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Name of Regulations
1 Name of Regulations
These Regulations are the Financial Sector (Collection of Data) Regulations 2008.
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Commonwealth legislation
This Act has been repealed and is no longer in force. It is retained for historical reference.
These regulations implement data-collection rules under the Financial Sector (Collection of Data) Act 2001 by defining “discretionary mutual funds” — including multi-contributor pooled schemes and single‑contributor (captive) arrangements where payouts depend on a decision‑maker — so those insurance‑style entities fall within the Act’s scope.
They also add the ABS, the Department of Agriculture (chemicals regulation) and the Department of Health (private health insurance) as authorised recipients of collected financial data, widening access for regulatory and policy use.
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Direct links to the current provisions in Financial Sector (Collection of Data) Regulations 2008.
These Regulations are the Financial Sector (Collection of Data) Regulations 2008.
In these Regulations:
Act means the Financial Sector (Collection of Data) Act 2001.
(1) For paragraph 5(5)(b) of the Act, a fund meeting the following criteria is declared to be a discretionary mutual fund: (a) 2 or more persons have contributed to the fund; (b) payments have been or may be made out of the fund in respect of liabilities, losses, damages or expenses of the contributors; (c) the fund is governed by rules under which any such payments for the benefit of the contributors are subject to a discretion of a person or body other than the contributors. (2) For paragraph 5(5)(b) of the Act, a fund meeting the following criteria is declared to be a discretionary mutual fund: (a) only 1 person contributes or has contributed to the fund; (b) payments have been or may be made out of the fund in respect of liabilities, losses, damages or expenses of the contributor or another person (the covered person); (c) the fund is governed by rules under which any such payments for the benefit of the contributor or the covered person are subject to a discretion of a person or body other than the contributor or the covered person.
For paragraph (c) of the definition of financial sector agency in section 31 of the Act, the following agencies are prescribed: (a) the Australian Bureau of Statistics; (aa) the Department administered by the Minister administering the Agricultural and Veterinary Chemicals Act 1994; (b) the Department administered by the Minister administering the Private Health Insurance Act 2007.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
These Regulations are the Financial Sector (Collection of Data) Regulations 2008.
In these Regulations:
Act means the Financial Sector (Collection of Data) Act 2001.
(1) For paragraph 5(5)(b) of the Act, a fund meeting the following criteria is declared to be a discretionary mutual fund: (a) 2 or more persons have contributed to the fund; (b) payments have been or may be made out of the fund in respect of liabilities, losses, damages or expenses of the contributors; (c) the fund is governed by rules under which any such payments for the benefit of the contributors are subject to a discretion of a person or body other than the contributors. (2) For paragraph 5(5)(b) of the Act, a fund meeting the following criteria is declared to be a discretionary mutual fund: (a) only 1 person contributes or has contributed to the fund; (b) payments have been or may be made out of the fund in respect of liabilities, losses, damages or expenses of the contributor or another person (the covered person); (c) the fund is governed by rules under which any such payments for the benefit of the contributor or the covered person are subject to a discretion of a person or body other than the contributor or the covered person.
For paragraph (c) of the definition of financial sector agency in section 31 of the Act, the following agencies are prescribed: (a) the Australian Bureau of Statistics; (aa) the Department administered by the Minister administering the Agricultural and Veterinary Chemicals Act 1994; (b) the Department administered by the Minister administering the Private Health Insurance Act 2007.