Sue Lines (President) Share this | Hansard source

The question now is that this bill be now read a second time.

Question agreed to.

Bill read a second time.

I will now deal with the Committee of the Whole amendments, starting with the amendments circulated by the opposition. The question is that the amendments on sheet 3415 be agreed to.

Opposition's circulated amendment s

(1) Schedule 1, page 4 (after line 33), after item 5, insert:

5A Subsection 11(1)

Omit "by notifiable instrument", substitute "by legislative instrument".

(2) Schedule 1, item 7, page 5 (lines 6 to 10), omit the item, substitute:

7 Savings provision

Despite the amendments made by this Part, any instrument made under subsection 11(1) of the Payment Systems (Regulation) Act 1998 that was in force immediately before the commencement of this Part continues in force on and after that commencement.

(3) Schedule 1, item 29, page 11 (line 3), omit "by notifiable instrument", substitute "by legislative instrument".

(4) Page 44 (after line 12), at the end of the Bill, add:

Schedule 2 — Amendments of the Legislation (Exemptions and Other Matters) Regulation 2015

Legislation (Exemptions and Other Matters) Regulation 2015

1 Section 10 (table item 26)

Repeal the item.

2 Application of amendments

The repeal of item 26 of the table in section 10 of the Legislation (Exemptions and Other Matters) Regulation 2015 applies in relation to legislative instruments made on or after the commencement of this item.

Question agreed to.

The question is that amendment (1) on sheet 3392 be agreed to.

The Australian Greens ' circulated amendment s

(1) Page 44 (after line 12), at the end of the Bill, add:

Schedule 2 — Reducing conflicts of interest on Reserve Bank boards

Reserve Bank Act 1959

1 Subsection 5(1)

Insert:

ASX listed company means a company any of the shares in the capital of which are listed for quotation in the official list of ASX Limited.

licensed CS facility has the same meaning as in the Corporations Act 2001.

participant, in a payment system, has the same meaning as in the Payment Systems (Regulation) Act 1998.

payment system has the same meaning as in the Payment Systems (Regulation) Act 1998.

2 Paragraph 25AB(2)(c)

Repeal the paragraph, substitute:

(c) a director, officer or employee of an ADI or an ASX listed company.

3 After section 25AJ

Insert:

25AJA Undertaking by Board members

(1) Each person who is a member of the Monetary Policy Board must, before first starting to perform the duties of the office, give the Treasurer a written undertaking that the person will not, within the period of 5 years after ceasing to hold the office, become a director, officer or employee of an ADI or an ASX listed company.

(2) The undertaking must be in the form (if any) prescribed by the regulations.

(3) The Treasurer must cause a copy of the undertaking to be published on the Department's website.

4 Subparagraph 25AM(2)(c)(iii)

Repeal the subparagraph, substitute:

(iii) a director, officer or employee of an ADI or an ASX listed company.

5 After subsection 25B(3)

Insert:

(3A) A person must not be appointed under subsection (3) if the person is a director, officer or employee of an ADI, a licensed CS facility or a participant in a payment system that is an administrator of the system.

6 After section 25E

Insert:

25EAA Undertaking by Board members

(1) Each person who is a member of the Payments System Board must, before first starting to perform the duties of the office, give the Treasurer a written undertaking that the person will not, within the period of 5 years after ceasing to hold the office, become a director, officer or employee of an ADI, a licensed CS facility or a participant in a payment system that is an administrator of the system.

(2) The undertaking must be in the form (if any) prescribed by the regulations.

(3) The Treasurer must cause a copy of the undertaking to be published on the Department's website.

7 After paragraph 25L(4)(b)

Insert:

(ba) the member is or becomes a director, officer or employee of an ADI, a licensed CS facility or a participant in a payment system that is an administrator of the system; or

8 Application of amendments

(1) The amendments of sections 25AB, 25AM, 25B and 25L of the Reserve Bank Act 1959 made by this Schedule apply in relation to appointments that are made on or after the commencement of this item.

(2) Section 25AJA of the Reserve Bank Act 1959, as inserted by this Schedule, applies in relation to a member of the Monetary Policy Board who first starts to perform the duties of the office on or after the commencement of this item.

(3) Section 25EAA of the Reserve Bank Act 1959, as inserted by this Schedule, applies in relation to a member of the Payments System Board who first starts to perform the duties of the office on or after the commencement of this item.