Page 964 - Week 04 - Wednesday, 17 June 1992
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SCRUTINY OF BILLS AND SUBORDINATE LEGISLATION -
STANDING COMMITTEE
Reports and Statement
MRS GRASSBY: I present reports Nos 5 and 6 of 1992 of the Standing Committee on the Scrutiny of Bills and Subordinate Legislation and I seek leave to make a brief statement.
Leave granted.
MRS GRASSBY: Report No. 5, which I have just presented, was circulated to members out of session on 2 June 1992. Pursuant to the committee's terms of reference, report No. 6 details the committee's comments on two Bills and 12 pieces of legislation. I commend the report to the Assembly.
FINANCIAL INSTITUTIONS (APPLICATION OF LAWS) BILL 1992
MS FOLLETT (Chief Minister and Treasurer) (3.34): I present the Financial Institutions (Application of Laws) Bill 1992.
Title read by Clerk.
MS FOLLETT: Mr Deputy Speaker, I move:
That this Bill be agreed to in principle.
The Financial Institutions (Application of Laws) Bill 1992 is the first of a package of three Bills which I will introduce today to implement ACT participation in a uniform national scheme for the regulation of building societies and credit unions. The other two Bills which make up the package are the Financial Institutions (Supervisory Authority) Bill 1992 and the Financial Institutions (Consequential Amendments) Bill 1992. All States and Territories are committed to introduce the new scheme, which will take effect from 1 July 1992. The recent crisis in non-bank financial institutions, particularly in Victoria, highlighted the need for more stringent and uniform prudential standards governing the operations of building societies and credit unions throughout Australia.
In November last year Premiers and Chief Ministers signed a formal agreement committing the States and Territories to a process which culminated in consideration of uniform legislation, and a new financial institutions scheme for State and Territory based prudential supervision of permanent building societies and credit unions throughout Australia. The communique from the Adelaide conference of Premiers and Chief Ministers stated:
The formal agreement represents a notable example of the States and Territories working together to effect reform in an area of important concern to all jurisdictions. It also reflects a constructive spirit of cooperation between Governments and industry.
Mr Deputy Speaker, the national scheme has two major components which will apply uniformly to all States and Territories. These components are the Australian Financial Institutions Commission Code and the Financial Institutions Code. These codes were passed by the Queensland Parliament in March this year.
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