APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, any NOHC authority granted to the body corporate that is still in force is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, any NOHC authority granted to the body corporate that is still in force has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. 11AD Publication of list of NOHCs APRA may, from time to time, publish a list of authorised NOHCs: (a) in the Gazette; or (b) in such other manner as APRA determines. 48 Division 1A of Part II (heading) Repeal the heading, substitute: Division 1A—Prudential supervision and monitoring of ADIs and authorised NOHCs 49 Before section 11A Insert in Division 1A of Part II: 11AF APRA may make prudential standards for ADIs and authorised NOHCs (1) APRA may, in writing, determine standards in relation to prudential matters to be complied with by ADIs and authorised NOHCs. Note: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 11CA. (2) A standard: (a) comes into force: (i) unless subparagraph (ii) applies—on the day on which the determination of the standard is made; or (ii) if that determination specifies a later day as the day on which the standard comes into force—on the day so specified; and (b) continues in force until it is revoked. (3) APRA may, in writing, vary or revoke a standard. (4) If APRA determines or varies a standard it must, as soon as practicable, cause a notice advising of the determination of the standard, or of the variation of the standard, and summarising the purpose and effect of the standard or variation, to be published: (a) in the Gazette; and (b) in a daily newspaper or daily newspapers circulating generally in each State or Territory. (5) If APRA revokes a standard it must, as soon as practicable, cause a notice of the revocation to be published: (a) in the Gazette; and (b) in a daily newspaper or daily newspapers circulating generally in each State or Territory. (6) APRA must take reasonable steps to ensure that copies of the current text of the standards are available for inspection and purchase. (7) A failure to comply with subsection (4), (5) or (6) does not affect the validity of the action concerned. (8) In this section: Territory means a territory to which this Act extends. 50 Section 11A Omit "banks", substitute "ADIs and authorised NOHCs". Note: The heading to section 11A is altered by inserting "also" after "may". 51 Section 11B Omit "the Reserve Bank", substitute "APRA". Note: The heading to section 11B is altered by omitting "Reserve Bank" and substituting "APRA". 52 Section 11B Omit "banks" (wherever occurring), substitute "ADIs and authorised NOHCs". 53 After Division 1A of Part II Insert: Division 1BA—APRA's power to issue directions Subdivision A—Directions other than directions to enforce certified industry liquidity contracts 11CA APRA may give directions in certain circumstances (1) APRA may give a body corporate that is an ADI or an authorised NOHC a direction of a kind specified in subsection (2) if APRA considers that: (a) the body corporate has contravened a prudential regulation or a prudential standard; or (b) if the body corporate is an ADI—the direction is necessary in the interests of depositors of the ADI; or (c) if the body corporate is an authorised NOHC—the direction is necessary in the interests of depositors of any ADI that is a subsidiary of the body corporate. The direction is to be by notice in writing given to the body corporate. (2) The kinds of direction the body corporate may be given are as follows: (a) a direction to comply with the whole or a part of a prudential regulation or a prudential standard; (b) a direction to order an audit of the affairs of the body corporate, at the expense of the body corporate, by an auditor chosen by APRA; (c) a direction to do all or any of the following: (i) remove a director, secretary, executive officer or employee of the body corporate from office; (ii) ensure a director, secretary, executive officer or employee of the body corporate does not take part in the management or conduct of the business of the body corporate except as permitted by APRA; (iii) appoint a person or persons as a director, secretary, executive officer or employee of the body corporate for such term as APRA directs; (d) a direction to remove any auditor of the body corporate from office and appoint another auditor to hold office for such term as APRA directs; (e) a direction not to give any financial accommodation to any person; (f) a direction not to accept the deposit of any amount; (g) a direction not to borrow any amount; (h) a direction not to accept any payment on account of share capital, except payments in respect of calls that fell due before the direction was given; (i) a direction not to repay any amount paid on shares; (j) a direction not to pay a dividend on any shares; (k) a direction not to repay any money on deposit or advance; (l) a direction not to pay or transfer any amount to any person, or create an obligation (contingent or otherwise) to do so; (m) a direction not to undertake any financial obligation (contingent or otherwise) on behalf of any other person; (n) any other direction as to the way in which the affairs of the body corporate are to be conducted or not conducted. A direction under paragraph (l) not to pay any amount does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution. (3) The direction may deal with the time by which, or period during which, it is to be complied with. (4) The body corporate has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (5) The direction has effect until APRA revokes it by notice in writing to the body corporate. APRA may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate. (6) In this section, the expressions director, secretary, executive officer and employee have the same meanings as they have in the Corporations Law. Note: For further information about directions, see Subdivision C. Subdivision B—Directions to enforce certified industry liquidity contracts 11CB APRA may certify an industry liquidity contract APRA may certify an industry liquidity contract if all of the parties to the contract make a written request to APRA that the contract be certified and APRA considers it appropriate to certify the contract. The certification must be by notice in writing to the parties to the contract. 11CC APRA may direct parties to an industry liquidity contract to comply with the contract (1) APRA may direct any ADI that is a party to an industry liquidity contract that is certified under section 11CB to carry out, or cease to carry out, specified acts if APRA considers: (a) that carrying out, or ceasing to carry out, those acts, is necessary in order for the terms of the contract to be fulfilled; and (b) that the direction is in the interests of the depositors of one or more of the ADIs that are parties to the contract. The direction must be by notice in writing to the ADI. (2) The direction may deal with the time by which, or period during which, it is to be complied with. (3) The ADI has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (4) The direction has effect until: (a) APRA revokes the direction by notice in writing to the ADI (see subsection (5)); or (b) APRA revokes the certification of the industry liquidity contract by notice in writing to the ADIs that are parties to it (see subsection (6)). (5) APRA may revoke the direction if, at the time of the revocation, it considers that the direction is no longer necessary or appropriate. (6) APRA may revoke the certification of the industry liquidity contract if it considers that it is appropriate to do so for any reason. Subdivision C—General provisions relating to all directions 11CD Direction not grounds for denial of obligations (1) Subject to subsections (2) and (3), the fact that an ADI or an authorised NOHC is subject to a direction by APRA under Subdivision A or B is not a ground for any other party to a contract to which the ADI or NOHC is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (2) If an ADI or an authorised NOHC is prevented from fulfilling its obligations under a contract because of a direction under Subdivision A, other than a direction under paragraph 11CA(2)(k), the other party or parties to the contract are, subject to any orders made under subsection (3), relieved from obligations owed to the ADI or authorised NOHC under the contract. (3) A party to a contract to which subsection (2) applies may apply to the Federal Court of Australia for an order relating to the effect on the contract of a direction under Subdivision A. The order may deal with matters including (but not limited to): (a) requiring a party to the contract to fulfil an obligation under the contract despite subsection (2); (b) obliging a party to the contract to take some other action (for example, paying money or transferring property) in view of obligations that were fulfilled under the contract before the direction was made. The order must not require a person to take action that would contravene the direction, or any other direction under Subdivision A. 11CE Supply of information about issue and revocation of directions Power to publish notice of directions in Gazette (1) APRA may publish in the Gazette notice of any direction made under Subdivision A or B. The notice must include the name of the ADI or authorised NOHC given the direction and a summary of the direction. Requirement to publish notice of revocation of certain directions in Gazette (2) If APRA publishes notice of a direction made under Subdivision A or B and then later revokes the direction, APRA must publish in the Gazette notice of that revocation as soon as practicable after the revocation. Failure to publish notice of the revocation does not affect the validity of the revocation. Requirement to provide information about direction to Treasurer and Reserve Bank (3) If the Treasurer or the Reserve Bank requests APRA to provide information about: (a) any directions under Subdivision A or B in respect of a particular ADI or authorised NOHC; or (b) any directions made during a specified period under Subdivision A or B in respect of any ADIs or authorised NOHCs; APRA must comply with the request. Power to inform Treasurer and Reserve Bank of direction (4) APRA may provide any information that it considers appropriate to the Treasurer or the Reserve Bank about any directions, or revocations of direct