Part 1 — Amendments for the start of the financial accountability regime

Australian Prudential Regulation Authority Act 1998

1  Subsection 3(1) (after paragraph (b) of the definition of prudential regulation framework law )

Insert:

                   (ba)  the Financial Accountability Regime Act 2022 ;

                   (bb)  Schedules 1 and 2 to the Financial Sector Reform Act 2022 ;

2  Section 48

Omit “Under”, substitute “(1) Under”.

3  At the end of section 48

Add:

             (2)  Subsection (1) does not apply to an appointment made under, or for the purposes of, the Financial Accountability Regime Act 2022 .

4  Paragraph 53(1)(d)

Repeal the paragraph, substitute:

                     (d)  amounts of any fees, charges or penalties paid to APRA, on behalf of the Commonwealth, under section 51 or any other law of the Commonwealth except the following:

                              (i)  Part 3A of the Financial Institutions Supervisory Levies Collection Act 1998 ;

                             (ii)  the Financial Accountability Regime Act 2022 ;

5  Subsection 56(1) (after paragraph (cb) of the definition of protected document )

Insert:

                or (cc)  a person in relation to whom information is, or was, required to be given under the Financial Accountability Regime Act 2022 ;

6  Subsection 56(1) (after paragraph (d) of the definition of protected document )

Insert:

                   (da)  a document given or produced to ASIC under, or for the purposes of, a provision of the Financial Accountability Regime Act 2022 , other than a document given or produced to ASIC by APRA; or

7  Subsection 56(1) (after paragraph (cb) of the definition of protected information )

Insert:

                or (cc)  a person in relation to whom information is, or was, required to be given under the Financial Accountability Regime Act 2022 ;

8  Subsection 56(1) (after paragraph (d) of the definition of protected information )

Insert:

                   (da)  information given or produced to ASIC under, or for the purposes of, a provision of the Financial Accountability Regime Act 2022 , other than information given or produced to ASIC by APRA; or

9  Paragraph 56(2)(c)

Omit “or (7F)”, substitute “, (7F), (7G), (7H), (7J), (7K) or (7L)”.

10  After subsection 56(7F)

Insert:

          (7G)  It is not an offence if:

                     (a)  the disclosure of protected information or the production of a protected document is to an accountable entity (within the meaning of the Financial Accountability Regime Act 2022 ); and

                     (b)  the information, or the information contained in the document, as the case may be, is information contained in the register kept under section 40 of the Financial Accountability Regime Act 2022 .

Note:          A defendant bears an evidential burden in relation to the matters in subsection (7G) (see subsection 13.3(3) of the Criminal Code ).

          (7H)  It is not an offence if:

                     (a)  the disclosure of protected information or the production of a protected document is to an individual; and

                     (b)  the information, or the information contained in the document, as the case may be, is only personal information about the individual; and

                     (c)  the information, or the information contained in the document, as the case may be, is information contained in the register kept under section 40 of the Financial Accountability Regime Act 2022 .

Note:          A defendant bears an evidential burden in relation to the matters in subsection (7H) (see subsection 13.3(3) of the Criminal Code ).

           (7J)  It is not an offence if:

                     (a)  the disclosure of protected information or the production of a protected document is by APRA; and

                     (b)  the information, or the information contained in the document, as the case may be, is information that discloses:

                              (i)  whether a person is disqualified under section 42 of the Financial Accountability Regime Act 2022 ; or

                             (ii)  a decision made under Division 2 of Part 3 of Chapter 3 of that Act (which is about disqualification of accountable persons), or the reasons for such a decision.

Note:          A defendant bears an evidential burden in relation to the matters in subsection (7J) (see subsection 13.3(3) of the Criminal Code) .

          (7K)  It is not an offence if the disclosure of protected information or the production of a protected document by a person is in accordance with section 39 of the Financial Accountability Regime Act 2022 .

Note:          A defendant bears an evidential burden in relation to the matters in subsection (7K) (see subsection 13.3(3) of the Criminal Code ).

          (7L)  It is not an offence if:

                     (a)  the disclosure of protected information or the production of a protected document is by ASIC, for the purposes of the performance of ASIC’s functions, or the exercise of ASIC’s powers; and

                     (b)  the protected information was disclosed previously to ASIC, or the protected document was produced previously to ASIC, in accordance with section 39 of the Financial Accountability Regime Act 2022 .

Note:          A defendant bears an evidential burden in relation to the matters in subsection (7L) (see subsection 13.3(3) of the Criminal Code ).

11  Paragraph 56(12)(a)

Omit “and (7F)”, substitute “, (7F), (7G), (7H), (7J), (7K) and (7L)”.

12  At the end of subsection 58(4)

Add:

                   ; (d)  section 101 or 102 of the Financial Accountability Regime Act 2022 .

13  After paragraph 59(2)(ba)

Insert:

                   (bb)  information about investigations (including joint investigations) conducted by APRA under Division 1 of Part 4 of Chapter 3 of the Financial Accountability Regime Act 2022 during the period;

14  After subsection 59(3)

Insert:

             (4)  Paragraph (2)(bb) does not authorise the inclusion in the annual report of information with respect to the affairs of a particular person.

Australian Securities and Investments Commission Act 2001

15  Subsection 12A(1)

Omit “Acts”.

16  At the end of subsection 12A(1)

Add:

                  ; (m)  the Financial Accountability Regime Act 2022 ;

                     (n)  Schedules 1 and 2 to the Financial Sector Reform Act 2022 .

17  After subsection 127(6)

Insert:

             (7)  A person (the officer ) commits an offence if:

                     (a)  the officer is or has been:

                              (i)  a member of ASIC; or

                             (ii)  a staff member; or

                            (iii)  a Commonwealth officer within the meaning of the Crimes Act 1914 ; and

                     (b)  the officer intentionally or recklessly, and directly or indirectly:

                              (i)  discloses information to any person or to a court; or

                             (ii)  produces a document to any person or to a court; and

                     (c)  if subparagraph (b)(i) applies—the information is protected information disclosed to, or obtained by, ASIC for the purposes of a function (a FAR-related function ) conferred on ASIC by:

                              (i)  the Financial Accountability Regime Act 2022 ; or

                             (ii)  Schedule 1 or 2 to the Financial Sector Reform Act 2022 ; and

                     (d)  if subparagraph (b)(ii) applies—the document:

                              (i)  is protected information and was given or produced to ASIC for the purposes of a FAR-related function; or

                             (ii)  contains protected information disclosed to, or obtained by, ASIC for the purposes of a FAR-related function; and

                     (e)  the officer acquired the information, or has or had access to the document, as the case may be, in the course of the officer’s duties as a member of ASIC, a staff member or a Commonwealth officer within the meaning of the Crimes Act 1914 .

Penalty:  Imprisonment for 2 years.

          (7A)  Subsection (7) does not apply if the disclosure or production constitutes authorised disclosure of the protected information for the purposes of subsection (1).

Note:          A defendant bears an evidential burden in relation to the matter in this subsection (see subsection 13.3(3) of the Criminal Code ).

             (8)  A document is an exempt document for the purposes of section 38 of the Freedom of Information Act 1982 if the document:

                     (a)  is protected information and was given or produced to ASIC; or

                     (b)  contains protected information disclosed to, or obtained by, ASIC;

for the purposes of a function conferred on ASIC by:

                     (c)  the Financial Accountability Regime Act 2022 ; or

                     (d)  Schedule 1 or 2 to the Financial Sector Reform Act 2022 .

18  After paragraph 136(1)(da)

Insert:

                   (db)  information about investigations (including joint investigations) conducted by ASIC under Division 1 of Part 4 of Chapter 3 of the Financial Accountability Regime Act 2022 during the period;

19  After subsection 136(2A)

Insert:

             (3)  Paragraph (1)(db) does not authorise the inclusion in the annual report of information with respect to the affairs of a particular person.

20  In the appropriate position

Insert:

Part 2 — Amendments for the end of the banking executive accountability regime

Australian Prudential Regulation Authority Act 1998

94  Subsection 56(1) (paragraph (cb) of the definition of protected document )

Repeal the paragraph.

95  Subsection 56(1) (paragraph (cb) of the definition of protected information )

Repeal the paragraph.

96  Paragraph 56(2)(c)

Omit “(7D), (7E), (7F),”.

97  Subsections 56(7D), (7E) and (7F)

Repeal the subsections.

98  Paragraph 56(12)(a)

Omit “(7D), (7E), (7F),”.

Banking Act 1959

99  Paragraph 2A(2)(e)

Repeal the paragraph.

100  Subsection 5(1) (definition of accountable person )

Repeal the definition.

101  Subsection 5(1) (paragraph (g) of the definition of direction under this Act )

Omit “31F;”, substitute “31F.”.

102  Subsection 5(1) (paragraph (h) of the definition of direction under this Act )

Repeal the paragraph.

103  Subsection 5(1)

Repeal the following definitions:

                     (a)  definition of large ADI ;

                     (b)  definition of medium ADI ;

                     (c)  definition of non-ADI holding company ;

                     (d)  definition of remuneration ;

                     (e)  definition of small ADI ;

                      (f)  definition of variable remuneration .

104  Subsection 11AF(1AC)

Repeal the subsection.

105  Paragraphs 11CG(1)(b) and (2)(a)

Omit “, 29 or 37DB”, substitute “or 29”.

106  Subsection 11CG(2A)

Omit “, 29 or 37DB”, substitute “or 29”.

107  Part IIAA

Repeal the Part.

Part 1 — Preliminary

1  Definitions

(1)       In this Schedule:

banking start time means the time when Part 2 of Schedule 1 commences.

BEAR means:

                     (a)  Part IIAA of the old Banking Act; and

                     (b)  any instruments made under that Part as in force immediately before the banking start time; and

                     (c)  any sections of the old Banking Act that apply in relation to a provision of that Part.

FAR Act means the Financial Accountability Regime Act 2022 .

FAR start time for a body corporate that is an accountable entity under subsection 9(3) of the FAR Act means the time when the body corporate starts to be an accountable entity, as determined under subsection 9(4) of the FAR Act.

old Banking Act means the Banking Act 1959 , and any instruments made under that Act, as in force immediately before the banking start time.

(2)       Expressions used in this Schedule that are defined for the purposes of the FAR Act, and used in relation to that Act, have the same meaning as in that Act.

(3)       Expressions used in this Schedule that were defined for the purposes of the old Banking Act, and are used in relation to that Act, have the same meaning as in that Act.

2  Section 7 of the Acts Interpretation Act 1901

This Schedule does not limit the effect of section 7 of the Acts Interpretation Act 1901 as it applies in relation to the repeals made by this Act.

3  Compensation for acquisition of property

(1)       If the operation of the old Banking Act, or of this Act or the FAR Act as it applies under this Act, would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the person.

(2)       Subitem (1) applies whether the acquisition of property occurred before or occurs after the commencement of this Part.

(3)       If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in:

                     (a)  the Federal Court of Australia; or

                     (b)  the Supreme Court of a State or Territory;

for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.

Part 2 — Banking sector

Division 1—Key personnel obligations

4  Persons registered under BEAR

When this item applies

(1)       This item applies in relation to a person and an ADI if, immediately before the banking start time:

                     (a)  the person is an accountable person of the ADI, or of a subsidiary of the ADI, under the old Banking Act; and

                     (b)  the person is registered under section 37HA of the old Banking Act.

Accountable persons taken to be registered under FAR

(2)       If, at the banking start time, the person is an accountable person of the ADI or the subsidiary under section 10 of the FAR Act, then the person is taken from the banking start time to be registered under the FAR Act as an accountable person in respect of the ADI or the subsidiary.

Note 1:    If the person was an accountable person of a subsidiary of the ADI, and the subsidiary is not a significant related entity of the ADI under the FAR Act, then the person may not be an accountable person of the ADI or the subsidiary under the FAR Act.

Note 2:    See also item 13 (old accountability statement taken to be new accountability statement).

Persons ceasing to be accountable persons

(3)       If, at the banking start time, the person is not an accountable person of the ADI or the subsidiary under section 10 of the FAR Act, then:

                     (a)  the person is taken to have ceased to be an accountable person of the ADI or the subsidiary for the purposes of the paragraph 32(a) of the FAR Act; and

                     (b)  for the purposes of subparagraph 31(1)(a)(i) of the FAR Act, that ceasing event is taken to have occurred at the banking start time.

Note:       Events mentioned in section 32 of the FAR Act must be notified to the Regulator in accordance with section 31 of the FAR Act (notification obligations of an accountable entity). Failure to comply with a notification obligation is a contravention of a civil penalty provision (see section 80 of the FAR Act).

5  Persons disqualified under BEAR

When this item applies

(1)       This item applies in relation to a person if:

                     (a)  before the banking start time, the person is disqualified from being, or acting as, an accountable person under section 37J of the old Banking Act; and

                     (b)  the disqualification is in effect immediately before the banking start time.

Persons are taken to be disqualified under FAR

(2)       The person is taken, from the banking start time, to be disqualified from being or acting as an accountable person under section 42 of the FAR Act.

(3)       For the purposes of subsection 42(2) of the FAR Act, the disqualification applies in accordance with the following table.

(4)       The period of disqualification ends when the period of the disqualification under the old Banking Act would have ended.

(5)       Paragraphs 42(1)(a) and (b) and subsections 42(3) to (7) of the FAR Act do not apply in relation to the disqualification.

Applications to vary or revoke disqualification

(6)       If:

                     (a)  before the banking start time, the person applies to APRA under section 37JA of the old Banking Act to vary or revoke the disqualification; and

                     (b)  as at the banking start time, the application has not been withdrawn by the applicant, or dealt with by APRA;

the application is taken, after the banking start time, to have been made under section 43 of the FAR Act.

6  Pending applications to register a person under BEAR

When this item applies

(1)       This item applies if:

                     (a)  before the banking start time, an application is made to APRA under section 37HA of the old Banking Act to register a person as an accountable person; and

                     (b)  as at the banking start time, the application has not been withdrawn by the applicant, or dealt with by APRA.

Application taken to be made under FAR

(2)       The application is taken to be an application made under section 41 of the FAR Act.

Note:       The Regulator may request further information under subsection 41(3) of the FAR Act.

(3)       For the purposes of paragraph 41(5)(a) of the FAR Act, the application is taken to have been made at the banking start time.

7  Persons filling a temporary or unforeseen vacancy when FAR starts

To avoid doubt, the period of 90 days referred to in paragraph 24(2)(a) of the FAR Act begins no earlier than the banking start time, regardless of when the person started to fill the temporary or unforeseen vacancy.

8  Applications to register under FAR

When this item applies

(1)       This item applies to a body corporate that is:

                     (a)  an ADI; or

                     (b)  an authorised NOHC of an ADI.

Early application for registration of accountable persons

(2)       From 30 days before the banking start time, the body corporate may apply to the Regulator under section 41 of the FAR Act to register a person as an accountable person in respect of the body or a significant related entity of the body.

(3)       If the body corporate makes the application before the banking start time, section 41 of the FAR Act (and any other provision of the FAR Act that applies in relation to that section) applies in relation to the body corporate as if the body corporate were an accountable entity.

Note:       Under paragraph 41(2)(d) of the FAR Act, if an accountable entity meets the enhanced notification threshold under subsection 31(3) of the FAR Act, the application must include an accountability statement for the person complying with section 33 of the FAR Act.

When registration comes into force

(4)       The registration of the person as an accountable person comes into force at the later of the following times:

                     (a)  the banking start time;

                     (b)  when the Regulator registers the person.

9  Disqualification under FAR for non-compliance with BEAR

            APRA may, after the banking start time, disqualify a person under section 42 of the FAR Act from being, or acting as, an accountable person if APRA is satisfied that:

                     (a)  the person has failed to comply with one or more of their obligations under section 37CA of the old Banking Act; and

                     (b)  the disqualification is justified, having regard to the seriousness of the failure to comply.

Note:          A decision to disqualify a person is a reviewable decision under Part 5 of Chapter 3 of the FAR Act.

Division 2—Deferred remuneration obligations

10  Deferral of variable remuneration continues under BEAR after FAR starts

When this item applies

(1)       This item applies in relation to a person if:

                     (a)  immediately before the banking start time, the person is an accountable person of an ADI, or of a subsidiary of an ADI, under the old Banking Act; and

                     (b)  at the banking start time, the person is an accountable person of the ADI or subsidiary under section 10 of the FAR Act.

Old Banking Act continues to apply until FAR applies

(2)       Despite the repeal of Part IIAA of the Banking Act 1959 by Part 2 of Schedule 1, the old Banking Act applies, after the banking start time, in relation to the variable remuneration of the accountable person unless Part 5 of Chapter 2 of the FAR Act applies to the variable remuneration (see item 11 of this Schedule).

Note:       APRA may exercise powers etc. under repealed provisions for the purposes of this item: see item 29.

11  Deferral of variable remuneration under FAR

When this item applies

(1)       This item applies in relation to a person who is an accountable person under section 10 of the FAR Act of an entity (the deferring entity ) that is, at the banking start time:

                     (a)  an accountable entity under subsection 9(1) of the FAR Act; or

                     (b)  a significant related entity of such an accountable entity.

FAR applies to financial years starting at least 6 months after banking start time

(2)       Part 5 of Chapter 2 of the FAR Act applies in relation to the variable remuneration of the accountable person only if the minimum deferral period for the variable remuneration (see section 28 of the FAR Act) starts in:

                     (a)  the first financial year of the deferring entity that begins after the end of the period of 6 months after the banking start time; or

                     (b)  a later financial year.

12  Deferral of variable remuneration under BEAR—savings provision

When this item applies

(1)       This item applies in relation to a person if:

                     (a)  immediately before the banking start time:

                              (i)  the person is an accountable person of an ADI, or of a subsidiary of an ADI, under the old Banking Act; and

                             (ii)  Division 4 of Part IIAA of the old Banking Act applies in relation to the variable remuneration of the person; and

                     (b)  at the banking start time, the person is not an accountable person of the ADI or the subsidiary under section 10 of the FAR Act.

Note:       If the person was an accountable person of a subsidiary of the ADI, and the subsidiary is not a significant related entity of the ADI under the FAR Act, then the person may not be an accountable person of the ADI or the subsidiary under the FAR Act.

Old Banking Act continues to apply

(2)       Despite the repeal of Part IIAA of the Banking Act 1959 by Part 2 of Schedule 1, the old Banking Act continues to apply, after the banking start time, in relation to the variable remuneration, as if that repeal had not happened.

Division 3—Notification obligations

13  Accountability statements under BEAR

When this item applies

(1)       This item applies if:

                     (a)  before the banking start time, an ADI or a subsidiary of an ADI gave APRA a document (the old accountability statement ) complying with section 37FA of the old Banking Act for a person who was registered under section 37HA of that Act; and

                     (b)  at the banking start time, the person is an accountable person of the ADI or of the subsidiary under section 10 of the FAR Act.

Note:       For transfer of registration of the person, see item 4.

(2)       The old accountability statement (including any changes notified to APRA before the banking start time) is taken, from the banking start time, to have been given to the Regulator in accordance with section 33 of the FAR Act for the person.

Note:       Any material change to the information contained in the accountability statement must be notified to the Regulator: see subsection 31(2) of the FAR Act.

14  Notification obligations under BEAR—savings provision

(1)       Despite the repeal of Part IIAA of the Banking Act 1959 by Part 2 of Schedule 1, the old Banking Act continues to apply, after the banking start time, in relation to an obligation covered by subitem (2) and arising before that time, as if that repeal had not happened.

(2)       For the purposes of subitem (1), the obligations are any of the following:

                     (a)  an obligation under paragraph 37F(1)(a) of the old Banking Act to notify APRA of a change to an accountability statement;

                     (b)  an obligation under paragraph 37F(1)(b) of the old Banking Act to notify APRA of a change to an accountability map;

                     (c)  an obligation under paragraph 37F(1)(c) of the old Banking Act to notify APRA of an event.

Division 4—Regulatory powers and enforcement

15  Directions about reallocating responsibilities given under BEAR

When this item applies

(1)       This item applies if:

                     (a)  before the banking start time, APRA gives a body corporate a direction under section 37DB of the old Banking Act in relation to a responsibility; and

                     (b)  as at the banking start time, APRA has not revoked the direction.

Direction under FAR Act taken to be given

(2)       After the banking start time, the direction continues in force (and may be dealt with) as if it had been given by the Regulator under section 65 of the FAR Act.

(3)       For the purposes of section 65 of the FAR Act:

                     (a)  the requirements in paragraphs 65(3)(a) and (c) are taken to be met; and

                     (b)  if the direction under section 37DB of the old Banking Act did not specify a period within which the direction is to be complied with—paragraph 65(3)(b) does not apply to the direction.

Secrecy obligations

(4)       If, immediately before the banking start time, the direction was covered by a determination under subsection 11CH(2) of the old Banking Act, then it is taken after the banking start time to be covered by a determination under subsection 67(2) of the FAR Act.

(5)       If, immediately before the banking start time, the direction was covered by a determination under subsection 11CK(2) or (5) of the old Banking Act, then it is taken after the banking start time to be covered by:

                     (a)  for a direction covered by a determination under subsection 11CK(2) of the old Banking Act—a determination under subsection 70(2) of the FAR Act;

                     (b)  for a direction covered by a determination under subsection 11CK(5) of the old Banking Act—a determination under subsection 70(4) of the FAR Act.

16  Directions under FAR for non-compliance with BEAR

When this item applies

(1)       This item applies if:

                     (a)  APRA has reason to believe that a body corporate has contravened a provision of Part IIAA of the old Banking Act before the banking start time; and

                     (b)  as at the banking start time, APRA has not given a direction under section 11CA of the old Banking Act in relation to the contravention; and

                     (c)  immediately after the banking start time, the body corporate is an accountable entity.

APRA may give direction under FAR Act

(2)       Both of the following apply:

                     (a)  APRA may give the body corporate a direction under section 64 of the FAR Act;

                     (b)  for the purposes of paragraph 64(3)(b) of the FAR Act, the ground for giving the direction is the contravention of the old Banking Act provision.

17  Revocation of authority for non-compliance with FAR

The amendment of section 9A of the Banking Act 1959 made by Part 1 of Schedule 1 applies in relation to a body corporate’s authority under section 9 of that Act whether the authority was granted before or after the banking start time.

18  Contraventions under BEAR—savings provision

(1)       Despite the repeal of Part IIAA of the Banking Act 1959 by Part 2 of Schedule 1, the old Banking Act continues to apply, after the banking start time, in relation to a contravention (or an alleged contravention) of a provision of the BEAR that occurs before that time, as if that repeal had not been made.

(2)       This item does not limit any other item of this Schedule.

Note:       As a result, APRA may have a choice as to whether to deal with BEAR non-compliance under the old Banking Act or whether to take action under the FAR Act in reliance on item 9 or 16 of this Schedule.

19  Directions under BEAR for non-compliance with BEAR—savings provision

When this item applies

(1)       This item applies if:

                     (a)  before the banking start time, APRA gives a body corporate a direction under section 11CA of the old Banking Act in relation to a contravention of the BEAR; and

                     (b)  as at the banking start time, APRA has not revoked the direction.

Old Banking Act continues to apply

(2)       Despite the repeals and amendments of the Banking Act 1959 made by Part 2 of Schedule 1, the old Banking Act continues to apply, after the banking start time, in relation to the direction, as if those repeals and amendments had not been made.

20  Review of decisions under BEAR—savings provision

Despite the repeal of Part IIAA of the Banking Act 1959 by Part 2 of Schedule 1, Part VI (review of decisions) of the old Banking Act continues to apply, after the banking start time, in relation to a decision made under Part IIAA of the Banking Act 1959 :

                     (a)  before the banking start time; or

                     (b)  after the banking start time as a result of the operation of a provision of this Schedule;

as if that repeal had not been made.

21  Enforceable undertakings and injunctions under BEAR—savings provision

To avoid doubt, the repeal of Part IIAA of the Banking Act 1959 by Part 2 of Schedule 1 does not affect:

                     (a)  an enforceable undertaking given under section 18A of the old Banking Act before the banking start time; or

                     (b)  an injunction granted under section 65A of the old Banking Act before the banking start time.

Part 3 — Other sectors

Division 1—Key personnel obligations

22  Applications to register under FAR

When this item applies

(1)       This item applies to a body corporate that is any of the following:

                     (a)  a general insurer;

                     (b)  an authorised NOHC of a general insurer;

                     (c)  a life company;

                     (d)  a registered NOHC of a life company;

                     (e)  a private health insurer;

                      (f)  an RSE licensee.

Early application for registration of accountable persons

(2)       From 30 days before the FAR start time for the body corporate, the body may apply to the Regulator under section 41 of the FAR Act to register a person as an accountable person in respect of the body or a significant related entity of the body.

(3)       If the body corporate makes the application before the FAR start time, section 41 of the FAR Act (and any other provision of the FAR Act that applies in relation to that section) applies in relation to the body corporate as if the body corporate were an accountable entity.

Note:       Under paragraph 41(2)(d) of the FAR Act, if the accountable entity meets the enhanced notification threshold under subsection 31(3) of the FAR Act, the application must include an accountability statement for the person complying with section 33 of the FAR Act.

When registration comes into force

(4)       The registration of the person as an accountable person comes into force at the later of the following times:

                     (a)  the FAR start time for the body corporate;

                     (b)  when the Regulator registers the person.

Division 2—Deferred remuneration obligations

23  Deferral of remuneration under FAR

When this item applies

(1)       This item applies in relation to a person who is an accountable person under section 10 of the FAR Act of:

                     (a)  an accountable entity under subsection 9(3) of the FAR Act; or

                     (b)  a significant related entity of such an accountable entity.

Deferred remuneration obligations apply when entity becomes an accountable entity

(2)       Part 5 of Chapter 2 of the FAR Act applies in relation to the variable remuneration of the accountable person only if the day referred to in paragraph 28(2)(a) of the FAR Act in relation to the remuneration occurs after the FAR start time for the accountable entity referred to in paragraph (1)(a) or (b) of this item.

Division 3—Insurance

24  Revocation of authorisation for non-compliance with FAR

The amendment of section 15 of the Insurance Act 1973 made by Part 1 of Schedule 1 applies in relation to a body corporate’s authorisation under section 12 of that Act whether the authorisation was granted before or after the FAR start time for the body corporate.

Division 4—Life insurance

25  Application for registration as a life company

The amendment of section 21 of the Life Insurance Act 1995 made by Part 1 of Schedule 1 applies in relation to an application under section 20 of the Life Insurance Act 1995 for registration as a life company if:

                     (a)  the application was made before the commencement of this Part and, as at that commencement, APRA has not decided the application; or

                     (b)  the application is made after that commencement.

26  Revocation of registration for non-compliance with FAR

The amendment of section 26 of the Life Insurance Act 1995 made by Part 1 of Schedule 1 applies in relation to a body corporate’s registration under section 21 of that Act whether the registration was made before or after the FAR start time for the body corporate.

Division 5—Private health insurance

27  Cancellation of registration for non-compliance with FAR

The amendment of section 21 of the Private Health Insurance (Prudential Supervision) Act 2015 made by Part 1 of Schedule 1 applies in relation to a body corporate’s registration under section 15 of that Act whether the registration was made before or after the FAR start time for the body corporate.

Division 6—Superannuation

28  Cancellation of RSE licence for non-compliance with FAR

The amendment of the definition of RSE licensee law in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993 made by Part 1 of Schedule 1 applies in relation to a body corporate’s RSE licence under section 29D of that Act whether the RSE licence was granted before or after the FAR start time for the body corporate.

Part 4 — APRA and ASIC

Division 1—Transition from the BEAR

29  Doing things under repealed provisions

(1)       The amendments of the Australian Prudential Regulation Authority Act 1998 and the Banking Act 1959 made by Part 2 of Schedule 1 do not apply for the purpose of APRA exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended):

                     (a)  in relation to variable remuneration to which the old Banking Act applies under item 10 of this Schedule; or

                     (b)  in relation to any other matter in relation to which an item of this Schedule requires or permits APRA to do something under the old Banking Act.

Secrecy

(2)       In addition to subitem (1), despite the amendments of section 56 of the Australian Prudential Regulation Authority Act 1998 made by Part 2 of Schedule 1, that Act as in force immediately before the banking start time, continues to apply in relation to:

                     (a)  information disclosed or obtained before or after the commencement of that Part and relating to the affairs of a person in relation to whom information is, or was, required to be given under Part IIAA of the Banking Act 1959 (including that Part as it continues to apply under an item of this Schedule); and

                     (b)  a document given or produced before or after the commencement of that Part and containing information relating to the affairs of a person in relation to whom information is, or was, required to be given under Part IIAA of the Banking Act 1959 (including that Part as it continues to apply under an item of this Schedule) .

30  Agreement about exercise of powers

Section 38 of the FAR Act does not apply in relation to APRA performing a function, or exercising a power, that an item of this Schedule requires or permits APRA to perform or exercise.

Division 2—Application of the FAR

31  Secrecy

The amendments of sections 3 and 56 of the Australian Prudential Regulation Authority Act 1998 made by Part 1 of Schedule 1 apply in relation to:

                     (a)  any disclosure of information after the commencement of that Part, whether the information was disclosed or obtained under, or for the purposes of, a prudential regulation framework law before or after that commencement; and

                     (b)  any production of a document after the commencement of that Part, whether the document was given or produced under, or for the purposes of, a prudential regulation framework law before or after that commencement.

32  Information to be included in APRA’s annual report

The amendment of section 59 of the Australian Prudential Regulation Authority Act 1998 made by Part 1 of Schedule 1 applies to reports on APRA’s investigations during the financial year ending on 30 June 2024, and later financial years.

33  Sharing information and documents between APRA and ASIC

(1)       Section 39 of the FAR Act is taken to apply in relation to information disclosed to or obtained by APRA or ASIC, or a document that is given or produced to APRA or ASIC, under or for the purposes of:

                     (a)  the BEAR; or

                     (b)  this Schedule.

(2)       Section 39 of the FAR Act (including as it applies because of subitem (1) of this item) applies in relation to information disclosed or obtained, or a document that is given or produced, whether before or after the FAR Act commences.

Part 5 — Transitional rules

34  Transitional rules

(1)       ASIC and APRA may jointly, by legislative instrument, make rules prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to:

                     (a)  the amendments or repeals made by this Act; or

                     (b)  the enactment of this Act or the FAR Act.

(2)       To avoid doubt, the rules may not do the following:

                     (a)  create an offence or civil penalty;

                     (b)  provide powers of:

                              (i)  arrest or detention; or

                             (ii)  entry, search or seizure;

                     (c)  impose a tax;

                     (d)  set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;

                     (e)  directly amend the text of this Act or the FAR Act.

(3)       This Act (other than subitem (2) of this item) does not limit the rules that may be made.

Part 1 — Main amendments

Corporations Act 2001

1  Section 761A

Insert:

accumulation recovery day means the day the Bill for the Financial Sector Reform Act 2022 was introduced into the House of Representatives.

AFCA’s accumulated unpaid fees has the meaning given by subsection 1058B(4).

AFCA’s unpaid fees , for a month, has the meaning given by subsection 1058B(2).

capital reserve establishment contribution has the same meaning as in the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2022 .

CSLR operator (short for financial services compensation scheme of last resort operator) means the person for whom an authorisation under section 1060 is in force.

CSLR staff member means:

                     (a)  a director, officer or employee of the CSLR operator; or

                     (b)  a person engaged as a consultant to, or to perform services for, the CSLR operator for the purposes of the financial services compensation scheme of last resort.

financial services compensation scheme of last resort means the financial services compensation scheme of last resort established under Part 7.10B.

financial services compensation scheme of last resort operator : see CSLR operator .

levy period has the same meaning as in the Financial Services Compensation Scheme of Last Resort Levy Act 2022 .

pre-CSLR complaint has the same meaning as in the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2022 .

relevant AFCA determination has the meaning given by section 1065.

revised claims, fees and costs estimate has the same meaning as in the Financial Services Compensation Scheme of Last Resort Levy Act 2022 .

sub-sector has the same meaning as in the Financial Services Compensation Scheme of Last Resort Levy Act 2022 .

sub-sector levy cap has the same meaning as in the Financial Services Compensation Scheme of Last Resort Levy Act 2022 .

2  At the end of Part 7.10A

Add:

Part 2 — Other amendments

Australian Securities and Investments Commission Act 2001

4  After paragraph 12A(1)(b)

Insert:

                   (ba)  the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2022 ;

5  After subparagraph 127(4)(aa)(i)

Insert:

                            (ia)  the CSLR operator (within the meaning of Chapter 7 of the Corporations Act 2001 );

Corporations Act 2001

6  After subsection 601AB(1B)

Insert:

          (1C)  ASIC may also decide to deregister a company if the company is liable to pay levy (within the meaning of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2022 ) and the company has not paid in full at least 12 months after the due date for payment:

                     (a)  the amount of the levy; and

                     (b)  the amount of any late payment penalty payable in relation to the levy; and

                     (c)  the amount of any shortfall penalty payable in relation to the levy.

7  After subsection 601AH(1A)

Insert:

          (1B)  ASIC may reinstate the registration of a company deregistered under subsection 601AB(1C) if:

                     (a)  ASIC receives an application in relation to the reinstatement of the company’s registration; and

                     (b)  the levy (within the meaning of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2022 ) imposed on the company is paid in full; and

                     (c)  the amount of any late payment penalty payable in relation to the levy is paid in full; and

                     (d)  the amount of any shortfall penalty payable in relation to the levy is paid in full.

8  After paragraph 915B(1)(f)

Insert:

               ; or (g)  is liable to pay levy (within the meaning of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2022 ) and has not paid in full at least 12 months after the due date for payment:

                              (i)  the amount of levy; and

                             (ii)  the amount of any late payment penalty in relation to the levy; and

                            (iii)  the amount of any shortfall penalty payable in relation to the levy.

9  After subsection 915B(1A)

Insert:

          (1B)  ASIC must cancel an Australian financial services licence held by an individual, by giving written notice to the individual, if:

                     (a)  the individual is required to pay an amount to another person in accordance with a relevant AFCA determination; and

                     (b)  the CSLR operator has paid, under section 1063, an amount of compensation to the other person for the relevant AFCA determination.

10  After paragraph 915B(2)(e)

Insert:

                ; or (f)  in the case of a partnership that is liable to pay levy (within the meaning of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2022 )—the following have not been paid in full at least 12 months after the due date for payment:

                              (i)  the amount of levy;

                             (ii)  the amount of any late payment penalty in relation to the levy;

                            (iii)  the amount of any shortfall penalty payable in relation to the levy.

11  After subsection 915B(2A)

Insert:

          (2B)  ASIC must cancel an Australian financial services licence held by a partnership, by giving written notice to the partnership, if:

                     (a)  one or more of the partners is required to pay an amount to a person in accordance with a relevant AFCA determination; and

                     (b)  the CSLR operator has paid, under section 1063, an amount of compensation to the person for the relevant AFCA determination.

12  After paragraph 915B(3)(e)

Insert:

                ; or (f)  the body is liable to pay levy (within the meaning of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2022 ) and has not paid in full at least 12 months after the due date for payment:

                              (i)  the amount of levy; and

                             (ii)  the amount of any late payment penalty in relation to the levy; and

                            (iii)  the amount of any shortfall penalty payable in relation to the levy.

13  After subsection 915B(3A)

Insert:

          (3B)  ASIC must cancel an Australian financial services licence held by a body corporate, by giving written notice to the body, if:

                     (a)  the body is required to pay an amount to a person in accordance with a relevant AFCA determination; and

                     (b)  the CSLR operator has paid, under section 1063, an amount of compensation to the person for the relevant AFCA determination.

14  After paragraph 915B(4)(e)

Insert:

                ; or (f)  in the case of a licensee that is a single legal entity under section 761FA of this Act and also liable to pay levy (within the meaning of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2022 )—the following have not been paid in full at least 12 months after the due date for payment:

                              (i)  the amount of levy;

                             (ii)  the amount of any late payment penalty in relation to the levy;

                            (iii)  the amount of any shortfall penalty payable in relation to the levy.

15  At the end of section 915B

Add:

          (4B)  ASIC must cancel an Australian financial services licence held by the trustees of a trust, by giving written notice to the trustees, if:

                     (a)  the trustees of the trust are required to pay an amount to a person in accordance with a relevant AFCA determination; and

                     (b)  the CSLR operator has paid, under section 1063, an amount of compensation to the person for the relevant AFCA determination.

16  After paragraph 920A(1)(j)

Insert:

                    (ja)  all of the following apply:

                              (i)  an individual who holds an Australian financial services licence, a partner in a partnership, a body corporate or a trustee of a trust is required to pay an amount in accordance with a relevant AFCA determination;

                             (ii)  the CSLR operator has paid, under section 1063, an amount of compensation for the relevant AFCA determination;

                            (iii)  at the time the payment is made by the CSLR operator, the person is the individual licensee, a partner in the partnership, an officer of the body corporate or the trustee of the trust; or

17  After paragraph 1317C(gdc)

Insert:

                (gdca)  a decision by ASIC under subsection 915B(1B), (2B), (3B) or (4B) (immediate cancellation of an Australian financial services licence); or

18  In the appropriate position in Schedule 3

Insert:

National Consumer Credit Protection Act 2009

19  At the end of subsection 54(1)

Add:

               ; or (e)  in the case of a licensee that is liable to pay levy (within the meaning of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2022 )—the following have not been paid in full at least 12 months after the due date for payment:

                              (i)  the amount of levy;

                             (ii)  the amount of any late payment penalty in relation to the levy;

                            (iii)  the amount of any shortfall penalty payable in relation to the levy.

20  After subsection 54(1A)

Insert:

          (1B)  ASIC must cancel a licensee’s licence if:

                     (a)  the licensee is required to pay an amount to a person in accordance with a relevant AFCA determination (within the meaning of Chapter 7 of the Corporations Act 2001 ); and

                     (b)  the CSLR operator (within the meaning of that Chapter) has paid, under section 1063 of that Act, an amount of compensation to the person for the relevant AFCA determination.

21  After paragraph 80(1)(fb)

Insert:

                  (fba)  if all of the following apply:

                              (i)  an individual who holds a licence, a partner in a partnership, a body corporate or a trustee of a trust is required to pay an amount in accordance with a relevant AFCA determination (within the meaning of Chapter 7 of the Corporations Act 2001 );

                             (ii)  the CSLR operator (within the meaning of that Chapter) has paid, under section 1063 of that Act, an amount of compensation for the relevant AFCA determination;

                            (iii)  at the time the payment is made by the CSLR operator, the person is the individual licensee, a partner in the partnership, an officer (within the meaning of that Act) of the body corporate or the trustee of the trust; or

22  Before paragraph 327(1)(a)

Insert:

                    (aa)  a decision of ASIC under subsection 54(1B) (which deals with immediate cancellation of a licence); or

Part 1 — Small amount credit contracts

National Consumer Credit Protection Act 2009

1  Subsection 5(1)

Insert:

repayment date : see subsection 133CD(3).

unsolicited communication to a consumer : see subsection 133CF(2).

2  Section 111 (paragraph beginning “Division 7”)

Repeal the paragraph, substitute:

3  Subsection 117(1A)

Omit “obtain and consider account statements that cover”, substitute “obtain and consider information about each transaction on the account, and the balances of the account, during”.

4  Subsection 118(3A)

Repeal the subsection.

5  Subsection 123(3A)

Repeal the subsection.

6  Section 124B

Repeal the section, substitute:

Part 2 — Consumer leases

National Consumer Credit Protection Act 2009

20  Subsection 5(1)

Insert:

consumer lease for household goods has the same meaning as in section 204 of the National Credit Code.

household goods has the same meaning as in section 204 of the National Credit Code.

21  At the end of section 134

Add:

22  After subsection 140(1)

Insert:

          (1A)  If:

                     (a)  the consumer lease is a consumer lease for household goods; and

                     (b)  the consumer holds (whether alone or jointly with another person) an account with an ADI into which income payable to the consumer is credited;

the licensee must, in verifying the consumer’s financial situation for the purposes of paragraph 138(1)(d), obtain and consider information about each transaction on the account, and the balances of the account, during at least the immediately preceding period of 90 days.

          (1B)  Subsection (1A) does not limit paragraph (1)(c).

23  At the end of Part 3-3

Add:

Part 3 — Proscribed referrals

National Consumer Credit Protection Act 2009

57  Subsection 5(1)

Insert:

proscribed referral : see subsection 160G(2).

58  At the end of section 160A

Add:

59  At the end of Part 3-6A

Add:

Part 4 — Avoidance

National Consumer Credit Protection Act 2009

60  Subsection 5(1)

Insert:

avoidance purpose : see subsection 323A(2).

constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.

constitutional trade and commerce means trade and commerce:

                     (a)  between Australia and places outside Australia; or

                     (b)  between the States; or

                     (c)  between a State and a Territory; or

                     (d)  between 2 Territories; or

                     (e)  within a Territory.

scheme means:

                     (a)  any agreement, arrangement, understanding, promise or undertaking, whether express or implied; or

                     (b)  any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise; or

                     (c)  any combination of 2 or more things that are schemes because of paragraph (a) or (b).

61  Section 323

After:

insert:

62  After Division 1 of Part 7-1

Insert:

Part 5 — Consumer leases for indefinite terms

National Consumer Credit Protection Act 2009

63  Subsection 171(1) of the National Credit Code (heading)

Omit “ or indefinite ”.

64  Subsection 171(1) of the National Credit Code

Omit all the words after “or less”.

65  After subsection 171(1) of the National Credit Code

Insert:

Leases for an indefinite period

          (1A)  This Part does not apply to a consumer lease for an indefinite period unless:

                     (a)  the lessor is a constitutional corporation at the time that the lease is entered into; or

                     (b)  the lease was entered into in the course of constitutional trade and commerce; or

                     (c)  the lease was entered into using postal, telegraphic, telephonic or other like services (within the meaning of paragraph 51(v) of the Constitution).

66  Subsection 175H(1) of the National Credit Code

Omit “not later than 90 days before the end of the fixed term of a consumer lease”, substitute “by the time specified in subsection (1A)”.

67  After subsection 175H(1) of the National Credit Code

Insert:

          (1A)  The time by which the statement required by subsection (1) must be given is:

                     (a)  in the case of a consumer lease for an indefinite period—before the end of the period of 7 business days after:

                              (i)  the lessor receives a request for the statement from the lessee; or

                             (ii)  if the lessor does not receive such a request before the consumer lease ends—the day that the consumer lease ends; or

                     (b)  in the case of a consumer lease for a fixed term—not later than 90 days before the end of the fixed term of the consumer lease.

68  Before subsection 179(1) of the National Credit Code

Insert:

Early termination of consumer leases for fixed terms

69  Subsection 179(1) of the National Credit Code

After “consumer lease”, insert “for a fixed term”.

70  After subsection 179(1) of the National Credit Code

Insert:

Consumer leases for indefinite periods

          (1A)  A lessee under a consumer lease for an indefinite period may, at any time, end the lease by returning the goods hired under the lease to the lessor:

                     (a)  during ordinary business hours; or

                     (b)  at such other time as may be agreed with the lessor or fixed by the court on the application of the lessee.

71  Before subsection 179(2) of the National Credit Code

Insert:

Amount payable by lessee on termination

72  Subsection 179(2) of the National Credit Code

Omit “before the end of its fixed term”.

73  Subsection 204(1) of the National Credit Code

Insert:

constitutional corporation has the same meaning as in section 5 of the National Credit Act.

constitutional trade and commerce has the same meaning as in section 5 of the National Credit Act.

Part 6 — Consequential and other amendments

National Consumer Credit Protection Act 2009

74  Subsection 5(1)

Insert:

constrained document : see subsection 160CA(1).

constrained information : see subsection 160CA(1).

hardship notice has the same meaning as in section 204 of the National Credit Code.

75  Section 160A (after the paragraph beginning “Division 2”)

Insert:

76  After Division 2 of Part 3-6A

Insert:

Part 7 — Application provisions

National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009

78  In the appropriate position

Insert:

Schedule 19—Application provisions for Schedule 4 to the Financial Sector Reform Act 2022

1  Definitions

In this Schedule:

amending Schedule means Schedule 4 to the Financial Sector Reform Act 2022 .

2  Amendments of the National Credit Act—repeal of rebuttable presumptions

The repeals of the following provisions of the National Credit Act, as made by Part 1 of the amending Schedule, apply for the purposes of proceedings relating to a contravention of a provision of the National Credit Act if the proceedings commence on or after the commencement of that Part:

                     (a)  subsection 118(3A);

                     (b)  subsection 123(3A);

                     (c)  subsection 131(3A);

                     (d)  subsection 133(3A).

3  Amendments of the National Credit Act—representations and communications

(1)       The amendment, addition or insertion of the following sections of the National Credit Act, as made by Parts 1 and 2 of the amending Schedule, applies in relation to representations made on or after the day those Parts commence:

                     (a)  section 124B;

                     (b)  section 133CB;

                     (c)  section 147A;

                     (d)  section 156A.

(2)       Section 133CF of the National Credit Act, as added by Part 1 of the amending Schedule, applies in relation to:

                     (a)  the making of an unsolicited communication on or after the day that Part commences; and

                     (b)  the arranging for the making of an unsolicited communication if the arrangement is entered into on or after that day.

4  Amendments of the National Credit Act—assessments

The amendment, addition or insertion of the following sections of the National Credit Act, as made by Parts 1 and 2 of the amending Schedule, applies in relation to preliminary assessments and assessments made on or after the day those Parts commence:

                     (a)  section 124C;

                     (b)  section 133CE;

                     (c)  section 147B;

                     (d)  section 156C.

5  Amendments of the National Credit Act—inquiries and verifications

The amendments of the following sections of the National Credit Act, as made by Parts 1 and 2 of the amending Schedule, apply in relation to verifications made on or after the day those Parts commence:

                     (a)  section 117;

                     (b)  section 130;

                     (c)  section 140;

                     (d)  section 153.

6  Amendments of the National Credit Act—payments required under small amount credit contracts or consumer leases

The amendment, addition or insertion of the following sections of the National Credit Act, as made by Parts 1 and 2 of the amending Schedule, applies in relation to small amount credit contracts or consumer leases entered into or offers made to enter into small amount credit contracts or consumer leases, on or after the day those Parts commence:

                     (a)  section 133CC;

                     (b)  section 133CD;

                     (c)  section 156B.

7  Application of section 160G of the National Credit Act—proscribed referrals

Section 160G of the National Credit Act, as added by Part 3 of the amending Schedule, applies to a referral by a licensee if:

                     (a)  the referral is made on or after the commencement of that Part; and

                     (b)  the licensee was not, immediately before that commencement, under a contractual obligation to make the referral.

8  Application of Division 1A of Part 7-1 of the National Credit Act—avoidance schemes

(1)       Division 1A of Part 7-1 of the National Credit Act, as inserted by Part 4 of the amending Schedule, applies to conduct that relates to schemes connected with a contract if:

                     (a)  the contract was:

                              (i)  entered into on or after the day that Part 4 of the amending Schedule commences; or

                             (ii)  amended, on or after that day, to extend the term of the contract; and

                     (b)  the conduct occurs on or after the day that Part 4 of the amending Schedule commences.

(2)       Division 1A of Part 7-1 of the National Credit Act, as inserted by Part 4 of the amending Schedule, also applies to conduct that relates to schemes connected with a product intervention order made under Part 6-7A of the National Credit Act if the conduct occurs on or after the day that Part 4 of the amending Schedule commences, whether the product intervention order came into force before, or comes into force on or after, that day.

9  Application of section 160CB of the National Credit Act—use or disclosure of documents and information

Section 160CB of the National Credit Act, as inserted by Part 6 of the amending Schedule, applies to a use or disclosure of:

                     (a)  a constrained document; or

                     (b)  information contained in a constrained document; or

                     (c)  constrained information;

if the use or disclosure occurs on or after the day that Part commences.

10  Application of section 31C of the new Credit Code—unexpired monthly fees

Section 31C of the new Credit Code, as inserted by Part 1 of the amending Schedule, applies to small amount credit contracts entered into on or after the day that Part commences.

11  Application of subsection 82(2) of the new Credit Code—paying out credit contracts

Subsection 82(2) of the new Credit Code, as amended by Part 1 of the amending Schedule, applies in relation to small amount credit contracts entered into before, on or after the day that Part commences.

12  Amendments of the new Credit Code—consumer leases

(1)       The amendment, addition or insertion of the following sections of the new Credit Code, as made by Parts 2 and 5 of the amending Schedule, applies in relation to consumer leases entered into on or after the day those Parts commence:

                     (a)  section 111;

                     (b)  section 112;

                     (c)  section 113;

                     (d)  section 114A;

                     (e)  section 115;

                      (f)  section 116;

                     (g)  section 117;

                     (h)  section 118;

                      (i)  section 119;

                      (j)  section 120;

                     (k)  section 121;

                      (l)  section 124;

                    (m)  section 171;

                     (n)  section 174;

                     (o)  section 175AA;

                     (p)  section 175AC;

                     (q)  section 175H;

                      (r)  section 179;

                      (s)  section 179GA;

                      (t)  section 179VB;

                     (u)  section 179VC.

(2)       The insertion of sections 175AA and 175AC of the new Credit Code, as made by Part 2 of the amending Schedule, also applies in relation to the variation on or after the day that Part commences of consumer leases (whether entered into before, on or after that day).

13  Application of section 179VA of the new Credit Code—canvassing of consumer leases for household goods

Section 179VA of the new Credit Code, as added by Part 2 of the amending Schedule, applies in relation to:

                     (a)  the making of an unsolicited communication on or after the day that Part commences; and

                     (b)  the arranging for the making of an unsolicited communication if the arrangement is entered into on or after that day.