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CORPORATE LAW ECONOMIC REFORM PROGRAM ACT 1999 - SCHEDULE 4

- Consequential amendments of Australian Securities and Investments Commission Act 1989

Part 1—Amendments relating to new Chapter 6D (Fundraising)
1 After subsection 12DA(1)

Insert:

(1A)
This section does not apply to dealings in securities.

2 At the end of section 12DB

Add:

(2)
This section does not apply to dealings in securities.

3 At the end of section 12DD

Add:

(2)
This section does not apply to dealings in securities.

Part 2—Amendments relating to new Chapter 2F.1 (Oppression)
4 Subsection 5(1) (definition of affairs)

Omit "246AA", substitute "232".

Part 3—Amendments relating to new accounting standards provisions in ASIC Act
5 Section 5

Insert:

"AASB" means the Australian Accounting Standards Board established by section 226.

6 Section 5 (definition of Director)

Repeal the definition.

7 Section 5

Insert:

"FRC" means the Financial Reporting Council established by section 225.

8 Section 5

Insert:

"international accounting standards" means accounting standards made by:

(a)
the Board of the International Accounting Standards Committee; or
(b)
another body specified by the regulations.

9 Section 5 (paragraph (c) of the definition of meeting)

Omit "Board; and", substitute "Board.".

10 Section 5 (paragraph (d) of the definition of meeting)

Repeal the paragraph.

11 Section 5 (paragraph (a) of the definition of member)

Omit "Standards Board", substitute "FRC, the AASB".

12 Section 5 (paragraph (e) of the definition of member)

Repeal the paragraph, substitute:

(e)
in relation to the FRC—a member of the FRC; and
(ea)
in relation to the AASB—a member of the AASB; and

13 Section 5 (definition of Standards Board)

Repeal the definition.

14 Subparagraph 135(1)(a)(iv)

Omit "Standards Board", substitute "AASB".

Part 4—Amendments relating to new Chapter 6 (Takeovers)
15 Subsection 5(1)

Insert:

"Panel proceedings" means proceedings before the Panel on:

(a)
an application made to the Panel under the Corporations Law; or
(b)
a reference of a decision to the Panel for review under the Corporations Law.

16 Subsection 5(1) (paragraph (b) of the definition of witness)

Repeal the paragraph, substitute:

(b)
in relation to Panel proceedings, means a person appearing in the proceedings to give evidence.

17 Subsection 13(2)

Omit "Part 6.9", substitute "Subdivision B of Division 2 of Part 6.12".

18 Paragraph 13(2)(a)

Omit "subsection 733(1) or 734(2)", substitute "section 657C".

19 Paragraph 43(1)(c)

Omit "Part 6.7 or 6.8", substitute "Chapter 6C".

20 Paragraph 43(1)(f)

Omit "subsection 734(5)", substitute "section 657F".

21 Paragraph 43(4)(c)

Omit "subsection 733(1) or 734(2), or section 736, as the case may be,", substitute "section 657C or 657G".

22 Subsection 51(1)

Omit "733, 734 or 736", substitute "657C or 657G".

23 Paragraph 184(4)(a)

Omit "an inquiry", substitute "proceedings".

24 Paragraph 184(4)(b)

Repeal the paragraph, substitute:

(b)
if one of those persons ceases to be a member, or ceases to be available for the purposes of proceedings in relation to a matter, during the proceedings or after the completion of the proceedings but before the matter to which the proceedings relate is determined—at any time after the person so ceases to be a member or to be available;

25 After subsection 184(4)

Insert:

(4A)
The regulations may make provision in relation to the constitution of the Panel for the purposes of conducting a review under section 657EA or 657EB of the Corporations Law.

26 Heading to Division 3 of Part 10

Repeal the heading, substitute:

Division 3—Panel proceedings
27 Subsection 187(1)

Repeal the subsection.

28 Subsection 188(1)

Omit "hold inquiries", substitute "conduct proceedings".

Note: The heading to section 188 is altered by omitting "hold inquiries" and substituting "conduct proceedings".

29 Subsection 188(2)

Omit "an inquiry", substitute "proceedings".

30 Section 189

Repeal the section.

31 Subsection 190(1)

Omit "an inquiry", substitute "Panel proceedings".

32 Paragraph 190(2)(a)

Omit "inquiry", substitute "proceedings".

33 At the end of section 190

Add:

(3)
In this section:

"Panel proceedings" includes a part of Panel proceedings.

34 Section 191

Repeal the section.

35 Paragraph 192(1)(a)

Omit "an inquiry", substitute "Panel proceedings".

36 Subsection 192(2)

Omit "At an inquiry", substitute "In Panel proceedings".

37 Paragraphs 192(2)(a) and (b)

Omit "at the inquiry" (wherever occurring), substitute "in the proceedings".

38 Subsection 192(4)

Omit "an inquiry", substitute "Panel proceedings".

39 Paragraphs 192(4)(a) and (b)

Omit "at the inquiry" (wherever occurring), substitute "in the proceedings".

40 Subsection 192(6)

Repeal the subsection, substitute:

(6)
If:

(a)
a person appears in Panel proceedings pursuant to a summons issued under this section; and
(b)
the summons was issued at a person's request;

the person appearing is entitled to be paid the prescribed allowances and expenses (if any) by the person at whose request the summons was issued.

41 Section 193

Repeal the section.

42 Section 193A

Repeal the section, substitute:

193 Quorum

In Panel proceedings, 2 members form a quorum.

43 Section 194

Repeal the section, substitute:

194 Legal representation in proceedings before the Panel

A party to Panel proceedings may be legally represented in the proceedings only with the leave of the Panel.

44 Section 195

Repeal the section, substitute:

195 Procedure

(1)
Subject to subsections (2) to (4), the Panel may determine the procedural rules to be followed in Panel proceedings.

(2)
Panel proceedings are to be conducted in accordance with (in order of priority):

(a)
the requirements of this Division; and
(b)
the requirements of the regulations.
(3)
Without limiting paragraph (2)(b), the regulations may deal with:

(a)
making submissions or giving evidence in Panel proceedings; and
(b)
the right (if any) to appear, or be represented, in Panel proceedings; and
(c)
the matters that the Panel is to take into account when making a decision in the course of Panel proceedings.
(4)
The rules of procedural fairness, to the extent that they are not inconsistent with the provisions of this Act or the regulations made under it, apply to Panel proceedings.

45 Section 196

Repeal the section.

46 Subsection 197(1)

Omit "an inquiry", substitute "Panel proceedings".

47 Subsection 197(3)

Omit "at an inquiry" (wherever occurring), substitute "in Panel proceedings".

48 Paragraph 199(1)(a)

Omit "an inquiry", substitute "Panel proceedings".

49 Paragraph 199(1)(b)

Omit "at an inquiry", substitute "in Panel proceedings".

50 Paragraph 200(1)(b)

Omit "an inquiry", substitute "Panel proceedings".

51 Subsection 201(1)

Omit "a particular inquiry", substitute "particular Panel proceedings".

52 Subsection 201(1)

Omit "at, or in relation to, that inquiry", substitute "in, or in relation to, those proceedings".

53 Subsection 201A(1)

Omit "During an inquiry", substitute "In Panel proceedings".

54 Subsection 201A(1)

Omit "the inquiry" (wherever occurring), substitute "the proceedings".


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