Australian Financial Institutions Commission Act 1992
AUSTRALIAN FINANCIAL INSTITUTIONS COMMISSION ACT
1992
QueenslandAUSTRALIANFINANCIALINSTITUTIONSCOMMISSIONACT1992Reprinted as in
force on 7 October 1997(includes amendments up to Act No. 33
of 1997)Reprint No. 2AThis reprint is
prepared bythe Office of the Queensland Parliamentary
CounselWarning—This reprint is not an authorised
copy
Information about this reprintThis
Act is reprinted as at 7 October 1997.The reprint shows
the law as amended byall amendments that commenced on or
before that day (Reprints Act 1992 s 5(c)).Thereprintincludesareferencetothelawbywhicheachamendmentwasmade—see list of legislation and list of
annotations in endnotes.Thispageisspecifictothisreprint.SeepreviousreprintsforinformationaboutearlierchangesmadeundertheReprintsAct1992.Atableofearlierreprintsisincluded in the endnotes.Also
see endnotes for information about—•when
provisions commenced•editorial changes made in earlier
reprints.
s13s3Australian Financial Institutions
CommissionAct 1992AUSTRALIAN
FINANCIAL INSTITUTIONSCOMMISSION ACT 1992[as
amended by all amendments that commenced on or before 7 October
1997]An Act to make provision for a uniform
legislative scheme for certainfinancialinstitutionsand,inparticular,toestablishtheAustralian Financial Institutions
Commission†PART 1—PRELIMINARY†Division 1—Introductory˙Short
title1.ThisActmaybecitedastheAustralianFinancialInstitutionsCommission Act
1992.˙Commencement2.This
Act commences on a day to be fixed by proclamation.†Division 2—Interpretation˙Definitions3.In
this Act—“AFIC”means the
Australian Financial Institutions Commission.“AFIC(Queensland)Code”means the provisions applying because
ofsection 9.
s44s6Australian Financial Institutions
CommissionAct 1992“AFIC(Queensland)Regulations”meanstheprovisionsapplyingbecause of section 10.“AppealsTribunal”means the
Australian Financial Institutions AppealsTribunal.“financial institutions legislation”has
the meaning given by section 8 ofthe AFIC
(Queensland) Code.“Financial Institutions (Queensland)
Code”has the same meaning as intheFinancial Institutions (Queensland)
Act 1992.“Ministerial Council”has
the meaning given by section 3 of the AFIC(Queensland)
Code.†PART 2—ESTABLISHMENT OF AFIC AND
ITSBOARD˙Establishment of AFIC4.AcommissioncalledtheAustralianFinancialInstitutionsCommission is
established.˙AFIC is a body corporate etc.5.The Australian Financial Institutions
Commission—(a)is a body corporate; and(b)has a seal; and(c)may
sue and be sued in its corporate name.˙AFIC
exempt public authority under Corporations Law ofQueensland6.AFICisanexemptpublicauthorityforthepurposesoftheCorporations Law of
Queensland.
s75Australian
Financial Institutions CommissionAct 1992˙The Board7.There is a board of directors of
AFIC.s 10†PART
3—ESTABLISHMENT OF APPEALSTRIBUNAL˙Establishment8.A
tribunal called the Australian Financial Institutions Appeals
Tribunalis established.†PART
4—AFIC (QUEENSLAND) CODE AND AFIC(QUEENSLAND)
REGULATIONS˙Application in Queensland of the AFIC
Code9.The AFIC Code set out in section 21 as
in force for the time being—(a)applies as a law of Queensland; and(b)assoapplyingmaybereferredtoastheAFIC(Queensland)Code.˙Application of regulations in force
under Part 510.The regulations in force for the time
being under Part 5—(a)applyasregulationsinforceforthepurposesoftheAFIC(Queensland)
Code; and(b)assoapplyingmaybereferredtoastheAFIC(Queensland)Regulations.
s
116s 12Australian
Financial Institutions CommissionAct 1992˙Interpretation of some expressions in
the AFIC (Queensland) Codeand the AFIC (Queensland)
Regulations11.(1)IntheAFIC(Queensland)CodeandtheAFIC(Queensland)Regulations—“CorporationsLaw”and“CorporationsRegulations”havethemeaning given by Part 3 of theCorporations (Queensland) Act 1990.“FinancialInstitutionsCode”meanstheFinancialInstitutions(Queensland)
Code.“FriendlySocietiesCode”meanstheFriendlySocieties(Queensland)Code.“LegislatureofthisState”meanstheLegislativeAssemblyofQueensland.“Magistrate”meansaStipendiaryMagistrateappointedundertheStipendiary Magistrates Act 1991.“the Code”means the AFIC
(Queensland) Code.“this State”means the State
of Queensland.(2)TheCorporations(Queensland)Act1990,andtheapplicableprovisions of
Queensland within the meaning of that Act, are prescribed
forthe purpose of section 39(2) of the AFIC
(Queensland) Code.†PART 5—POWER TO MAKE REGULATIONS
FORPURPOSES OF AFIC CODE˙Interpretation12.(1)In
this Part—“the Code”means the AFIC
Code set out in section 21 as in force for thetime
being.(2)Words and expressions used in the Code
have the same respectivemeanings in this Part.
s
137s 14Australian
Financial Institutions CommissionAct 1992˙General regulation-making power13.(1)The Governor in
Council may make regulations for the purposesof the
Code.(2)AregulationmaybemadeonlyontherecommendationoftheMinisterial Council.˙Specific regulation-making
powers14.(1)A regulation may
make provision with respect to—(a)the
keeping of registers and records by AFIC; and(b)thelodgingorregistrationofdocuments,thetimeandwayofsubmittingdocumentsforlodgmentorregistrationandtherequirementswithwhichdocumentslodgedwithAFICmustcomply; and(c)prescribing or approving forms for the
purposes of the Code, themethod of verifying any information
required by or in forms andthe completion
or preparation of forms in accordance with thedirections
contained in forms; and(d)prescribingfeesfortheregistrationorexemptionoffinancialbodies and fees
to be paid in relation to any document lodged,filed,
registered with or issued by AFIC or the Appeals Tribunalor
for any act or service required or authorised to be
performedby AFIC or the Appeals Tribunal; and(e)prescribingthewayinwhich,thepersonsbywhom,andthedirections or requirements in
accordance with which, forms usedforthepurposesoftheCodearerequiredorpermittedtobesigned,preparedorcompletedandgenerallyregulatingthesigning, preparation and completion of
forms; and(f)thematterstobecontainedintherulesofaspecialservicesprovider;
and(g)thesummoningof,conductof,andprocedureandvotingatmeetings required or authorised under the
Code to be held, thenumberofpersonsconstitutingaquorumatameeting,thesendingofnoticesofmeetingstopersonsentitledtoattend
s
148s 14Australian
Financial Institutions CommissionAct 1992meetings, the lodging with AFIC of notices
of meetings and ofresolutions passed at meetings; and(h)the proof of debts of a special
services provider, the time withinwhich debts can
or may be proved and generally regulating theproving of debts
for the purposes of the Code.(2)A
regulation may require—(a)ifadocumentrequiredbyorundertheCodetobelodgedorgiven under the Code is required to be
verified or certified and noway of
verification or certification is prescribed by the Code—thatthedocumentsmustbeverifiedorcertifiedbystatutorydeclaration or
affidavit made by such persons as are prescribed;and(b)if no express
provision is made in the Code for verification orcertification of a document—that the
documents must be verifiedorcertifiedbystatutorydeclarationoraffidavitmadebysuchpersons as are
prescribed.(3)A regulation may provide that, if a
document that is required by orunder the Code to
be lodged with, or given to, AFIC is signed or so lodgedor
given on behalf of a person by the person’s agent duly authorised
inwriting, there must be—(a)lodged or given with; or(b)endorsed on; or(c)annexed to;the document, the
original or a verified copy of the authority.(4)A
regulation may be made—(a)creating
offences against the regulation; and(b)fixingamaximumpenaltyofafineof$25000foracontravention of
the regulation.(5)A power conferred by this section to
make a regulation providing forthe imposition of
fees may be exercised by providing for all or any of thefollowing matters—(a)specific fees;
s
159s 16Australian
Financial Institutions CommissionAct 1992(b)maximum or minimum fees;(c)scales of fees;(d)the
reduction, waiver or refund of fees.˙Saving
and transitional regulation-making power15.(1)A
regulation may make provision of a saving or transitional
natureconsequent on the commencement of the Code or
a provision of the Code.(2)If the
regulation so provides, it has effect despite any provision of
theCode.†PART
6—MISCELLANEOUS˙Action to be taken by Premier if
provided with a report undersection 49(6) of
AFIC (Queensland) Code16.(1)If the Premier
is provided with a report under section 49(6) of theAFIC
(Queensland) Code, the Premier must provide AFIC with a
responseto the report within 14 days of its receipt
by the Premier.(2)If—(a)the
Premier does not provide AFIC with a response to the reportwithin 14 days of receipt of the report;
or(b)AFIC is of the opinion that it is
necessary to do so;AFIC may, by written notice given to the
Premier, request the Premier tocause a copy of
the report provided with the request to be laid before theLegislative Assembly within 14 days of
receipt of the request.(3)The Premier must
comply with the request.(4)If, at the time
the Premier would otherwise be required to lay a copyof
the report before the Legislative Assembly, the Legislative
Assembly isnot sitting, the Premier must give a copy of
the report to the Clerk of theParliament.
s
1810s 20Australian
Financial Institutions CommissionAct 1992(5)TheClerkmustcauseacopyofthereporttobelaidbeforetheLegislative Assembly on its next
sitting day.(6)For the purposes of its printing and
publication, the report is taken tohave been laid
before the Legislative Assembly, and to have been ordered tobe
printed by the Legislative Assembly, when it is given to the
Clerk.˙Statutory Bodies Financial Arrangements
Act does not apply18.TheStatutoryBodiesFinancialArrangementsAct1982doesnotapply to AFIC or to any body or fund
established under or for the purposesof the financial
institutions legislation.˙Standards20.(1)In this
section—“prescribed day”means—(a)1 July 1992; or(b)a
later day fixed by order in council made on the
recommendationof the Ministerial Council.(2)For the purposes of the Board of AFIC
making any standard underPart4oftheAFIC(Queensland)Codebeforetheprescribedday,theprovisions of the Part that
require—(a)theBoardorAFICtodoanythinginrelationtoaStatesupervisory
authority; or(b)aStatesupervisoryauthoritytodoanythinginrelationtoaresolution of the Board;do
not apply.
s
2111s 21Australian
Financial Institutions CommissionAct 1992†PART 7—AFIC CODE˙AFIC
Code21.The AFIC Code is as follows—[TheAustralianFinancialInstitutionsCommissionCodeisreprinted as a
separate reprint.]
13Australian Financial Institutions
CommissionAct 1992´4Table of earlier reprintsTABLE
OF EARLIER REPRINTS[If a reprint number includes a roman letter,
the reprint was released in unauthorised,electronic form
only.]Reprint No.Amendments
includedReprint date1to
Act No. 11 of 19921 July 19922to
Act No. 27 of 199427 July 1994´5List of legislationAustralian Financial Institutions Commission
Act 1992 No. 8date of assent 27 March 1992s3,pts2,4ss18,20–21commenced10April1992(1992SLNo.73gaz10
April 1992 pp 2112–3)remainingprovisionscommenced1July1992(1992SLNo.168gaz26June1992
p 2045)as amended by—Financial
Institutions Legislation Amendment Act 1992 No. 11 pts 1–2date
of assent 6 May 1992pt 1 commenced on date of assentremainingprovisionscommenced1July1992(1992SLNo.168gaz26June1992
p 2045)Financial Institutions Legislation Amendment
Act 1994 No. 27 pts 1, 4date of assent 28 June 1994ss
1–2 commenced on date of assentremaining
provisions commenced 1 July 1994 (1994 SL No. 222)Financial Institutions Legislation Amendment
Act 1997 No. 33 ss 1–2(1) pt 3date of assent 18
July 1997ss 1–2 commenced on date of assentremaining provisions commenced 1 October
1997 (1997 SL No. 318)´6List
of annotationsApplication in Queensland of the AFIC
Codes 9amd 1992 No. 11 s 4InterpretationofsomeexpressionsintheAFIC(Queensland)CodeandtheAFIC (Queensland)
Regulations)s 11def“Friendly
Societies Code”ins 1997 No. 33 s 36
