Bill
Financial Sector Reform (Hayne Royal Commission Response) Bill 2020
passed, as at 2020-12-17. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2020-11-12
- second reading — 2020-11-12
- second reading — 2020-12-09
- second reading — 2020-12-09
- committee — 2020-12-09
- third reading — 2020-12-09
- introduced — 2020-12-09
- second reading — 2020-12-09
- second reading — 2020-12-10
- third reading — 2020-12-10
- other — 2020-12-10
- passed — 2020-12-10
- royal assent — 2020-12-17
Divisions
- The majority voted in favour of *disagreeing* with an [amendment](https://www.openaustralia.org.au/debate/?id=2020-12-09.32.2) introduced by the MP Kingsford Smith [Matt Thistlethwaite](https://theyvoteforyou.org.au/people/representatives/kingsford_smith/matt_thistlethwaite), which means it failed. ### Amendment text > *(1) Schedule 3, page 36 (after line 14), at the end of section 12DX, add:* > > *Pre-condition for making regulations* > > *(3) Before making regulations for the purposes of subsection (1), the Governor-General must ensure the Minister is satisfied that the class of add-on insurance products has historically been good value.* ### Wording of section 12DX > *12DX Exemption by regulations* > > *Regulations may exempt a class of products* > > *(1) The regulations may exempt a class of add-on insurance products from sections 12DQ, 12DR and 12DS.* > > *Conditions on exemptions* > > *(2) An exemption under subsection (1) may be subject to conditions specified in the regulations.* > > *Note: A person who contravenes a condition may commit an offence (see section 12DZA).* — 2020-12-09, House of Representatives: affirmative, ayes 66, noes 57
- The majority voted in favour of *disagreeing* with an [amendment](https://www.openaustralia.org.au/debate/?id=2020-12-09.41.1) introduced by MP for Whitlam [Stephen Jones](https://theyvoteforyou.org.au/people/representatives/whitlam/stephen_jones) (Labor), which means it failed. ### Amendment text > *(1) Schedule 9, item 66, page 106 (lines 29 to 33), omit paragraphs (a) and (b), substitute,* > >> *(a) liabilities imposed on or after 1 January 2022; and* >> >> *(b) amounts that become payable under infringement notices (however described) given on or after 1 January 2022.* ### Original wording > *66 Application and transitional—indemnification* > > *The amendments of sections 56 and 57 of the Superannuation Industry (Supervision) Act 1993 made by items 63 and 64 of this Schedule apply in relation to:* > >> *(a) liabilities imposed on or after the commencement of those items; and* >> >> *(b) amounts that become payable under infringement notices (however described) given on or after the commencement of those items.* — 2020-12-09, House of Representatives: affirmative, ayes 66, noes 57
Plain-language summary
No machine-written summary in this export.
Sources
em
billhome
frl act