Commonwealth Consolidated Acts Commonwealth Consolidated ActsAct No. 51 of 2001 as amended
This compilation was prepared on 11 November 2009
taking into account amendments up to Act No. 108 of 2009
The text of any of those amendments not in force
on that date is appended in the Notes section
The operation of amendments that have been incorporated may
be
affected by application provisions that are set out in the Notes section
Prepared by the Office of Legislative Drafting and
Publishing,
Attorney‑General's Department, Canberra
Contents
Part 1--Preliminary 1
Division 1--Objects 1
1............ Objects ................................................................................................ 1
Division 2--Citation 3
1A......... Short title [see Note 1] ....................................................................... 3
Division 3--Commencement and application 4
2............ Commencement [see Note 1] .............................................................. 4
4............ Application of this Act ...................................................................... 4
4A......... Application of the Criminal Code ...................................................... 5
Division 4--Interpretation 6
5............ Interpretation ...................................................................................... 6
5A......... Application of the Acts Interpretation Act 1901 ............................... 14
6............ Giving information ............................................................................ 14
Part 2--Australian Securities and Investments Commission and consumer protection in relation to financial services 15
Division 1--Australian Securities and Investments Commission 15
8............ ASIC is a body corporate ................................................................. 15
8A......... ASIC's liabilities are Commonwealth liabilities ............................... 16
9............ Membership ..................................................................................... 16
10.......... Chairperson and Deputy Chairperson ............................................. 17
10A....... Chairperson not subject to direction by ASIC on certain matters ... 17
11.......... Corporations legislation functions and powers and other functions and powers 17
12.......... Directions by Minister ..................................................................... 20
12A....... Other functions and powers ............................................................. 21
Division 2--Unconscionable conduct and consumer protection in relation to financial services 23
Subdivision A--Application 23
12AC.... Division extends to some conduct outside Australia ........................ 23
12AD.... Application of Division to Commonwealth and Commonwealth authorities 24
12AE..... Saving of other laws and remedies .................................................... 24
Subdivision B--Interpretation 25
12BA.... Interpretation .................................................................................... 25
12BAA. Definition of financial product ......................................................... 28
12BAB.. Meaning of financial service ............................................................. 34
12BB..... Misleading representations ............................................................... 38
12BC..... Consumers ........................................................................................ 39
12BD.... Acquisition, supply and re‑supply .................................................. 41
12BE..... Application of Division in relation to leases and licences of land and buildings 41
Subdivision C--Unconscionable conduct 42
12CA.... Unconscionable conduct within the meaning of the unwritten law of the States and Territories 42
12CB..... Unconscionable conduct ................................................................... 42
12CC..... Unconscionable conduct in business transactions ............................ 43
Subdivision D--Consumer protection 47
12DA.... Misleading or deceptive conduct ...................................................... 47
12DB.... False or misleading representations .................................................. 48
12DC.... False representations and other misleading or offensive conduct in relation to financial products that involve interests in land ............................................................................................... 49
12DD.... Cash price to be stated in certain circumstances .............................. 51
12DE..... Offering gifts and prizes ................................................................... 51
12DF..... Certain misleading conduct in relation to financial services .............. 52
12DG.... Bait advertising ................................................................................. 52
12DH.... Referral selling .................................................................................. 54
12DI...... Accepting payment without intending or being able to supply as ordered 54
12DJ..... Harassment and coercion .................................................................. 55
12DK.... Pyramid selling of financial products ............................................... 55
12DL..... Unsolicited credit cards and debit cards ........................................... 58
12DM... Assertion of right to payment for unsolicited financial services ...... 59
12DN.... Application of provisions of Division to prescribed information providers 61
Subdivision E--Conditions and warranties in consumer transactions 62
12EA..... Conflict of laws ................................................................................ 62
12EB..... Application of provisions not to be excluded or modified ............... 63
12EC..... Limitation of liability for breach of certain conditions or warranties 63
12ED..... Warranties in relation to the supply of financial services ................ 64
Subdivision G--Enforcement and remedies 65
12GA.... Interpretation .................................................................................... 65
12GB.... Offences against Subdivision D ........................................................ 65
12GC.... Enforcement and recovery of certain fines ....................................... 67
12GCA. Preference must be given to compensation for victims .................... 69
12GD.... Injunctions ........................................................................................ 70
12GF..... Actions for damages ......................................................................... 71
12GG.... Finding in proceedings to be evidence .............................................. 72
12GH.... Conduct by directors, employees or agents ..................................... 73
12GI...... Defences ........................................................................................... 74
12GJ..... Jurisdiction of courts ........................................................................ 75
12GK.... Transfer of matters ........................................................................... 76
12GL..... Transfer of certain proceedings to Family Court ............................. 78
12GLA.. Non‑punitive orders ......................................................................... 80
12GLB.. Punitive orders requiring adverse publicity ...................................... 81
12GM... Other orders ...................................................................................... 82
12GN.... Power of Court to prohibit payment or transfer of money or other property 85
12GNA. Limit on liability for misleading or deceptive conduct ..................... 87
12GO.... Intervention by ASIC ....................................................................... 88
Subdivision GA--Proportionate liability for misleading and deceptive conduct 88
12GP..... Application of Subdivision ............................................................... 88
12GQ.... Certain concurrent wrongdoers not to have benefit of apportionment 89
12GR.... Proportionate liability for apportionable claims .............................. 90
12GS..... Defendant to notify plaintiff of concurrent wrongdoer of whom defendant is aware 91
12GT.... Contribution not recoverable from defendant ................................... 91
12GU.... Subsequent actions ........................................................................... 91
12GV.... Joining non‑party concurrent wrongdoer in the action ..................... 92
12GW... Application of Subdivision ............................................................... 92
Subdivision H--Miscellaneous 92
12HA.... Relationship of this Subdivision to Part 3 ........................................ 92
12HB.... Disclosure of documents by ASIC ................................................... 93
12HC.... Prosecutions ..................................................................................... 94
12HD.... Jurisdiction of Court to make declarations and orders ..................... 94
Part 3--Investigations and information‑gathering 96
Division 1--Investigations 96
13.......... General powers of investigation ....................................................... 96
14.......... Minister may direct investigations ................................................... 97
15.......... Investigation after report of receiver or liquidator ............................ 97
16.......... Interim report on investigation ......................................................... 98
17.......... Final report on investigation ............................................................. 98
18.......... Distribution of report ....................................................................... 99
Division 2--Examination of persons 100
19.......... Notice requiring appearance for examination .................................. 100
20.......... Proceedings at examination ............................................................. 100
21.......... Requirements made of examinee ..................................................... 100
22.......... Examination to take place in private ............................................... 101
23.......... Examinee's lawyer may attend ....................................................... 101
24.......... Record of examination .................................................................... 102
25.......... Giving to other persons copies of record ....................................... 102
26.......... Copies given subject to conditions ................................................. 103
27.......... Record to accompany report .......................................................... 103
Division 3--Inspection of books and audit information‑gathering powers 104
28.......... When certain powers may be exercised .......................................... 104
29.......... ASIC may inspect books without charge ....................................... 104
30.......... Notice to produce books about affairs of body corporate or registered scheme 105
30A....... Notice to auditors concerning information and books .................... 105
31.......... Notice to produce books about financial products ......................... 107
32A....... Notice to produce books about financial services .......................... 108
33.......... Notice to produce documents in person's possession ................... 108
34.......... ASIC may authorise persons to require production of books, giving of information etc. 108
35.......... Application for warrant to seize books not produced ................... 109
36.......... Grant of warrant ............................................................................. 110
37.......... Powers where books produced or seized ....................................... 111
38.......... Powers where books not produced ................................................ 112
39.......... Power to require person to identify property of body corporate .. 112
39A....... ASIC may give copy of book relating to registered scheme to another person 113
39B....... ASIC to notify foreign regulator's access to information or books 113
Division 4--Requirements to disclose information about financial products 114
40.......... When certain powers may be exercised .......................................... 114
41.......... Acquisitions and disposals of financial products ........................... 114
43.......... Exercise of certain powers of ASIC in relation to financial products 116
47.......... Disclosures to take place in private ................................................ 118
48.......... Lawyer of person making disclosure may attend ........................... 118
Division 5--Proceedings after an investigation 119
49.......... ASIC may cause prosecution to be begun ...................................... 119
50.......... ASIC may cause civil proceeding to be begun ................................ 120
Division 6--Hearings 121
51.......... Power to hold hearings ................................................................... 121
52.......... General discretion to hold hearing in public or private ................... 121
53.......... Request by person appearing at hearing that it take place in public 121
54.......... Certain hearings to take place in private ......................................... 122
55.......... ASIC may restrict publication of certain material .......................... 122
56.......... Who may be present when hearing takes place in private .............. 122
57.......... Involvement of person entitled to appear at hearing ...................... 123
58.......... Power to summon witnesses and take evidence ............................. 123
59.......... Proceedings at hearings ................................................................... 124
60.......... ASIC to take account of evidence and submissions ....................... 125
61.......... Reference to Court of question of law arising at hearing ................ 125
62.......... Protection of members etc. ............................................................. 126
Division 7--Offences 127
63.......... Non‑compliance with requirements made under this Part .............. 127
64.......... False information ............................................................................ 128
65.......... Obstructing person acting under this Part ...................................... 128
66.......... Contempt of ASIC ......................................................................... 129
67.......... Concealing books relevant to investigation ..................................... 130
68.......... Self‑incrimination ............................................................................ 130
69.......... Legal professional privilege ............................................................ 131
70.......... Powers of Court where non‑compliance with Part ........................ 132
Division 8--ASIC's powers where non‑compliance with Part 133
71.......... Orders by ASIC .............................................................................. 133
72.......... Orders in relation to securities of a body corporate ....................... 133
73.......... Orders in relation to financial products generally ........................... 134
75.......... Orders under this Division ............................................................. 135
Division 9--Evidentiary use of certain material 136
76.......... Statements made at an examination: proceedings against examinee 136
77.......... Statements made at an examination: other proceedings .................. 136
78.......... Weight of evidence admitted under section 77 ............................... 137
79.......... Objection to admission of statements made at examination ........... 138
80.......... Copies of, or extracts from, certain books ...................................... 139
81.......... Report under Division 1 ................................................................. 139
82.......... Exceptions to admissibility of report ............................................. 140
83.......... Material otherwise admissible ........................................................ 141
Division 10--Miscellaneous 142
84.......... Requirement made of a body corporate .......................................... 142
85.......... Evidence of authority ..................................................................... 142
86.......... Giving documents to natural persons ............................................. 142
87.......... Place and time for production of books .......................................... 143
88.......... Application of Crimes Act and Evidence Act ................................ 143
89.......... Allowances and expenses ............................................................... 143
90.......... Expenses of investigation under Division 1 .................................... 143
91.......... Recovery of expenses of investigation ........................................... 144
92.......... Compliance with Part ..................................................................... 145
93.......... Effect of Part .................................................................................. 145
93AA.... Enforcement of undertakings .......................................................... 145
Part 3A--Enforceable undertakings in relation to registered schemes 147
93A....... Undertakings by responsible entity ............................................... 147
Part 4--ASIC's business 149
Division 1--General 149
94.......... Arrangement of ASIC's business ................................................... 149
95.......... ASIC to establish offices ................................................................ 149
96.......... Regional Commissioners ................................................................. 149
Division 2--Divisions of ASIC 150
97.......... ASIC may establish Division ......................................................... 150
98.......... Effect of direction establishing Division ......................................... 150
99.......... ASIC may reconstitute Division .................................................... 150
100........ Effect of reconstituting Division .................................................... 150
101........ Multiple Divisions ......................................................................... 151
Division 3--Delegation by ASIC 152
102........ Delegation ....................................................................................... 152
Division 4--Meetings of ASIC 154
103........ Convening of meetings .................................................................... 154
104........ Approved methods of communication ........................................... 154
105........ Quorum ........................................................................................... 154
106........ Who is to preside at meetings ......................................................... 155
107........ Procedure at meetings ..................................................................... 155
Part 5--ASIC's members 156
Division 1--Terms and conditions 156
108........ Term of office as member ............................................................... 156
109........ Term of office as Chairperson or Deputy Chairperson ................. 156
110........ Resignation ..................................................................................... 156
111........ Termination of appointment .......................................................... 156
112........ Remuneration and allowances etc. .................................................. 158
113........ Leave of absence ............................................................................. 158
114........ Superannuation arrangements ......................................................... 159
115........ Other terms and conditions ............................................................ 159
Division 2--Acting appointments 160
116........ Acting members .............................................................................. 160
117........ Acting Chairperson ......................................................................... 160
118........ Acting Deputy Chairperson ........................................................... 161
119........ Limitation on appointments to act during vacancy ........................ 161
Division 3--Delegation by members 162
119A..... Delegation by members .................................................................. 162
Part 6--ASIC's staff 163
120........ Staff ................................................................................................ 163
121........ Consultants etc. .............................................................................. 163
122........ Staff seconded to ASIC .................................................................. 163
Part 7--Preventing conflicts of interest and misuse of information 165
Division 1--Disclosure of interests 165
123........ Members to disclose certain interests to Minister ......................... 165
124........ Members to disclose certain interests to Chairperson ................... 166
125........ Notification of interests to ASIC ................................................... 167
126........ Defence ........................................................................................... 167
Division 2--Confidentiality 168
127........ Confidentiality ................................................................................ 168
Part 8--Finance and reporting requirements 173
Division 1--Companies and Unclaimed Moneys Special Account 173
133........ Companies and Unclaimed Moneys Special Account .................... 173
134........ Credits to the Account ................................................................... 173
135........ Purpose of the Account .................................................................. 173
Division 2--Reporting requirements 175
136........ Annual reports ................................................................................ 175
Division 3--Liability to taxation 177
137........ Liability to taxation ........................................................................ 177
Part 9--The Corporations and Markets Advisory Committee 178
Division 1--General 178
146........ CAMAC is a body corporate ......................................................... 178
146A..... CAMAC's liabilities are Commonwealth liabilities ....................... 178
147........ Membership ................................................................................... 179
147A..... Convenor not subject to direction by CAMAC on certain matters 179
148........ Functions ........................................................................................ 180
149........ Term of office as member ............................................................... 180
150........ Resignation ..................................................................................... 180
151........ Termination of appointment .......................................................... 180
152........ Remuneration and allowances etc. .................................................. 181
153........ Meetings ......................................................................................... 181
154........ CAMAC to inform itself in any manner ........................................ 181
155........ Publication of advice or recommendations ..................................... 182
Division 2--Staff 183
156........ Staff ................................................................................................ 183
157........ Consultants etc. .............................................................................. 183
158........ Staff seconded to CAMAC ............................................................ 183
Division 3--Liability to taxation 185
159........ Liability to taxation ........................................................................ 185
Division 4--Reporting requirements 186
162........ Annual report ................................................................................. 186
Part 10--The Takeovers Panel 187
Division 1--General 187
172........ Membership ................................................................................... 187
173........ President ......................................................................................... 188
174........ Functions and powers of Panel ...................................................... 188
175........ Term of office as member ............................................................... 188
176........ Term of office as President ............................................................. 188
177........ Resignation ..................................................................................... 189
178........ Termination of appointment .......................................................... 189
179........ Remuneration and allowances ......................................................... 189
180........ Leave of absence ............................................................................. 190
181........ Other terms and conditions ............................................................ 190
182........ Acting President ............................................................................. 190
183........ Annual report ................................................................................. 190
Division 2--Conduct of Panel's business 191
184........ Constitution of Panel in relation to particular matters ................... 191
185........ Disclosure of interests by members ............................................... 192
186........ Application of Division 2 of Part 7 ................................................ 193
Division 3--Panel proceedings 194
187........ Interpretation .................................................................................. 194
188........ Power to conduct proceedings ........................................................ 194
190........ Panel may restrict publication of certain material .......................... 194
192........ Power to summon witnesses and take evidence ............................. 195
193........ Quorum ........................................................................................... 196
194........ Legal representation in proceedings before the Panel ..................... 196
195........ Procedure ........................................................................................ 196
197........ Protection of members etc. ............................................................. 197
198........ Non‑compliance with requirements made under section 192 ......... 197
199........ False evidence ................................................................................. 197
200........ Contempt of Panel .......................................................................... 198
201........ Powers of Court where non‑compliance with section 192 ............. 198
201A..... Undertakings to the Panel ............................................................... 199
Part 11--Companies Auditors and Liquidators Disciplinary Board 200
Division 1--Constitution of Disciplinary Board 200
203........ Membership of Disciplinary Board ............................................... 200
204........ Functions and powers of Disciplinary Board ................................ 201
205........ Term of office ................................................................................. 201
206........ Resignation from office ................................................................... 201
207........ Termination of appointment .......................................................... 201
208........ Acting Chairperson ......................................................................... 202
208A..... Acting Deputy Chairperson ........................................................... 203
210........ Meetings of the Disciplinary Board ............................................... 203
210A..... Panel to be constituted to deal with application ............................ 204
210B..... Meetings of Panel of the Disciplinary Board ................................. 205
211........ Disclosure of interests .................................................................... 206
212........ Remuneration and allowances ......................................................... 207
213........ Confidentiality ................................................................................ 207
214........ Annual report ................................................................................. 208
Division 2--Hearings by Disciplinary Board 209
215........ Definition ........................................................................................ 209
216........ Hearings .......................................................................................... 209
217........ Power to summon witnesses and take evidence ............................. 210
218........ Proceedings at hearings ................................................................... 211
219........ Failure of witnesses to attend and answer questions ..................... 212
220........ Contempt of Disciplinary Board .................................................... 214
221........ Protection of members etc. ............................................................. 214
222........ Hearings taken to be judicial proceedings ....................................... 215
223........ Costs ............................................................................................... 215
Part 12--The Australian financial reporting system 217
224........ Main objects of this Part ................................................................ 217
Division 1--The financial reporting system 218
Subdivision A--The Financial Reporting Council 218
225........ Functions and powers of the Financial Reporting Council ............ 218
225A..... Financial Reporting Council's information gathering powers ........ 222
Subdivision B--The Australian Accounting Standards Board and the Office of the Australian Accounting Standards Board 224
226........ The Office of the Australian Accounting Standards Board ............ 224
226A..... Office of the AASB's functions and powers ................................. 225
227........ AASB's functions and powers ....................................................... 225
Subdivision C--The Auditing and Assurance Standards Board and the Office of the Auditing and Assurance Standards Board 227
227AA.. The Office of the Auditing and Assurance Standards Board .......... 227
227AB.. Office of the AUASB's functions and powers .............................. 227
227A..... The Auditing and Assurance Standards Board ............................... 228
227B..... AUASB's functions and powers .................................................... 228
Division 2--Accounting standards 230
228........ Purposive interpretation of standards ............................................ 230
229........ Generic and specific standards ....................................................... 230
230........ Comparative amounts ..................................................................... 231
231........ Cost/benefit analysis ...................................................................... 231
232........ FRC views ...................................................................................... 231
233........ International accounting standards ................................................. 231
234........ Validity of accounting standards .................................................... 232
Division 2A--Auditing standards 233
234A..... Purposive interpretation of standards ............................................ 233
234B..... Generic and specific standards ....................................................... 233
234C..... FRC views ...................................................................................... 233
234D..... International auditing standards ...................................................... 233
234E...... Validity of auditing standards ......................................................... 234
Division 3--Administrative provisions 235
Subdivision A--The Financial Reporting Council 235
235A..... Membership of FRC ...................................................................... 235
235B..... Annual report ................................................................................. 235
235BA.. Report on auditor independence functions ..................................... 235
235C..... Procedure ........................................................................................ 236
Subdivision AA--The Office of the AASB 236
235D..... Duties of the Chair of the AASB ................................................... 236
235E...... Staff of the Office of the AASB ..................................................... 237
235F...... Consultants and persons seconded to the Office of the AASB ..... 237
235G..... Office of the AASB to have regard to FRC's advice etc. ............... 238
235H..... Chair not subject to direction by the AASB on certain matters ..... 238
235J...... Annual report ................................................................................. 238
Subdivision B--The Australian Accounting Standards Board 238
236A..... Procedures ...................................................................................... 238
236AA.. AASB to have regard to FRC's advice etc. .................................... 239
236B..... Appointment of members of the AASB ........................................ 239
236C..... Resignation and termination of appointment ................................. 240
236D..... Acting appointments ...................................................................... 241
236DA.. Disclosure of interests .................................................................... 242
Subdivision BAA--The Office of the AUASB 243
236DB.. Duties of the Chair of the AUASB ................................................ 243
236DC.. Staff of the Office of the AUASB .................................................. 243
236DD.. Consultants and persons seconded to the Office of the AUASB .. 244
236DE... Office of the AUASB to have regard to FRC's advice etc. ............ 245
236DF... Chair not subject to direction by the AUASB on certain matters .. 245
236DG.. Annual report ................................................................................. 245
Subdivision BA--The Auditing and Assurance Standards Board 245
236E...... Procedures ...................................................................................... 245
236EA... AUASB to have regard to FRC's advice etc. ................................. 246
236F...... Appointment of members of the AUASB ..................................... 246
236G..... Resignation and termination of appointment ................................. 247
236H..... Acting appointments ...................................................................... 248
236J...... Disclosure of interests .................................................................... 249
Subdivision C--Confidentiality 250
237........ Confidentiality ................................................................................ 250
Part 13--Financial Reporting Panel 251
Division 1--General 251
239AA.. Financial Reporting Panel ............................................................... 251
239AB.. Membership ................................................................................... 251
239AC.. Chairperson .................................................................................... 251
239AD.. Functions and powers of Financial Reporting Panel ...................... 252
239AE... Term of office as member ............................................................... 252
239AF... Term of office as Chairperson ........................................................ 252
239AG.. Resignation ..................................................................................... 252
239AH.. Termination of appointment .......................................................... 252
239AI.... Remuneration and allowances ......................................................... 253
239AJ... Leave of absence ............................................................................. 253
239AK.. Other terms and conditions ............................................................ 253
239AL... Acting Chairperson ......................................................................... 253
239AM. Annual report ................................................................................. 254
Division 2--Conduct of Financial Reporting Panel's business 255
239BA.. Constitution of Financial Reporting Panel in relation to particular matters 255
239BB... Disclosure of interests by members ............................................... 256
239BC... Application of Division 2 of Part 7 ................................................ 257
Division 3--Financial Reporting Panel proceedings 258
239CA.. Interpretation .................................................................................. 258
239CB... Power to conduct proceedings ........................................................ 258
239CC... Financial Reporting Panel proceedings ........................................... 258
239CD.. Financial Reporting Panel may restrict publication of certain material 260
239CE... Power to summon witnesses and take evidence ............................. 261
239CF... Quorum ........................................................................................... 262
239CG.. No legal representation in proceedings before the Financial Reporting Panel 262
239CH.. Procedure ........................................................................................ 263
239CI.... Protection of members etc. ............................................................. 263
239CJ.... Non‑compliance with requirements made under section 239CE .... 264
239CK.. Contempt of Financial Reporting Panel ......................................... 264
239CL... Powers of Court where non‑compliance with section 239CE ........ 264
Part 14--The Parliamentary Joint Committee on Corporations and Financial Services 265
241........ Membership ................................................................................... 265
242........ Powers and proceedings ................................................................. 266
243........ Duties ............................................................................................. 266
Part 15--Miscellaneous 267
243B..... Offences committed partly in and partly out of the jurisdiction ... 267
243D..... Financial transaction reports .......................................................... 267
243E...... Suspicious matters reports under the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 268
244........ Review by Administrative Appeals Tribunal of certain decisions . 268
244A..... Notice of reviewable decision and review rights ............................. 269
245........ Validity of certain actions ............................................................... 269
246........ Liability for damages ...................................................................... 270
247........ Duplicate seals ................................................................................ 271
248........ Judicial notice of ASIC's seal and members' signatures ................. 271
251........ The regulations ............................................................................... 272
Part 16--Transition from the old ASIC legislation 273
Division 1--Preliminary 273
253........ Object of Part ................................................................................. 273
254........ Definitions ...................................................................................... 274
255........ Relationship of Part with State validation Acts ............................. 278
256........ References to things taken or deemed to be the case etc. ............... 279
257........ Existence of several versions of the old ASIC legislation does not result in this Part operating to take the same thing to be done several times under the new ASIC legislation etc. ............. 279
258........ Penalty units in respect of pre‑commencement conduct remain at $100 280
259........ Ceasing to be a referring State does not affect previous operation of this Part 280
Division 2--Carrying over bodies established etc. or persons appointed under the old ASIC Act 281
260........ Division has effect subject to Division 7 regulations ..................... 281
261........ Carrying over bodies established under the old ASIC Act ............. 281
262........ Carrying over the Chairman and Deputy Chairman of the Financial Reporting Council 281
Division 3--Carrying over the old ASIC Regulations 282
263........ Division has effect subject to Division 7 regulations ..................... 282
264........ Old ASIC Regulations continue to have effect ............................... 282
Division 4--Court proceedings and orders 283
265........ Division has effect subject to Division 7 regulations ..................... 283
266........ Definitions ...................................................................................... 283
267........ Treatment of court proceedings under or related to the old ASIC legislation--proceedings other than federal ASIC proceedings ..................................................................................... 285
268........ Treatment of court proceedings under or related to the old ASIC legislation--federal ASIC proceedings 287
268A..... Appeals etc. in relation to some former federal corporations proceedings 288
268B..... Effect of decisions and orders made in federal corporations proceedings before commencement 289
269........ References to proceedings and orders in the new ASIC legislation 289
Division 5--Functions and powers of ASIC 292
270........ Division has effect subject to Division 7 regulations ..................... 292
271........ Non‑federal proceedings etc. .......................................................... 292
272........ NCSC's functions and powers ....................................................... 293
Division 6--General transitional provisions relating to other things done etc. under the old ASIC legislation 294
273........ Provisions in this Division have effect subject to the other Divisions 294
274........ Provisions of this Division may have an overlapping effect .......... 294
275........ Things done by etc. carried over provisions continue to have effect 295
276........ Creation of equivalent rights and liabilities to those that existed before the commencement under carried over provisions of the old ASIC legislation ............................................ 297
277........ Creation of equivalent rights and liabilities to those that existed before the commencement under repealed provisions of the old ASIC legislation .................................................................. 298
278........ Old ASIC legislation time limits continue to run ............................ 299
279........ Preservation of significance etc. of events or circumstances .......... 300
280........ References in the new ASIC legislation generally include references to events, circumstances or things that happened or arose before the commencement ..................................................... 300
281........ References in the new ASIC legislation to that legislation or the new corporations legislation generally include references to corresponding provisions of the old ASIC legislation or old corporations legislation 301
282........ Carrying over references to corresponding previous laws or relevant previous laws 302
283........ References to ASIC legislation in instruments ............................... 303
284........ Old transitional provisions continue to have their effect ............... 303
Division 7--Regulations dealing with transitional matters 306
285........ Regulations may deal with transitional matters .............................. 306
Part 17--Transitional provisions relating to the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 307
285A..... Definitions ...................................................................................... 307
286........ Application of new subsection 225A(5) ........................................ 307
287........ Application of Part 8 of Schedule 1 to the amending Act .............. 307
288........ Application of Schedule 3 to the amending Act ............................. 308
Notes 308
Notes to
the
Australian Securities and Investments
Commission Act 2001 Note 1 The Australian Securities and Investments Commission Act
2001 as shown in this
compilation
comprises Act No. 51, 2001 amended as indicated in the Tables below. For application, saving or transitional provisions made by the
Corporations (Repeals, Consequentials and Transitionals) Act 2001, see
Act No. 55, 2001. For application, saving or transitional provisions made by the
Governance Review Implementation (AASB and AUASB) Act 2008, see
Act No. 61, 2008. For all other relevant information pertaining to application,
saving or transitional provisions see Table A. Table of Acts
|
Act |
Number |
Date |
Date of commencement |
Application, saving or transitional provisions |
|
51, 2001 |
28 June 2001 |
|
||
|
Corporations (Repeals, Consequentials and Transitionals) Act 2001 |
55, 2001 |
28 June 2001 |
Ss. 4-14 and Schedule 2 (items 1‑11): 15 July 2001 (see Gazette 2001, No. S285) (a) |
|
|
119, 2001 |
19 Sept 2001 |
Schedules 1 and 3: 1 July 2002 |
-- |
|
|
122, 2001 |
27 Sept 2001 |
Ss. 1, 2 and Schedule 3 (items 1-27): Royal
Assent |
-- |
|
|
Financial Services Reform (Consequential Provisions) Act 2001 |
123, 2001 |
27 Sept 2001 |
Schedule 1 (items 8-215): 11 Mar 2002 (see Gazette 2001, No. GN42) (b) |
-- |
|
as amended by |
|
|
|
|
|
100, 2005 |
6 July 2005 |
Schedule 2 (items 14, 15): (ba) |
-- |
|
|
Treasury Legislation Amendment (Application of Criminal Code) Act (No. 2) 2001 |
146, 2001 |
1 Oct 2001 |
S. 4 and Schedule 5 (item 1): 15 Dec 2001 (c) |
|
|
Abolition of Compulsory Age Retirement (Statutory Officeholders) Act 2001 |
159, 2001 |
1 Oct 2001 |
29 Oct 2001 |
Sch. 1 (item 97) |
|
166, 2001 |
1 Oct 2001 |
1 Oct 2001 |
-- |
|
|
24, 2003 |
11 Apr 2003 |
Schedule 5 (items 1, 2): Royal Assent |
-- |
|
|
41, 2003 |
3 June 2003 |
Schedule 2 (items 1B, 1C): 1 Jan 2003 |
-- |
|
|
116, 2003 |
27 Nov 2003 |
Schedule 1 (items 1-3): 28 Nov 2003 |
-- |
|
|
Legislative Instruments (Transitional Provisions and Consequential Amendments) Act 2003 |
140, 2003 |
17 Dec 2003 |
Schedule 1 (item 12): (e) |
-- |
|
141, 2003 |
17 Dec 2003 |
Schedule 3 (items 1A-1E): 18 Dec 2003 |
-- |
|
|
Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 |
103, 2004 |
30 June 2004 |
Schedule 1 (items 1-36, |
-- |
|
Treasury Legislation Amendment (Professional Standards) Act 2004 |
118, 2004 |
13 July 2004 |
13 July 2004 |
-- |
|
8, 2005 |
22 Feb 2005 |
S. 4 and Schedule 1 (items 96, 496): Royal Assent |
S. 4 and Sch. 1 (item 496) |
|
|
Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 |
101, 2006 |
14 Sept 2006 |
Schedule 5 (items 32, 33) and Schedule 6 (items 5-11): |
Sch. 6 (items |
|
Anti‑Money Laundering and Counter‑Terrorism Financing (Transitional Provisions and Consequential Amendments) Act 2006 |
170, 2006 |
12 Dec 2006 |
Schedule 1 (item 12): 13 Dec 2006 (see s. 2(1)) |
-- |
|
Australian Securities and Investments Commission Amendment (Audit Inspection) Act 2007 |
1, 2007 |
19 Feb 2007 |
Schedule 1 (items 1-16): 20 Feb 2007 |
-- |
|
Private Health Insurance (Transitional Provisions and Consequential Amendments) Act 2007 |
32, 2007 |
30 Mar 2007 |
Schedule 2 (item 8A): 1 Apr 2007 (see s. 2(1)) |
-- |
|
Governance Review Implementation (Treasury Portfolio Agencies) Act 2007 |
74, 2007 |
5 June 2007 |
Schedules 1 and 2: 1 July 2007 |
Sch. 2 (items |
|
132, 2007 |
20 Aug 2007 |
Schedule 2 (item 1) and Schedule 5 (items 1, 2): 31 Dec 2007 (see F2007L03798) |
-- |
|
|
Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 |
154, 2007 |
24 Sept 2007 |
Schedule 4 (item 1): Royal Assent |
-- |
|
159, 2007 |
24 Sept 2007 |
25 Sept 2007 |
Sch. 3 (item 9) |
|
|
Superannuation Legislation Amendment (Trustee Board and Other Measures) (Consequential Amendments) Act 2008 |
26, 2008 |
23 June 2008 |
Schedule 1 (items 39-42): Royal Assent |
-- |
|
First Home Saver Accounts (Consequential Amendments) Act 2008 |
45, 2008 |
25 June 2008 |
26 June 2008 |
-- |
|
54, 2008 |
25 June 2008 |
25 June 2008 |
-- |
|
|
61, 2008 |
30 June 2008 |
1 July 2008 |
Sch. 2 [see Note 1] |
|
|
First Home Saver Accounts (Further Provisions) Amendment Act 2008 |
92, 2008 |
30 Sept 2008 |
Schedule 2 (item 1): 1 Oct 2008 |
-- |
|
116, 2008 |
21 Nov 2008 |
22 Nov 2008 |
Sch. 3 (item 6) |
|
|
Corporations Legislation Amendment (Financial Services Modernisation) Act 2009 |
108, 2009 |
6 Nov 2009 |
Schedule 2 (items 1-3K): [see Note 2] |
-- |
(a) The Australian Securities and Investments Commission Act 2001 was amended by Schedule 2 (items 1-11) only of the Corporations (Repeals, Consequentials and Transitionals) Act 2001, subsection 2(2) of which provides as follows:
(2) Schedules 1 and 2 commence, or are taken to have commenced, at the same time as the Corporations Act 2001.
(b) The Australian Securities and Investments Commission Act 2001 was amended by Schedule 1 (items 8-215) only of the Financial Services Reform (Consequential Provisions) Act 2001, subsections 2(1) and (6) of which provide as follows:
(1) In this section:
FSR commencement means the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001.
(6) Subject to subsections (7) to (17), the other items of Schedule 1 commence on the FSR commencement.
(ba) Subsection 2(1) (item 34) of the Statute Law Revision Act 2005 provides as follows:
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
|
Commencement information |
||
|
Column 1 |
Column 2 |
Column 3 |
|
Provision(s) |
Date/Details |
|
|
34. Schedule 2, items 14 and 15 |
Immediately after the time specified in the Financial Services Reform (Consequential Provisions) Act 2001 for the commencement of items 57 and 126 of Schedule 1 to that Act. |
11 March 2002 |
(c) The Australian Securities and Investments Commission Act 2001 was amended by Schedule 5 (items 1 and 2) only of the Treasury Legislation Amendment (Application of Criminal Code) Act (No. 2) 2001, subsections 2(1) and (3) of which provide as follows:
(1) Subject to this section, this Act commences on the day mentioned in subsection 2.2(2) of the Criminal Code.
(3) Items 2 and 3 of Schedule 5 commence immediately after the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001.
Item 1 of Schedule 1 commenced on 11 March 2002 (see Gazette 2001, No. GN42).
(d) Subsection 2(1) (item 3) of the Financial Sector Legislation Amendment Act (No. 1) 2003 provides as follows:
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table.
|
Provision(s) |
Date/Details |
|
|
3. Schedule 1, item 4 |
Immediately after the commencement of the Australian Securities and Investments Commission Act 2001. |
15 July 2001 |
(e) Subsection 2(1) (item 3) of the Legislative Instruments (Transitional Provisions and Consequential Amendments) Act 2003 provides as follows:
(1) Each provision of this Act specified in column 1 of the table commences on the day or at the time specified in column 2 of the table.
|
Provision(s) |
Date/Details |
|
|
3. Schedule 1 |
Immediately after the commencement of sections 3 to 62 of the Legislative Instruments Act 2003 |
1 January 2005 |
(f) Subsection 2(1) (items 11 and 13) of the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 provide as follows:
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table.
|
Provision(s) |
Date/Details |
|
|
11. Schedules 8 and 9 |
Immediately after the commencement of the provisions covered by table item 9. |
1 July 2004 |
|
13. Schedule 11 |
Immediately after the commencement of the provisions covered by table item 2. |
1 July 2004 |
Table of Amendments
|
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted |
|
|
Provision affected |
How affected |
|
Title...................................... |
am. No. 122, 2001 |
|
Part 1 |
|
|
Division 1 |
|
|
am. No. 122, 2001; No. 103, 2004 |
|
|
Division 3 |
|
|
am. No. 122, 2001 |
|
|
S. 4AA................................ |
ad. No. 146, 2001 |
|
|
rep. No. 146, 2001 |
|
ad. No. 123, 2001 |
|
|
Division 4 |
|
|
am. Nos. 122 and 123, 2001; No. 103, 2004; No. 74, 2007; No. 61, 2008 |
|
|
rs. No. 140, 2003 |
|
|
Part 2 |
|
|
Division 1 |
|
|
am. No. 74, 2007 |
|
|
Note 1 to s. 8(1) |
|
|
Note 2 to s. 8(1).................. |
rep. No. 74, 2007 |
|
ad. No. 74, 2007 |
|
|
am. No. 122, 2001 |
|
|
ad. No. 74, 2007 |
|
|
Heading to s. 11.................. |
am. No. 1, 2007 |
|
am. No. 1, 2007 |
|
|
am. No. 122, 2001; No. 45, 2008 |
|
|
Division 2 |
|
|
Subdivision A |
|
|
S. 12AA.............................. |
rep. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
am. No. 141, 2003 |
|
|
Subdivision B |
|
|
am. Nos. 122 and 123, 2001 |
|
|
ad. No. 122, 2001 |
|
|
|
am. No. 32, 2007; Nos. 45 and 54, 2008 |
|
ad. No. 122, 2001 |
|
|
|
am. No. 141, 2003 |
|
am. No. 123, 2001 |
|
|
Subdivision C |
|
|
am. No. 123, 2001 |
|
|
am. No. 123, 2001; No. 116, 2008 |
|
|
ad. No. 123, 2001 |
|
|
|
am. No. 159, 2007; No. 116, 2008 |
|
Subdivision D |
|
|
am. Nos. 122 and 123, 2001 |
|
|
am. Nos. 122 and 123, 2001 |
|
|
Note to s. 12DB(1).............. |
ad. No. 123, 2001 |
|
Heading to s. 12DC............. |
am. No. 122, 2001 |
|
am. Nos. 122 and 123, 2001 |
|
|
am. Nos. 122 and 123, 2001 |
|
|
Note to s. 12DD(1).............. |
ad. No. 123, 2001 |
|
rs. No. 123, 2001 |
|
|
am. No. 123, 2001 |
|
|
Note to s. 12DF(1)............... |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Note to s. 12DG(1).............. |
ad. No. 123, 2001 |
|
Note to s. 12DG(2).............. |
ad. No. 123, 2001 |
|
Note to s. 12DG(3).............. |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Note to s. 12DH(1).............. |
ad. No. 123, 2001 |
|
rs. No. 123, 2001 |
|
|
Heading to s. 12DK............. |
am. No. 122, 2001 |
|
am. No. 122, 2001; No. 123, 2001 (as am. by No. 100, 2005) |
|
|
Note to s. 12DK(1).............. |
ad. No. 123, 2001 |
|
Note to s. 12DK(2).............. |
ad. No. 123, 2001 |
|
Note to s. 12DK(3).............. |
ad. No. 123, 2001 |
|
Heading to s. 12DL.............. |
am. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Note to s. 12DL(2)............... |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Note to s. 12DM(1).............. |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Subdivision E |
|
|
am. No. 123, 2001 |
|
|
am. No. 123, 2001; No. 118, 2004 |
|
|
Subdiv. F of Div. 2 of Part 2 |
rep. No. 122, 2001 |
|
S. 12FA............................... |
rep. No. 122, 2001 |
|
Subdivision G |
|
|
am. No. 123, 2001 |
|
|
ad. No. 123, 2001 |
|
|
S. 12GE............................... |
rep. No. 123, 2001 |
|
am. No. 123, 2001; Nos. 103 and 118, 2004 |
|
|
am. No. 123, 2001 |
|
|
am. No. 123, 2001 |
|
|
Note to s. 12GI(1)................ |
ad. No. 123, 2001 |
|
Note to s. 12GI(4)................ |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
ad. No. 123, 2001 |
|
|
am. No. 123, 2001; No. 116, 2003; No. 118, 2004 |
|
|
am. No. 123, 2001 |
|
|
ad. No. 118, 2004 |
|
|
rs. No. 123, 2001 |
|
|
Subdivision GA |
|
|
Subdiv. GA of Div. 2 of....... |
ad. No. 103, 2004 |
|
ad. No. 103, 2004 |
|
|
Subdivision H |
|
|
am. No. 123, 2001 |
|
|
am. No. 123, 2001 |
|
|
Part 3 |
|
|
Division 1 |
|
|
am. No. 122, 2001; No. 132, 2007 |
|
|
am. No. 122, 2001 |
|
|
am. No. 41, 2003 |
|
|
Division 2 |
|
|
Note to s. 19(2)................... |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Note to s. 21(1)................... |
ad. No. 123, 2001 |
|
Note to s. 21(3)................... |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
am. No. 123, 2001 |
|
|
Note to s. 23(2)................... |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Note to s. 24(2)................... |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Division 3 |
|
|
Heading to Div. 3 of Part 3.. |
rs. No. 1, 2007 |
|
am. No. 122, 2001; No 1, 2007 |
|
|
am. No. 123, 2001 |
|
|
Note to s. 30(1)................... |
ad. No. 123, 2001 |
|
Note to s. 30(2)................... |
ad. No. 123, 2001 |
|
ad. No. 1, 2007 |
|
|
Heading to s. 31.................. |
am. No. 122, 2001 |
|
am. No. 122, 2001 |
|
|
Note to s. 31(1)................... |
ad. No. 123, 2001 |
|
S. 32.................................... |
rep. No. 122, 2001 |
|
Note to s. 32A..................... |
ad. No. 123, 2001 |
|
am. No. 122, 2001; No. 1, 2007 |
|
|
Note to s. 33........................ |
ad. No. 123, 2001 |
|
Heading to s. 34.................. |
rs. No. 1, 2007 |
|
am. No. 122, 2001; No. 1, 2007 |
|
|
Note to s. 34(1)................... |
ad. No. 123, 2001 |
|
am. No. 123, 2001; No. 1, 2007 |
|
|
Note to s. 37(9)................... |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Note to s. 38........................ |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Note to s. 39........................ |
ad. No. 123, 2001 |
|
ad. No. 1, 2007 |
|
|
Division 4 |
|
|
Heading to Div. 4 of Part 3.. |
rs. No. 122, 2001 |
|
am. No. 122, 2001 |
|
|
Heading to s. 41.................. |
am. No. 122, 2001 |
|
am. Nos. 122 and 123, 2001 |
|
|
Note to s. 41(1)................... |
ad. No. 123, 2001 |
|
Note to s. 41(2)................... |
ad. No. 123, 2001 |
|
Note to s. 41(3)................... |
ad. No. 123, 2001 |
|
Note to s. 41(4)................... |
ad. No. 123, 2001 |
|
Heading to s. 43.................. |
am. No. 122, 2001 |
|
am. Nos. 122 and 123, 2001; No. 103, 2004 |
|
|
Note to s. 43(2)................... |
ad. No. 123, 2001 |
|
Note to s. 43(3)................... |
ad. No. 123, 2001 |
|
S. 44.................................... |
rep. No. 122, 2001 |
|
S. 46.................................... |
rep. No. 122, 2001 |
|
am. No. 123, 2001 |
|
|
am. No. 123, 2001 |
|
|
Note to s. 48(2)................... |
ad. No. 123, 2001 |
|
Division 5 |
|
|
am. No. 123, 2001 |
|
|
Note to s. 49(3)................... |
ad. No. 123, 2001 |
|
Note to s. 49(4)................... |
ad. No. 123, 2001 |
|
Division 6 |
|
|
am. No. 123, 2001 |
|
|
am. No. 123, 2001 |
|
|
Note to s. 58(1)................... |
ad. No. 123, 2001 |
|
Note to s. 58(2)................... |
ad. No. 123, 2001 |
|
Note to s. 58(4)................... |
ad. No. 123, 2001 |
|
am. No. 103, 2004 |
|
|
Division 7 |
|
|
am. Nos. 122 and 123, 2001; No. 1, 2007 |
|
|
Note to s. 64(3)................... |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
am. No. 123, 2001 |
|
|
Note to s. 67(2)................... |
ad. No. 123, 2001 |
|
am. No. 132, 2007 |
|
|
Division 8 |
|
|
am. No. 122, 2001 |
|
|
am. No. 123, 2001 |
|
|
Heading to s. 73.................. |
am. No. 122, 2001 |
|
am. Nos. 122 and 123, 2001 |
|
|
S. 74.................................... |
rep. No. 122, 2001 |
|
am. No. 122, 2001 |
|
|
Division 9 |
|
|
am. No. 122, 2001; No. 1, 2007 |
|
|
Division 10 |
|
|
am. No. 103, 2004 |
|
|
am. No. 123, 2001 |
|
|
Part 4 |
|
|
Division 1 |
|
|
am. No. 74, 2007 |
|
|
am. No. 122, 2001 |
|
|
Division 3 |
|
|
am. No. 74, 2007 |
|
|
Part 5 |
|
|
Division 1 |
|
|
S. 108 ................................. |
am. No. 159, 2001 |
|
am. No. 122, 2001: No. 26, 2008 |
|
|
Part 6 |
|
|
S. 122 ................................. |
rs. No. 55, 2001 |
|
Part 7 |
|
|
Division 1 |
|
|
am. No. 122, 2001 |
|
|
am. No. 74, 2007 |
|
|
am. No. 123, 2001 |
|
|
Division 2 |
|
|
S. 127 ................................. |
am. Nos. 122, 123 and 166, 2001; Nos. 41, 116 and 141, 2003; No. 103, 2004; No. 1, 2007; No. 92, 2008 |
|
Div. 3 of Part 7.................... |
rep. No. 122, 2001 |
|
Ss. 128-132........................ |
rep. No. 122, 2001 |
|
Part 8 |
|
|
Part 8................................... |
rs. No. 74, 2007 |
|
Division 1 |
|
|
rs. No. 74, 2007 |
|
|
am. No. 122, 2001; No. 8, 2005 |
|
|
|
rs. No. 74, 2007 |
|
Division 2 |
|
|
ad. No. 74, 2007 |
|
|
Division 3 |
|
|
am. No. 24, 2003 |
|
|
|
rs. No. 74, 2007 |
|
S. 138.................................. |
am. No. 122, 2001; No. 1, 2007 |
|
|
rep. No. 74, 2007 |
|
S. 139.................................. |
am. No. 101, 2006 |
|
|
rep. No. 74, 2007 |
|
Ss. 140-142........................ |
rep. No. 74, 2007 |
|
Part 9 |
|
|
Heading to Part 9................. |
rs. No. 122, 2001 |
|
Division 1 |
|
|
Heading to s. 146................ |
am. No. 122, 2001 |
|
am. No. 122, 2001; No. 74, 2007 |
|
|
Note 1 to s. 146(1) ............. |
am. No. 122, 2001 |
|
Note 2 to s. 146(1) ............. |
am. No. 122, 2001 |
|
|
rs. No. 74, 2007 |
|
ad. No. 74, 2007 |
|
|
am. No. 122, 2001 |
|
|
ad. No. 74, 2007 |
|
|
am. No. 122, 2001 |
|
|
am. No. 24, 2003 |
|
|
Heading to s. 154................ |
am. No. 122, 2001 |
|
am. No. 122, 2001 |
|
|
am. No. 122, 2001 |
|
|
Division 2 |
|
|
Heading to Div. 2 of Part 9.. |
rs. No. 74, 2007 |
|
am. No. 122, 2001 |
|
|
Heading to s. 158................ |
am. No. 122, 2001 |
|
am. No. 122, 2001 |
|
|
Division 3 |
|
|
Div. 3 of Part 9.................... |
ad. No. 74, 2007 |
|
Heading to s. 159................ |
am. No. 122, 2001 |
|
|
rs. No. 74, 2007 |
|
am. No. 122, 2001 |
|
|
|
rs. No. 74, 2007 |
|
Heading to s. 160................ |
am. No. 122, 2001 |
|
|
rep. No. 74, 2007 |
|
S. 160.................................. |
am. No. 122, 2001 |
|
|
rep. No. 74, 2007 |
|
Heading to s. 161................ |
am. No. 122, 2001 |
|
|
rep. No. 74, 2007 |
|
S. 161.................................. |
am. No. 122, 2001; No. 8, 2005 |
|
|
rep. No. 74, 2007 |
|
Division 4 |
|
|
Div. 4 of Part 9.................... |
ad. No. 74, 2007 |
|
ad. No. 74, 2007 |
|
|
S. 163.................................. |
am. No. 122, 2001 |
|
|
rep. No. 74, 2007 |
|
S. 165.................................. |
am. No. 122, 2001; No. 101, 2006 |
|
|
rep. No. 74, 2007 |
|
Heading to s. 166................ |
am. No. 122, 2001 |
|
|
rep. No. 74, 2007 |
|
S. 166.................................. |
am. No. 122, 2001 |
|
|
rep. No. 74, 2007 |
|
Ss. 167, 168........................ |
am. No. 122, 2001 |
|
|
rep. No. 74, 2007 |
|
Part 10 |
|
|
Heading to Part 10............... |
rs. No. 122, 2001 |
|
Division 1 |
|
|
am. No. 122, 2001 |
|
|
Note to s. 172(1) ................ |
am. No. 122, 2001 |
|
S. 175 ................................. |
am. No. 159, 2001 |
|
am. No. 122, 2001 |
|
|
Division 2 |
|
|
rs. No. 122, 2001 |
|
|
Division 3 |
|
|
am. No. 123, 2001 |
|
|
Note to s. 192(1)................. |
ad. No. 123, 2001 |
|
Note to s. 192(2)................. |
ad. No. 123, 2001 |
|
Note to s. 192(4)................. |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Note to s. 199(2)................. |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Part 11 |
|
|
Division 1 |
|
|
am. No. 116, 2003; No. 103, 2004 |
|
|
am. No. 103, 2004 |
|
|
rs. No. 103, 2004 |
|
|
ad. No. 103, 2004 |
|
|
S. 209.................................. |
rep. No. 103, 2004 |
|
Heading to s. 210................ |
am. No. 103, 2004 |
|
am. No. 103, 2004 |
|
|
ad. No. 103, 2004 |
|
|
am. No. 103, 2004 |
|
|
Division 2 |
|
|
am. No. 103, 2004 |
|
|
am. Nos. 119 and 123, 2001; No. 103, 2004 |
|
|
am. No. 103, 2004 |
|
|
am. No. 119, 2001; No. 103, 2004 |
|
|
am. No. 123, 2001; No. 103, 2004 |
|
|
am. No. 103, 2004 |
|
|
am. No. 119, 2001; No. 103, 2004 |
|
|
Part 12 |
|
|
Heading to Part 12............... |
rs. No. 103, 2004 |
|
am. No. 103, 2004 |
|
|
Division 1 |
|
|
Heading to Div. 1 of Part 12 |
rs. No. 103, 2004 |
|
Subdivision A |
|
|
Heading to Subdiv. A of...... |
ad. No. 61, 2008 |
|
am. No. 103, 2004; No. 61, 2008 |
|
|
ad. No. 103, 2004 |
|
|
Subdivision B |
|
|
Heading to Subdiv. B of ..... |
ad. No. 61, 2008 |
|
rs. No. 61, 2008 |
|
|
ad. No. 61, 2008 |
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am. No. 103, 2004; No. 61, 2008 |
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Notes 1, 2 to s. 227(1)........ |
rs. No. 61, 2008 |
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Note 3 to s. 227(1).............. |
ad. No. 61, 2008 |
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Subdivision C |
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Heading to Subdiv. C of ..... |
ad. No. 61, 2008 |
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ad. No. 61, 2008 |
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ad. No. 103, 2004 |
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am. No. 61, 2008 |
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Division 2 |
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Note to s. 231(1)................. |
am. No. 61, 2008 |
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am. No. 103, 2004 |
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rs. No. 61, 2008 |
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Division 2A |
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Div. 2A of Part 12................ |
ad. No. 103, 2004 |
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ad. No. 103, 2004 |
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ad. No. 103, 2004 |
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rs. No. 61, 2008 |
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ad. No. 103, 2004 |
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Division 3 |
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Subdivision A |
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am. No. 103, 2004; No. 61, 2008 |
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ad. No. 103, 2004 |
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Subdivision AA |
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Subdiv. AA of Div. 3 of....... |
ad. No. 61, 2008 |
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ad. No. 61, 2008 |
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ad. No. 61, 2008 |
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Subdivision B |
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Heading to s. 236A............. |
rs. No. 103, 2004 |
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am. No. 103, 2004; No. 61, 2008 |
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ad. No. 61, 2008 |
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ad. No. 61, 2008 |
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Subdivision BAA |
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Subdiv. BAA of Div. 3 of..... |
ad. No. 61, 2008 |
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ad. No. 61, 2008 |
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Subdivision BA |
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Subdiv. BA of Div. 3 of....... |
ad. No. 103, 2004 |
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ad. No. 103, 2004 |
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am. No. 61, 2008 |
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ad. No. 61, 2008 |
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ad. No. 103, 2004 |
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ad. No. 61, 2008 |
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Subdivision C |
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am. No. 103, 2004; No. 61, 2008 |
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Subdiv. D of Div. 3 of.......... |
rep. No. 61, 2008 |
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S. 238.................................. |
am. No. 103, 2004 |
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rep. No. 61, 2008 |
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Part 13 |
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Part 13................................. |
ad. No. 103, 2004 |
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Division 1 |
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ad. No. 103, 2004 |
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Division 2 |
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ad. No. 103, 2004 |
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Division 3 |
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ad. No. 103, 2004 |
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Part 14 |
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Heading to Part 14............... |
rs. No. 122, 2001 |
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Part 15 |
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am. No. 122, 2001 |
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ad. No. 170, 2006 |
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am. No. 122, 2001 |
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am. No. 122, 2001; No. 103, 2004; No. 61, 2008 |
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Part 16 |
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Division 1 |
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am. No. 55, 2001; No. 116, 2003 |
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am. No. 55, 2001 |
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Division 4 |
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S. 266 ................................. |
am. No. 55, 2001 |
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ad. No. 55, 2001 |
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Division 5 |
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am. No. 55, 2001 |
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Division 7 |
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am. No. 154, 2007 |
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Part 17 |
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Part 17................................. |
ad. No. 103, 2004 |
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ad. No. 103, 2004 |
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ad. No. 103, 2004 |
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Note 2
Corporations Legislation Amendment (Financial Services Modernisation) Act 2009 (No. 108, 2009)
The following amendments commence on 6 May 2010 unless proclaimed earlier:
Schedule 2
1 Subsection 5(1)
Insert:
traditional trustee company services has the same meaning as in Chapter 5D of the Corporations Act.
2 Subsection 5(1)
Insert:
trustee company has the same meaning as in Chapter 5D of the Corporations Act.
2A Subsection 5(1)
Insert:
trust property, in relation to a trustee company, means property that is or was held by the trustee company as trustee.
3 After subsection 12BAB(1)
Insert:
(1A) Subject to paragraph (2)(b), the provision by a trustee company of a traditional trustee company service constitutes the provision, by the company, of a financial service for the purposes of this Division.
Note: Trustee companies may also provide other kinds of financial service mentioned in subsection (1).
(1B) The regulations may, in relation to a traditional trustee company service of a particular class, prescribe the person or persons to whom a service of that class is taken to be provided or supplied for the purposes of this Division. This subsection does not limit (and is not limited by) subsection (2).
3A Subsection 12CC(5)
After "financial products", insert "or financial services".
3B Division 4 of Part 3 (heading)
Repeal the heading, substitute:
Division 4--Requirements to disclose information
3C Section 40
After "section 41", insert "or 42".
3D At the end of paragraph 40(c)
Add:
(iii) an alleged or suspected contravention, by a trustee company, of a law of the Commonwealth, or of a State or Territory, being a contravention that involves fraud or dishonesty and that relates to trust property; or
3E After section 41
Insert:
42 Acquisitions and disposals of trust property by trustee companies
(1) ASIC may require a trustee company to disclose to it, in relation to an acquisition or disposal of trust property by the trustee company, all or any of the following:
(a) the name of:
(i) the person from or through whom the trust property was acquired; or
(ii) the person to or through whom the trust property was disposed;
(b) whether the acquisition or disposal was effected on the instructions of another person, and the nature of any such instructions;
(c) the names of the beneficiaries of the trust.
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).
(2) Information required to be disclosed under this section need only be disclosed to the extent to which it is known to the person required to make the disclosure.
Note: In criminal proceedings, a defendant bears an evidential burden in relation to the matters in subsection (2).
(3) An offence under subsection 63(2) relating to subsection (1) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
3F After section 43
Insert:
44 Exercise of certain powers of ASIC in relation to trust property acquired or disposed of by trustee company
(1) This section applies if ASIC considers that a contravention of a law of the Commonwealth, or of a State or Territory, may have been committed by a trustee company, being a contravention that involves fraud or dishonesty and that relates to trust property.
(2) ASIC may require a director, secretary or senior manager of the trustee company to disclose to ASIC information of which he or she is aware and that may have affected an acquisition or disposal of trust property by the trustee company.
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).
(3) If ASIC believes on reasonable grounds that a person can give information about particular matters, being any or all of the following:
(a) an acquisition or disposal of trust property by the trustee company;
(b) the financial position of the trustee company;
(c) an audit of, or a report of an auditor about, accounts or records of the trustee company;
ASIC may require the person to disclose to it the information that the person has about those particular matters.
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).
(4) An offence under subsection 63(2) relating to subsection (2) or (3) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
(5) ASIC must not exercise a power conferred by subsection (2) or (3) except for the purpose of investigating the possible contravention referred to in subsection (1).
3G Subsection 63(2)
Omit "section 41 or 43", substitute "section 41, 42, 43 or 44".
3H After paragraph 71(b)
Insert:
or (c) trust property acquired or disposed of by a trustee company;
3J After subsection 73(1)
Insert:
(1A) If paragraph 71(c) applies, ASIC may make one or more of the following:
(a) an order restraining a specified person from disposing of any interest in specified trust property;
(b) an order restraining a specified person from acquiring any interest in specified trust property;
(c) an order directing a body corporate not to pay, except in the course of winding up, a sum due from the body corporate in respect of specified trust property;
(d) an order directing a body corporate not to register the transfer or transmission of specified trust property.
Note: The heading to section 73 is altered by inserting "and trust property" after "financial products".
3K Subsections 73(2) and (3)
After "subsection (1)", insert "or (1A)".
As at 11 November 2009 the amendments are not incorporated in this compilation.
Table A
Application, saving or transitional provisions
Treasury Legislation Amendment (Application of Criminal Code) Act (No. 2) 2001 (No. 146, 2001)
(1) Each amendment made by this Act applies to acts and omissions that take place after the amendment commences.
(2) For the purposes of this section, if an act or omission is alleged to have taken place between 2 dates, one before and one on or after the day on which a particular amendment commences, the act or omission is alleged to have taken place before the amendment commences.
Abolition of Compulsory Age Retirement (Statutory Officeholders) Act 2001 (No. 159, 2001)
Schedule 1
97 Application of amendments
The amendments made by this Schedule do not apply to an appointment if the term of the appointment began before the commencement of this item.
Financial Framework Legislation Amendment Act 2005 (No. 8, 2005)
4 Saving of matters in Part 2 of Schedule 1
(1) If:
(a) a decision or action is taken or another thing is made, given or done; and
(b) the thing is taken, made, given or done under a provision of a Part 2 Act that had effect immediately before the commencement of this Act;
then the thing has the corresponding effect, for the purposes of the Part 2 Act as amended by this Act, as if it had been taken, made, given or done under the Part 2 Act as so amended.
(2) In this section:
Part 2 Act means an Act that is amended by an item in Part 2 of Schedule 1.
Schedule 1
496 Saving provision--Finance Minister's determinations
If a determination under subsection 20(1) of the Financial Management and Accountability Act 1997 is in force immediately before the commencement of this item, the determination continues in force as if it were made under subsection 20(1) of that Act as amended by this Act.
Tax Laws Amendment (Repeal of Inoperative Provisions)
Act 2006
(No. 101, 2006)
Schedule 6
5 Application of Schedule 5 amendments
The repeals and amendments made by Schedule 5 apply to acts done or omitted to be done, or states of affairs existing, after the commencement of the amendments.
6 Object
The object of this Part is to ensure that, despite the repeals and amendments made by this Act, the full legal and administrative consequences of:
(a) any act done or omitted to be done; or
(b) any state of affairs existing; or
(c) any period ending;
before such a repeal or amendment applies, can continue to arise and be carried out, directly or indirectly through an indefinite number of steps, even if some or all of those steps are taken after the repeal or amendment applies.
7 Making and amending assessments, and doing other things, in relation to past matters
Even though an Act is repealed or amended by this Act, the repeal or amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003):
(a) making or amending an assessment (including under a provision that is itself repealed or amended);
(b) exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);
in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.
Example 1: On 31 July 1999, Greg Ltd lodged its annual return under former section 160ARE of the Income Tax Assessment Act 1936. The return stated that the company had a credit on its franking account and that no franking deficit tax was payable for the 1998‑99 franking year. Under former section 160ARH of that Act, the Commissioner was taken to have made an assessment consistent with the return.
Following an audit undertaken after the repeal of Part IIIAA of that Act, the Commissioner concludes that Greg Ltd fraudulently overfranked dividends it paid during the 1998‑99 franking year, and had a franking account deficit for that franking year. As a result, the Commissioner considers that franking deficit tax and a penalty by way of additional tax are payable.
The Commissioner can amend the assessment under former section 160ARN of that Act, because item 7 of this Schedule disregards the repeal of that section for the purposes of making an assessment in relation to the 1998‑99 franking year. Item 7 will also disregard the repeal of Division 11 of former Part IIIAA to the extent necessary for the Commissioner to assess Greg Ltd's liability to a penalty by way of additional tax.
Despite the repeal of sections 160ARU and 160ARV, item 9 will ensure that the general interest charge will accrue on the unpaid franking deficit tax and penalty until they are paid.
Item 7 will also preserve Greg Ltd's right, under former section 160ART of that Act, to object against the Commissioner's amended assessment (including the penalty), since the objection is the exercise of a right in relation to a franking year that ended before the repeal of Part IIIAA.
Example 2: During the 1997‑98 income year, Duffy Property Ltd withheld amounts from its employees' wages as required by former Divisions 1AAA and 2 of Part VI of the Income Tax Assessment Act 1936. The company failed to notify the Commissioner of those amounts, and failed to remit them to the Commissioner.
Following an audit undertaken after the repeal of those Divisions, the Commissioner discovers that the withheld amounts have not been remitted. The company's records are incomplete and the Commissioner is unable to completely ascertain the extent of its liability for the withheld amounts. Under section 222AGA of that Act, the Commissioner makes an estimate of the liability.
Item 7 will disregard the repeal of section 220AAZA of that Act (which empowered the Commissioner to recover the amount of the estimate). Even though the estimate is made after the repeal, it relates to amounts withheld before the repeal.
8 Saving of provisions about effect of assessments
If a provision or part of a provision that is repealed or amended by this Act deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made, before or after the repeal or amendment applies, in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.
9 Saving of provisions about general interest charge, failure to notify penalty or late reconciliation statement penalty
If:
(a) a provision or part of a provision that is repealed or amended by this Act provides for the payment of:
(i) general interest charge, failure to notify penalty or late reconciliation statement penalty (all within the meaning of the Income Tax Assessment Act 1936); or
(ii) interest under the Taxation (Interest on Overpayments and Early Payments) Act 1983; and
(b) in a particular case, the period in respect of which the charge, penalty or interest is payable (whether under the provision or under the Taxation Administration Act 1953) has not begun, or has begun but not ended, when the provision is repealed or amended;
then, despite the repeal or amendment, the provision or part continues to apply in the particular case until the end of the period.
10 Repeals disregarded for the purposes of dependent provisions
If the operation of a provision (the subject provision) of any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003) made under any Act depends to any extent on an Act, or a provision of an Act, that is repealed by this Act, the repeal is disregarded so far as it affects the operation of the subject provision.
11 Schedule does not limit operation of section 8 of the Acts Interpretation Act 1901
This Schedule does not limit the operation of section 8 of the Acts Interpretation Act 1901.
Governance Review Implementation (Treasury Portfolio Agencies) Act 2007 (No. 74, 2007)
Schedule 2
1 Definitions
In this Schedule:
acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.
Agency means:
(a) ASIC as established under the Australian Securities and Investments Commission Act 2001 immediately before the commencement time; or
(b) CAMAC as established under the Australian Securities and Investments Commission Act 2001 immediately before the commencement time; or
(c) APRA as established under the Australian Prudential Regulation Authority Act 1998 immediately before the commencement time.
Agency head means:
(a) in relation to ASIC--the Chairperson of ASIC; or
(b) in relation to CAMAC--the Convenor of CAMAC; or
(c) in relation to APRA--the Chair of APRA.
asset means:
(a) any legal or equitable estate or interest in real or personal property, whether actual, contingent or prospective; and
(b) any right, power, privilege or immunity, whether actual, contingent or prospective.
assets official, in relation to an asset other than land, means the person or authority who, under a law of the Commonwealth, a State or a Territory, under a trust instrument or otherwise, has responsibility for keeping a register in relation to assets of the kind concerned.
commencement time means the time when this Schedule commences.
financial liability means a liability to pay a person an amount, where the amount, or the method for working out the amount, has been determined.
just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.
land means any legal or equitable estate or interest in real property, whether actual, contingent or prospective.
land registration official, in relation to land, means the Registrar of Titles or other proper officer of the State or Territory in which the land is situated.
liability means any liability, duty or obligation, whether actual, contingent or prospective.
member means:
(a) in relation to ASIC--a member of ASIC; or
(b) in relation to CAMAC--a member of CAMAC; or
(c) in relation to APRA--an APRA member.
2 Pre‑existing property, money and financial liabilities
(1) Subject to items 3, 4 and 5 of this Schedule, any real or personal property or money that is held by ASIC or CAMAC immediately before the commencement time is taken, immediately after that time, to be held by ASIC or CAMAC for and on behalf of the Commonwealth.
(2) Subject to items 3, 4 and 5 of this Schedule, any financial liabilities of ASIC or CAMAC that exist immediately before the commencement time are taken, immediately after that time, to be liabilities of the Commonwealth.
(3) If an amount of money (the original amount) that is held by ASIC immediately before the commencement time is held by ASIC for and on behalf of the Commonwealth immediately after the commencement time, an amount equal to the original amount may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, for the purposes of ASIC.
(4) If an amount of money (the original amount) that is held by CAMAC immediately before the commencement time is held by CAMAC for and on behalf of the Commonwealth immediately after the commencement time, an amount equal to the original amount may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, for the purposes of CAMAC.
3 Trust property held under Part 9.7 of the Corporations Act
Any unclaimed property held, immediately before the commencement time, on trust by ASIC to be dealt with under Part 9.7 of the Corporations Act 2001 (as in force at that time) is taken, immediately after that time, to be held by ASIC for and on behalf of the Commonwealth to be dealt with in accordance with Part 9.7 of the Corporations Act 2001 (as amended by Schedule 1 to this Act).
4 Vesting of other assets held on trust by ASIC
(1) This item applies to any other assets held on trust by ASIC immediately before the commencement time.
(2) At the commencement time, the assets to which this item applies cease to be assets held on trust by ASIC and become assets held on trust by the Commonwealth, without any conveyance, transfer or assignment. The Commonwealth becomes the successor in law in relation to those assets.
Note: ASIC may, for and on behalf of the Commonwealth, perform all the duties and exercise all the powers of the Commonwealth as trustee in relation to assets held on trust by the Commonwealth (see subsection 8(6) of the Australian Securities and Investments Commission Act 2001).
5 Vesting of liabilities relating to assets held on trust
(1) This item applies to the liabilities of ASIC in relation to assets mentioned in item 4 of this Schedule that are held on trust by ASIC immediately before the commencement time.
(2) At the commencement time, the liabilities to which this item applies cease to be liabilities of ASIC in relation to the assets and become liabilities of the Commonwealth in relation to the assets, without any conveyance, transfer or assignment. The Commonwealth becomes the successor in law in relation to these liabilities.
6 Certificates relating to vesting of land
(1) This item applies if:
(a) any land vests in the Commonwealth under this Schedule; and
(b) there is lodged with a land registration official a certificate that:
(i) is signed by the Minister; and
(ii) identifies the land, whether by reference to a map or otherwise; and
(iii) states that the land has become vested in the Commonwealth under this Schedule.
Note: Certificates under paragraph (1)(b) are presumed to be authentic: see item 9 of this Schedule.
(2) The land registration official may:
(a) register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; and
(b) deal with, and give effect to, the certificate.
7 Certificates relating to vesting of assets other than land
(1) This item applies if:
(a) any asset other than land vests in the Commonwealth under this Schedule; and
(b) there is lodged with an assets official a certificate that:
(i) is signed by the Minister; and
(ii) identifies the asset; and
(iii) states that the asset has become vested in the Commonwealth under this Schedule.
Note: Certificates under paragraph (1)(b) are presumed to be authentic: see item 9 of this Schedule.
(2) The assets official may:
(a) deal with, and give effect to, the certificate as if it were a proper and appropriate instrument for transactions in relation to assets of that kind; and
(b) make such entries in the register as are necessary having regard to the effect of this Part.
8 Substitution of Commonwealth as a party to pending proceedings
If any proceedings relating to an asset covered by item 4 of this Schedule, to which ASIC was a party, were pending in any court or tribunal immediately before the commencement time, the Commonwealth is substituted for ASIC, from the commencement time, as a party to the proceedings.
9 Certificates taken to be authentic
A document that appears to be a certificate made or issued under a particular provision of this Schedule:
(a) is taken to be such a certificate; and
(b) is taken to have been properly given;
unless the contrary is established.
10 Access to records
For the purposes of the operation of subsection 27L(4) of the Commonwealth Authorities and Companies Act 1997 in relation to the books of CAMAC, the reference in that subsection to a Commonwealth authority is to be read, after the commencement time, as a reference to the Convenor.
14 Financial statements and other reporting requirements
Reporting requirements
(1) If:
(a) immediately before the commencement time, a law required an Agency or a member of the Agency to provide a report (whether financial statements or otherwise) for a period; and
(b) the period ends after the commencement time;
the Agency head must provide the report, as required, for so much of the period as occurs before the commencement time.
(2) If:
(a) under subitem (1), the Agency head is required to provide a report for a part of a period; and
(b) the Agency head is also required to provide a similar report for the remainder of the period;
the Agency head may meet the requirements in a single report for the period.
Outstanding reporting requirements
(3) If:
(a) a law required the Agency or a member of the Agency to provide a report (whether financial statements or otherwise) for a period that ended before the commencement time; and
(b) the report has not been provided by the commencement time;
the Agency head must provide the report as required.
Application of law to Agency head
(4) To avoid doubt, if, under this item, an Agency head is required to provide a report under a law, the law applies to the Agency head in respect of the report in the same way as the law would have applied to the Agency or the member of the Agency in respect of the report.
15 New annual report requirements to apply from 2007‑2008 and later financial years
Sections 136 and 162 of the Australian Securities and Investments Commission Act 2001 (as inserted by items 12 and 46 of Schedule 1 to this Act), and item 66 of Schedule 1 to this Act, apply to the 2007‑2008 financial year and later financial years.
16 Continuing obligation to keep records
If, immediately before this item commences, an Agency has kept accounting records under subsection 20(1) of the Commonwealth Authorities and Companies Act 1997, then, after this item commences, section 20 of that Act (as in force from time to time), continues to apply, in respect of those records, as if the Agency continued to be subject to that Act.
17 Constitutional safety net--acquisition of property
(1) If the operation of this Schedule would result in an acquisition of property from a person otherwise than on just terms, the Commonwealth is liable to pay a reasonable amount of compensation to the person.
(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.
18 Exemption from stamp duty and other State or Territory taxes
No stamp duty or other tax is payable under a law of a State or Territory in respect of, or in respect of anything connected with:
(a) the transfer of an asset or liability under this Schedule; or
(b) the operation of this Schedule in any other respect.
19 Delegation by Minister
(1) The Minister may, by writing, delegate all or any of his or her powers and functions under this Schedule, in relation to an Agency, to the Agency head.
(2) In exercising or performing powers or functions under a delegation, the delegate must comply with any directions of the Minister.
20 Regulations
(1) The Governor‑General may make regulations prescribing matters:
(a) required or permitted by this Schedule to be prescribed; or
(b) necessary or convenient to be prescribed for carrying out or giving effect to this Schedule.
(2) In particular, regulations may be made prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments or repeals made by Schedule 1 to this Act.
Trade Practices Legislation Amendment Act (No. 1) 2007 (No. 159, 2007)
Schedule 3
9 Application of amendments
The amendments made by this Schedule apply in relation to conduct engaged in after the commencement of the amendments in relation to contracts for the supply or acquisition of goods or services made before or after commencement.
Trade Practices Legislation Amendment Act 2008 (No. 116, 2008)
Schedule 3
6 Application of item 5
The amendments made by item 5 of this Schedule apply in relation to conduct engaged in after the commencement of that item, including conduct in relation to contracts for the supply or acquisition of goods or services whether made before or after that commencement.