The Financial Sector Legislation Amendment Act (No 1) 2003 No 116 (Cth) received assent on 27 November 2003. The Act builds on financial sector reforms already undertaken by making mainly minor and technical amendments to seven financial sector Acts. The most significant amendments are to the Banking Act 1959. Other amendments aim to improve the Australian Prudential Regulation Authority’s ability to monitor the financial industry and to ensure that Australia is in compliance with international best practice standards in supervision.
Source: Financial Sector Legislation Amendment Act (No 1) 2003 No 116 (Cth), available at: http://scaleplus.law.gov.au/html/comact/11/6721/pdf/1162003.pdf Mallesons Stephen Jaques email: david.olsson@mallesons.com