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CORPORATIONS AMENDMENT (CORPORATE REPORTING REFORM) ACT 2010 (NO. 66, 2010) - SCHEDULE 2 Australian Securities and Investments Commission Act 2001

CORPORATIONS AMENDMENT (CORPORATE REPORTING REFORM) ACT 2010 (NO. 66, 2010) - SCHEDULE 2

Australian Securities and Investments Commission Act 2001

Part 1 -- Amendments

Australian Securities and Investments Commission Act 2001

1  Subsection 5(1) (definition of CPAA member )

Repeal the definition.

2  Subsection 5(1) (definition of ICAA member )

Repeal the definition.

3  Paragraphs 203(1)(c) and (d)

Repeal the paragraphs, substitute:

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

4  Subsection 203(1A)

Repeal the subsection, substitute:

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

5  Subsection 203(1B)

Repeal the subsection, substitute:

          (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.

6  Subsection 210A(5)

Repeal the subsection, substitute:

             (5)  If the Chairperson is satisfied that it is practicable and appropriate to do so, the Chairperson is to constitute the Panel so that it is a 5 person Panel.

7  After subsection 221(1)

Insert:

          (1A)  The Chairperson of the Board has, in the performance of his or her functions or the exercise of his or her powers in relation to a conference under section 1294A of the Corporations Act, the same protection and immunity as a Justice of the High Court.

8  After subsection 221(2)

Insert:

          (2A)  A barrister, solicitor or other person appearing on behalf of a person at a conference under section 1294A of the Corporations Act has the same protection and immunity as a barrister has in appearing for a party in proceedings in the High Court.

9  Subparagraph 225(2)(h)(ii)

Omit "; and", substitute ".".

10  Paragraphs 225(2)(i) and (j)

Repeal the paragraphs.

11  Subparagraph 225(2A)(h)(ii)

Omit "; and", substitute ".".

12  Paragraphs 225(2A)(i) and (j)

Repeal the paragraphs.


 

Part 2 -- Application, saving and transitional provisions

Australian Securities and Investments Commission Act 2001

13  At the end of the Act

Add:

Part 18 -- Transitional provisions relating to the Corporations Amendment (Corporate Reporting Reform) Act 2010

   

289  Definitions

                   In this Part:

"amending Act" means the Corporations Amendment (Corporate Reporting Reform) Act 2010 .

"old Act" means this Act as in force immediately before the commencement of the amending Act.

Schedule 2 commencement means the day on which Part 1 of Schedule 2 to the amending Act commences.

"transition period" means the period:

                     (a)  beginning at the start of the day Part 1 of Schedule 2 to the amending Act commences; and

                     (b)  ending when there is no longer any person holding an appointment as a member of the Companies Auditors and Liquidators Disciplinary Board under paragraph 203(1)(c) or (d) of the old Act.

290   Application of Companies Auditors and Liquidators Disciplinary Board amendments

             (1)  The amendments made by items 1 to 5 of Schedule 2 to the amending Act do not apply until after the transition period.

             (2)  During the transition period:

                     (a)  a person holding an appointment as a member of the Companies Auditors and Liquidators Disciplinary Board under paragraph 203(1)(c) or (d) of the old Act immediately before the Schedule 2 commencement continues to hold that appointment on and after that commencement for the remainder of the term of the person's appointment as if those amendments had not been made; and

                     (b)  paragraph (a) does not prevent the Minister terminating the appointment under section 207 or the person from resigning under section 206; and

                     (c)  there are to be no more than 6 accounting members of the Companies Auditors and Liquidators Disciplinary Board; and

                     (d)  any member appointed after the Schedule 2 commencement:

                              (i)  must be selected by the Minister; and

                             (ii)  must be eligible to be appointed under subsection 203(1B) as inserted by item 5 of Schedule 2 to the amending Act; and

                     (e)  accounting member means:

                              (i)  a member appointed under paragraph (d); or

                             (ii)  a member appointed under paragraph 203(1)(c) or (d) of the old Act.

             (3)  After the transition period, accounting member is taken to include a member appointed under paragraph (2)(d).

291   Application of pre‑hearing conference amendments

                   The amendments made by items 7 and 8 of Schedule 2 to the amending Act apply in relation to conferences conducted before, on or after the Schedule 2 commencement.


[ Minister's second reading speech made in--

House of Representatives on 26 May 2010

Senate on 22 June 2010 ]

(109/10)

 



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