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Legislative Assembly for the ACT: 1999 Week 6 Hansard (22 June) . . Page.. 1622 ..
Question put:
That the motion (Mr Stanhope's ) be agreed to.
The Assembly voted -
AYES, 9 NOES, 8 Mr Berry Ms Carnell Mr Corbell Mr Cornwell Mr Hargreaves Mr Hird Mr Kaine Mr Humphries Mr Osborne Mr Moore Mr Quinlan Mr Rugendyke Mr Stanhope Mr Smyth Ms Tucker Mr Stefaniak Mr Wood
Question so resolved in the affirmative.
MS CARNELL (Chief Minister and Treasurer) (11.47): Mr Speaker, I ask for leave to present the Financial Sector Reform (ACT) Bill 1999.
Leave granted.
MS CARNELL: Thank you. Mr Speaker, I present the Financial Sector Reform (ACT) Bill 1999, together with its explanatory memorandum.
Title read by Clerk.
MS CARNELL: Mr Speaker, I move:
That this Bill be agreed to in principle.
I am pleased to present to the Legislative Assembly the Financial Sector Reform (ACT) Bill 1999. This Bill is part of the reform process of the Australian financial sector. The reforms arose out of the 1997 Wallis financial system inquiry which made a number of key recommendations relating to the supervision of Australia's financial sector. This Bill, in conjunction with complementary Commonwealth legislation, will result in the transfer of the regulation of building societies and credit unions from the ACT to the Commonwealth. All the States and the Northern Territory are enacting similar legislation.
The Bill is the result of an agreement between the Commonwealth, the States and the Territories to transfer the regulatory responsibility of building societies and credit unions to the Commonwealth and to wind up the current system of State-based supervision. The transfer will take place after seven years of successful regulation by the States and Territories under the uniform financial institutions scheme. The
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