Financial Sector (Collection of Data) Regulations 2018
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Commonwealth Coat of Arms of Australia
Financial Sector (Collection of Data) Regulations 2018
I, General the Honourable Sir Peter Cosgrove AK MC (Ret’d), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.
Dated 07 June 2018
Peter Cosgrove
Governor‑General
By His Excellency’s Command
Kelly O’Dwyer
Minister for Revenue and Financial Services
Contents
1 Name
2 Commencement
3 Authority
4 Schedules
5 Definitions
6 Discretionary mutual funds
7 Financial sector agencies
Schedule 1—Repeals
Financial Sector (Collection of Data) Regulations 2008
1 Name
This instrument is the Financial Sector (Collection of Data) Regulations 2018.
2 Commencement
(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
- Commencement information
- Column 1 Column 2 Column 3
- Provisions Commencement Date/Details
-
- The whole of this instrument 1 October 2018. 1 October 2018
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3 Authority
This instrument is made under the Financial Sector (Collection of Data) Act 2001.
4 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
5 Definitions
In this instrument:
Act means the Financial Sector (Collection of Data) Act 2001.
6 Discretionary mutual funds
(1) For the purposes of 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 the purposes of paragraph 5(5)(b) of the Act, a fund meeting the following criteria is declared to be a discretionary mutual fund:
(a) only one 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.
7 Financial sector agencies
For the purposes of paragraph (c) of the definition of financial sector agency in section 31 of the Act, the following authorities are prescribed:
(a) the Australian Bureau of Statistics;
(b) the Department administered by the Minister administering the Agricultural and Veterinary Chemicals Act 1994;
(c) the Department administered by the Minister administering the Private Health Insurance Act 2007.
Schedule 1—Repeals
Financial Sector (Collection of Data) Regulations 2008
1 The whole of the instrument
Repeal the instrument.