CORPORATIONS ACT 2001 - SECT 889J Levy by the SEGC

CORPORATIONS ACT 2001 - SECT 889J

  (1)   If the amount in the NGF is less than the minimum amount applicable under section   889I, the SEGC may determine in writing that:

  (a)   the operators of all, or a class, of the financial markets to which this Division applies; or

  (b)   all, or a class, of the participants in any of these markets;

must pay a levy to the SEGC.

  (2)   The levy is payable to the SEGC, as agent for the Commonwealth, in accordance with this section.

Note:   For the imposition and amount of the levy, see the Corporations (National Guarantee Fund Levies) Act 2001 . There is a limit on the amount of levy that is payable to the SEGC in a financial year under that Act.

  (3)   A levy payable under this section must be paid within the period and in the manner determined in writing by the SEGC.

  (4)   Whenever an amount of levy (the levy amount ) is paid under this section, or under subsection   6(2) of the Corporations (National Guarantee Fund Levies) Act 2001 , to the SEGC as agent for the Commonwealth:

  (a)   the SEGC must pay an amount equal to the levy amount to the Commonwealth; and

  (b)   the Consolidated Revenue Fund is appropriated by that amount for the purpose of payment to the SEGC; and

  (c)   the Commonwealth must pay the amount so appropriated to the SEGC; and

  (d)   the SEGC must pay the amount it receives under paragraph   (c) into the NGF.

  (5)   Whenever an amount of levy (the levy amount ) is paid under subsection   6(1) of the Corporations (National Guarantee Fund Levies) Act 2001 , to the operator of a financial market as agent for the Commonwealth:

  (a)   the operator must pay an amount equal to the levy amount to the SEGC; and

  (b)   the SEGC must pay an amount equal to the amount so paid to it to the Commonwealth; and

  (c)   the Consolidated Revenue Fund is appropriated by that amount for the purpose of payment to the SEGC; and

  (d)   the Commonwealth must pay the amount so appropriated to the SEGC; and

  (e)   the SEGC must pay the amount it receives under paragraph   (d) into the NGF.

  (6)   A payment of an amount to the SEGC as required by paragraph   (4)(c) or (5)(d) in respect of a particular levy amount is subject to a condition that, if the Commonwealth becomes liable to refund the whole or a part of the levy amount, the SEGC must pay the Commonwealth an amount equal to the amount that the Commonwealth is liable to refund. The SEGC may pay, out of the NGF, any amount so required to be paid to the Commonwealth.

  (7)   The Financial Management and Accountability Act 1997 does not apply in relation to the payment of an amount of levy under this section to the SEGC, or the operator of a financial products market, as agent for the Commonwealth. However, the operation of that Act in relation to the following payments is not affected:

  (a)   the payment of an amount to the Commonwealth as required by paragraph   (4)(a) or (5)(b); or

  (b)   the payment of an amount by the Commonwealth as required by paragraph   (4)(c) or (5)(d).

The SEGC must, in accordance with the regulations, notify the Commonwealth of payments of levy it receives as agent for the Commonwealth, and the operator of a financial market must, in accordance with the regulations, notify the Commonwealth of payments it receives as agent for the Commonwealth as mentioned in paragraph   (5)(a).

  (8)   An amount payable by the SEGC as required by paragraph   (4)(a) may be set off against an amount payable to the SEGC as required by paragraph   (4)(c), and an amount payable by the SEGC as required by paragraph   (5)(b) may be set off against an amount payable to the SEGC as required by paragraph   (5)(d).