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This is a Bill, not an Act. For current law, see the Acts databases.
PARLIAMENT OF VICTORIA
Corporations (Financial Services Reform
Amendments) Act 2002
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1. Purpose 1
2. Commencement 2
3. Consequential amendments 2
PART 2--AMENDMENT OF CORPORATIONS (ANCILLARY
PROVISIONS) ACT 2001 3
4. Power to amend certain statutory rules 3
5. New section 22A inserted 3
22A. Power to make interim regulations construing certain
references in Acts 3
6. New section 24A inserted 5
24A. Validation 5
__________________
SCHEDULE--Consequential amendments 7
ENDNOTES 14
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PARLIAMENT OF VICTORIA
Initiated in Assembly 27 February 2002
A BILL
to amend the Corporations (Ancillary Provisions) Act 2001 and
certain other Victorian Acts as a consequence of the enactment by the
Parliament of the Commonwealth of the Financial Services Reform
Act 2001 and for other purposes.
Corporations (Financial Services
Reform Amendments) Act 2002
The Parliament of Victoria enacts as follows:
PART 1--PRELIMINARY
1. Purpose
The purpose of this Act is to amend the
Corporations (Ancillary Provisions) Act 2001
5 and certain other Victorian Acts as a consequence
of the enactment by the Parliament of the
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Corporations (Financial Services Reform Amendments) Act
2002
Act No.
PART 1--PRELIMINARY
s. 2
Commonwealth of the Financial Services Reform
Act 2001.
2. Commencement
This Act comes into operation on the day on
5 which it receives the Royal Assent.
3. Consequential amendments
An Act specified in the heading to an item in the
Schedule is amended as set out in that item.
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s. 4
PROVISIONS) ACT 2001
PART 2--AMENDMENT OF CORPORATIONS (ANCILLARY
PROVISIONS) ACT 2001
4. Power to amend certain statutory rules
See:
(1) In section 22(2)(e) of the Corporations Act No.
5 (Ancillary Provisions) Act 2001, for "Act." 43/2001.
LawToday:
substitute-- www.dms.
dpc.vic.
"Act; or gov.au
(f) an Act amending an Act referred to in
paragraph (d) or (e).".
10 (2) In section 25(6) of the Corporations (Ancillary
Provisions) Act 2001, after "relevant time" insert
"or, in the case of regulations made under section
22(2)(f) or 22A, the time when the amending Act
(or the relevant provision of that Act) comes into
15 operation or is taken to have come into operation".
5. New section 22A inserted
After section 22 of the Corporations (Ancillary
Provisions) Act 2001 insert--
'22A. Power to make interim regulations
20 construing certain references in Acts
(1) In this section "affected reference"
means--
(a) a reference in an Act to a provision of
the new ASIC Act or the new
25 Corporations Act; or
(b) a reference in an Act to a term,
expression or concept defined or used
in the new ASIC Act or the new
Corporations Act--
30 that is, or is to be, affected in any way by the
enactment or proposed enactment by the
Parliament of the Commonwealth of an Act
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PROVISIONS) ACT 2001
amending the new ASIC Act or the new
Corporations Act.
(2) The Governor in Council, on the
recommendation of the Minister, may make
5 regulations providing that an affected
reference in any Act is to be construed as set
out in the regulations.
(3) The Minister may make a recommendation
under sub-section (2) only if he or she
10 considers that--
(a) each substantive provision of the
proposed regulations is necessary as a
consequence of the enactment, or the
proposed enactment, by the Parliament
15 of the Commonwealth of an Act
amending the new ASIC Act or the new
Corporations Act; and
(b) subject to sub-section (4), the proposed
regulations do not deal with any other
20 matter.
(4) Regulations made under this section may
deal with matters of a transitional nature
(including matters of an application or
savings nature) consequent on the enactment
25 of the amending Act referred to in sub-
section (3)(a).
Note: Section 25(6) and (7) enable a provision of the
regulations made under this section to have
effect from a time that is earlier than the day on
30 which they are made.
(5) Regulations made under this section have
effect according to their terms.
(6) Part 2 of the Subordinate Legislation Act
1994 does not apply to regulations made
35 under this section.
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PROVISIONS) ACT 2001
(7) Regulations made under this section expire
on the first anniversary of the day on which
they are made unless they are revoked, or
expressed to expire, on an earlier day.'.
5 6. New section 24A inserted
After section 24 of the Corporations (Ancillary
Provisions) Act 2001 insert--
'24A. Validation
(1) In this section "relevant period" means the
10 period--
(a) starting on the commencement of Part 1
of Schedule 1 to the Financial Services
Reform Act 2001 of the
Commonwealth; and
15 (b) ending immediately before the
commencement of the Corporations
(Financial Services Reform
Amendments) Act 2002.
(2) Anything done or omitted to be done by a
20 person or body during the relevant period
that would have been valid and lawful had
the Corporations (Financial Services
Reform Amendments) Act 2002 been in
operation at the time at which the thing was
25 done or omitted, must be taken to be, and to
have always been, valid and lawful.
(3) Anything done or omitted to be done by a
person or body during the relevant period
that would have been valid and lawful had
30 none of the provisions of the Financial
Services Reform Act 2001 of the
Commonwealth been in operation at the time
at which the thing was done or omitted, must
be taken to be, and to have always been,
35 valid and lawful.'.
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PART 2--AMENDMENT OF CORPORATIONS (ANCILLARY
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PART 2--AMENDMENT OF CORPORATIONS (ANCILLARY
Sch.
PROVISIONS) ACT 2001
SCHEDULE
Section 3
CONSEQUENTIAL AMENDMENTS
1. Associations Incorporation Act 1981
5 In section 53(2), for paragraph (a) substitute--
"(a) if the incorporated association is a company under the
Corporations Act--to the extent necessary for an
association to be deregistered as a company under that
Act;".
10 2. Co-operatives Act 1996
2.1 In section 9(2)--
(a) in paragraph (h), for "the futures industry" substitute
"derivatives";
(b) for paragraph (i) substitute--
15 "(i) provisions relating to--
(i) financial services licensees (as defined in
section 761A of the Corporations Act)
whose licence covers dealing in, or
providing advice about, securities; or
20 (ii) regulated principals (as defined in
section 1430 of the Corporations Act)
when dealing in, or providing advice
about, securities as authorised by
Subdivision D of Division 1 of Part 10.2
25 of that Act; or";
(c) in paragraph (j), for "conduct of securities business"
substitute "carrying on of a financial services
business (as defined in section 761A of the
Corporations Act) relating to securities";
30 (d) for paragraph (k) substitute--
"(k) provisions relating to financial statements, and
audits of financial statements, of--
(i) financial services licensees (as defined in
section 761A of the Corporations Act)
35 whose licence covers dealing in, or
providing advice about, securities; or
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PROVISIONS) ACT 2001
(ii) regulated principals (as defined in
section 1430 of the Corporations Act)
when dealing in, or providing advice
about, securities as authorised by
5 Subdivision D of Division 1 of Part 10.2
of that Act; or";
(e) for paragraph (l) substitute--
"(l) provisions relating to money and scrip of
clients of--
10 (i) financial services licensees (as defined in
section 761A of the Corporations Act)
whose licence covers dealing in, or
providing advice about, securities; or
(ii) regulated principals (as defined in
15 section 1430 of the Corporations Act)
when dealing in, or providing advice
about, securities as authorised by
Subdivision D of Division 1 of Part 10.2
of that Act; or".
20 2.2 In section 9(3), for paragraph (d) substitute--
"(d) Part 7.10 (Market misconduct).".
2.3 In section 263(1), for "Part 7.11 (Conduct in relation to
securities)" substitute "Part 7.10 (Market misconduct)".
2.4 In section 316, for "Chapter 5A" substitute "Part 5A.1".
25 2.5 In the heading to section 323, for "winding up" substitute
"administration".
2.6 In section 323, paragraphs (b) and (d) are repealed.
3. Country Fire Authority Act 1958
In section 3(1), for the definition of "insurance
30 intermediary" substitute--
' "insurance intermediary" means--
(a) a person who arranges contracts of insurance in
Victoria--
(i) for reward; and
35 (ii) as an agent for a person carrying on a
business of insurance; or
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PROVISIONS) ACT 2001
(b) a financial services licensee (as defined in
section 761A of the Corporations Act) whose
licence covers arranging contracts of insurance
as an agent for a person carrying on a business
5 of insurance; or
(c) a regulated principal (as defined in section 1430
of the Corporations Act) when carrying on
business as an insurance broker as authorised
by Subdivision D of Division 1 of Part 10.2 of
10 that Act;'.
4. Duties Act 2000
4.1 In section 3(1)--
(a) in the definition of "Australian register", for
"Corporations Law" substitute "Corporations Act";
15 (b) for the definition of "insurance intermediary"
substitute--
' "insurance intermediary" means--
(a) a person who arranges contracts of
insurance in Victoria--
20 (i) for reward; and
(ii) as an agent for a person carrying on a
business of insurance; or
(b) a financial services licensee (within the
meaning of section 761A of the
25 Corporations Act) whose licence covers
arranging contracts of insurance as an
agent for a person carrying on a business
of insurance; or
(c) a regulated principal (within the meaning
30 of section 1430 of the Corporations Act)
when carrying on business as an
insurance broker that the regulated
principal is authorised to carry on by
Subdivision D of Division 1 of Part 10.2
35 of that Act;';
(c) in the definition of "private company", for "quoted"
substitute "listed for quotation";
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(d) in the definition of "recognised stock exchange", for
paragraphs (b), (c) and (d) substitute--
"(b) a prescribed financial market (within the
meaning of section 9 of the Corporations Act);
5 or
(c) a licensed market (within the meaning of
section 761A of the Corporations Act) that is
prescribed as a recognised stock exchange for
the purposes of this Act;".
10 4.2 In section 10(2)(a) and (b), for "quoted" substitute "listed
for quotation".
4.3 In section 187(1), for paragraph (a) substitute--
"(a) if the insurer's authorisation under the Insurance Act
1973 of the Commonwealth is revoked; or".
15 5. Environment Protection Act 1970
In section 7(6), for "on a recognized stock exchange in
Australia" substitute "for quotation on a prescribed
financial market (as defined in section 9 of the Corporations
Act)".
20 6. Estate Agents Act 1980
6.1 In section 4(1)--
(a) in the definition of "declared corporation", for "on an
Australian Stock Exchange" substitute "for quotation
on a prescribed financial market (as defined in
25 section 9 of the Corporations Act)";
(b) in the definition of "private corporation", for "on any
Australian Stock Exchange" substitute "for quotation
on any prescribed financial market (as defined in
section 9 of the Corporations Act)".
30 6.2 In section 15(1C), after "meaning of" insert "section 9 of".
6.3 In section 55(9), in paragraph (a)(i), for "corporation the
shares of which are listed on an Australian Stock Exchange"
substitute "listed corporation (as defined in section 9 of the
Corporations Act)".
35 7. Gas Industry Act 2001
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PROVISIONS) ACT 2001
In section 114, in the definition of "related body corporate",
for "the Corporations Law" substitute "section 50 of the
Corporations Act".
8. House Contracts Guarantee Act 1987
5 In section 51(2), for "Corporations Law" substitute
"Corporations Act".
9. Instruments Act 1958
In section 111--
(a) in sub-section (1)(b), for "stock broker," substitute
10 "financial services licensee, regulated principal,";
(b) for sub-section (4) substitute--
'(4) In sub-section (1)--
"financial services licensee" means a financial
services licensee (as defined in section
15 761A of the Corporations Act) whose
licence covers dealing in securities;
"regulated principal" means a regulated
principal (as defined in section 1430 of
the Corporations Act) who is authorised
20 by Subdivision D of Division 1 of Part
10.2 of that Act to deal in securities.'.
10. Legal Practice Act 1996
In section 3(1), in the definition of "constitution", for
"Corporations Law" substitute "Corporations Act".
25 11. Metropolitan Fire Brigades Act 1958
In section 3(1), for the definition of "insurance
intermediary" substitute--
' "insurance intermediary" means--
(a) a person who arranges contracts of insurance in
30 Victoria--
(i) for reward; and
(ii) as an agent for a person carrying on a
business of insurance; or
(b) a financial services licensee (as defined in
35 section 761A of the Corporations Act) whose
licence covers arranging contracts of insurance
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PROVISIONS) ACT 2001
as an agent for a person carrying on a business
of insurance; or
(c) a regulated principal (as defined in section 1430
of the Corporations Act) when carrying on
5 business as an insurance broker as authorised
by Subdivision D of Division 1 of Part 10.2 of
that Act;'.
12. Municipal Association Act 1907
For section 10C substitute--
10 "10C. Association may arrange insurance
The Association may, in relation to insurance
requirements of its members and any other bodies
constituted under any Act for any public or local
governing purpose or constituted for a joint purpose
15 by two or more of such members and other bodies--
(a) do all such things as are ordinarily done by
financial services licensees (as defined in
section 761A of the Corporations Act) whose
licence covers arranging contracts of insurance;
20 and
(b) in particular, receive commission for arranging
those contracts of insurance.".
13. Partnership Act 1958
In section 74(2), for "7.11 (Conduct in relation to
25 securities)" substitute "7.10 (Market misconduct)".
14. Trustee Act 1958
14.1 In section 28(1), for "stockbroker," substitute "financial
services licensee, regulated principal,".
14.2 After section 28(4), insert--
30 '(5) In sub-section (1)--
"financial services licensee" means a financial
services licensee (as defined in section 761A of
the Corporations Act) whose licence covers
dealing in, or providing advice about,
35 securities;
"regulated principal" means a regulated principal
(as defined in section 1430 of the Corporations
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PROVISIONS) ACT 2001
Act) who is authorised by Subdivision D of
Division 1 of Part 10.2 of that Act to deal in, or
provide advice about, securities.'.
15. Trustee Companies Act 1984
5 15.1 In section 4(1), for the definition of "nominee corporation"
substitute--
' "nominee corporation" means a body corporate whose
principal business is the business of holding
marketable securities as a trustee or nominee;'.
10 15.2 In section 40(10)--
(a) for "Stock Exchange, the quotations published by the
Stock Exchange" substitute "prescribed financial
market (as defined in section 9 of the Corporations
Act), the quotations published by that market";
15 (b) for "chairman or the secretary of the relevant Stock
Exchange" substitute "chairperson or secretary of the
market licensee (as defined in section 761A of the
Corporations Act) who is authorised to operate that
market".
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2002
Act No.
Endnotes
ENDNOTES
By Authority. Government Printer for the State of Victoria.
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