Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 203

             (1)  The Disciplinary Board consists of:

                     (a)  a Chairperson; and

                     (b)  a Deputy Chairperson; and

                     (c)  6 members that the Minister selects who are eligible under subsection (1B) for appointment as a member; and

                     (e)  6 members that the Minister selects who are eligible under subsection (2A) for appointment as a member.

          (1A)  The accounting members are the members appointed under paragraph (1)(c), and the business members are the members appointed under paragraph (1)(e).

          (1B)  A person is eligible under this subsection for appointment as an accounting member if the person:

                     (a)  is resident in Australia; and

                     (b)  is a member of:

                              (i)  a professional accounting body; or

                             (ii)  any other body prescribed by the regulations for the purposes of this subparagraph.

             (2)  A person is not eligible for appointment as Chairperson or Deputy Chairperson unless he or she is enrolled as a barrister, as a solicitor, as a barrister and solicitor or as a legal practitioner of the High Court, of any federal court or of the Supreme Court of a State or Territory and has been so enrolled for a period of at least 5 years.

          (2A)  A person is eligible under this subsection for appointment as a business member if:

                     (a)  the person is resident in Australia; and

                     (b)  the Minister is satisfied that the person is suitable for the appointment as a representative of the business community because of the person's qualifications in, knowledge of or experience in one or more of the following fields:

                              (i)  business or commerce;

                             (ii)  the administration of companies;

                            (iii)  financial markets;

                            (iv)  financial products and financial services;

                             (v)  economics;

                            (vi)  law.

             (3)  The Chairperson, the Deputy Chairperson and each of the other members are to be appointed by the Minister on a part-time basis.