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This is a Bill, not an Act. For current law, see the Acts databases.
2013-2014
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Australian Securities and Investments
Commission Amendment (Corporations
and Markets Advisory Committee
Abolition) Bill 2014
No. , 2014
(Treasury)
A Bill for an Act to abolish the Corporations and
Markets Advisory Committee, and for related
purposes
No. , 2014
Australian Securities and Investments Commission Amendment
(Corporations and Markets Advisory Committee Abolition) Bill 2014
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Amendments
3
Part 1--Amendments
3
Australian Securities and Investments Commission Act 2001
3
Part 2--Transitional and saving provisions
5
No. , 2014
Australian Securities and Investments Commission Amendment
(Corporations and Markets Advisory Committee Abolition) Bill 2014
1
A Bill for an Act to abolish the Corporations and
1
Markets Advisory Committee, and for related
2
purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Australian Securities and Investments
6
Commission Amendment (Corporations and Markets Advisory
7
Committee Abolition) Act 2014.
8
2 Commencement
9
(1) Each provision of this Act specified in column 1 of the table
10
commences, or is taken to have commenced, in accordance with
11
2
Australian Securities and Investments Commission Amendment
(Corporations and Markets Advisory Committee Abolition) Bill 2014
No. , 2014
column 2 of the table. Any other statement in column 2 has effect
1
according to its terms.
2
3
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
The 28th day after this Act receives the
Royal Assent.
Note:
This table relates only to the provisions of this Act as originally
4
enacted. It will not be amended to deal with any later amendments of
5
this Act.
6
(2) Any information in column 3 of the table is not part of this Act.
7
Information may be inserted in this column, or information in it
8
may be edited, in any published version of this Act.
9
3 Schedules
10
Legislation that is specified in a Schedule to this Act is amended or
11
repealed as set out in the applicable items in the Schedule
12
concerned, and any other item in a Schedule to this Act has effect
13
according to its terms.
14
Amendments Schedule 1
Amendments Part 1
No. , 2014
Australian Securities and Investments Commission Amendment
(Corporations and Markets Advisory Committee Abolition) Bill 2014
3
Schedule 1
--Amendments
1
Part 1
--Amendments
2
Australian Securities and Investments Commission Act 2001
3
1 Title
4
Omit ", a Corporations and Markets Advisory Committee".
5
2 Paragraph 1(1)(c)
6
Repeal the paragraph.
7
3 Subsection 5(1) (definition of CAMAC)
8
Repeal the definition.
9
4 Subsection 5(1) (definition of Convenor)
10
Repeal the definition.
11
5 Subsection 5(1) (paragraph (b) of the definition of meeting)
12
Repeal the paragraph.
13
6 Subsection 5(1) (paragraph (a) of the definition of member)
14
Omit "9,".
15
7 Subsection 5(1) (paragraph (a) of the definition of member)
16
Omit "CAMAC,".
17
8 Subsection 5(1) (paragraph (b) of the definition of member)
18
Repeal the paragraph.
19
9 Subsection 11(3)
20
Repeal the subsection, substitute:
21
(3) ASIC may, on its own initiative or when requested by the Minister,
22
advise the Minister, and make to the Minister such
23
recommendations as it thinks fit, about any matter connected with:
24
Schedule 1 Amendments
Part 1 Amendments
4
Australian Securities and Investments Commission Amendment
(Corporations and Markets Advisory Committee Abolition) Bill 2014
No. , 2014
(a) a proposal to make corporations legislation, or to make
1
amendments of the corporations legislation (other than the
2
excluded provisions); or
3
(b) the operation or administration of the corporations legislation
4
(other than the excluded provisions); or
5
(c) law reform in relation to the corporations legislation (other
6
than the excluded provisions); or
7
(d) companies or a segment of the financial products and
8
financial services industry; or
9
(e) a proposal for improving the efficiency of the financial
10
markets.
11
10 Paragraph 127(4)(a)
12
Omit "CAMAC,".
13
11 Part 9
14
Repeal the Part.
15
12 Paragraphs 246(1)(b), (d) and (h)
16
Repeal the paragraphs.
17
13 At the end of section 261
18
Add:
19
Note:
The Corporations and Markets Advisory Committee (CAMAC)
20
ceased to exist on the commencement of Schedule 1 to the Australian
21
Securities and Investments Commission Amendment (Corporations
22
and Markets Advisory Committee Abolition) Act 2014.
23
Amendments Schedule 1
Transitional and saving provisions Part 2
No. , 2014
Australian Securities and Investments Commission Amendment
(Corporations and Markets Advisory Committee Abolition) Bill 2014
5
Part 2
--Transitional and saving provisions
1
14 Definitions
2
(1)
In this Part:
3
asset means:
4
(a) any legal or equitable estate or interest in real or personal
5
property, whether actual, contingent or prospective; and
6
(b) any right, power, privilege or immunity, whether actual,
7
contingent or prospective.
8
CAMAC means the Corporations and Markets Advisory Committee.
9
commencement time means the time this Schedule commences.
10
instrument includes:
11
(a) a contract, undertaking, deed or agreement; and
12
(b) a notice, authority, order or instruction; and
13
(c) an instrument made under an Act or a regulation;
14
but does not include the following:
15
(d) an Act;
16
(e) an instrument made under this Act;
17
(f) the Corporations Agreement 2002.
18
land means any legal or equitable estate or interest in real property,
19
whether actual, contingent or prospective.
20
liability means any liability, duty or obligation, whether actual,
21
contingent or prospective.
22
rules means rules made under item 27.
23
(2)
Section 5A of the Australian Securities and Investments Commission
24
Act 2001 applies to this Part as if the provisions of this Part were
25
provisions of that Act.
26
Note:
Section 5A applies the Acts Interpretation Act 1901 as in force on 1 January 2005.
27
15 Assets and liabilities
28
(1)
At the commencement time, the assets and liabilities of CAMAC
29
immediately before that time cease to be assets and liabilities of
30
Schedule 1 Amendments
Part 2 Transitional and saving provisions
6
Australian Securities and Investments Commission Amendment
(Corporations and Markets Advisory Committee Abolition) Bill 2014
No. , 2014
CAMAC and become assets and liabilities of the Commonwealth
1
without any conveyance, transfer or assignment.
2
(2)
The Commonwealth becomes the successor in law in relation to those
3
assets and liabilities.
4
16 Certificates relating to vesting of assets
5
(1)
If land vests in the Commonwealth under this Part and the Minister
6
signs a certificate that:
7
(a) identifies the land, whether by reference to a map or
8
otherwise; and
9
(b) states that the land has become vested in the Commonwealth
10
under this Part; and
11
(c) is lodged with the Registrar of Titles or other proper officer
12
of the State or Territory in which the land is situated;
13
the Registrar or other officer may:
14
(d) register the matter in a way that is the same as, or similar to,
15
the way in which dealings in land of that kind are registered;
16
and
17
(e) deal with, and give effect to, the certificate.
18
(2)
If an asset other than land vests in the Commonwealth under this Part
19
and the Minister signs a certificate that:
20
(a) identifies the asset; and
21
(b) states that the asset has become vested in the Commonwealth
22
under this Part; and
23
(c) is lodged with the person or authority who has responsibility
24
for keeping a register in relation to assets of that kind
25
(whether under a law of the Commonwealth, a State or a
26
Territory, a trust instrument or otherwise);
27
the person or authority may:
28
(d) deal with, and give effect to, the certificate as if it were a
29
proper and appropriate instrument for transactions in relation
30
to assets of that kind; and
31
(e) make such entries in the register as are necessary, having
32
regard to the effect of this Part.
33
Amendments Schedule 1
Transitional and saving provisions Part 2
No. , 2014
Australian Securities and Investments Commission Amendment
(Corporations and Markets Advisory Committee Abolition) Bill 2014
7
(3)
A document that appears to be a certificate made under this item is
1
taken, unless the contrary is established, to be such a certificate and to
2
have been properly made.
3
(4)
A certificate made under this item is not a legislative instrument.
4
17 References in instruments to CAMAC
5
(1)
If an instrument in force immediately before the commencement time
6
contains a reference to CAMAC, the instrument has effect from the
7
commencement time as if the reference were a reference to the
8
Commonwealth.
9
(2)
Subitem (1) does not, by implication, prevent the instrument from being
10
varied or terminated after the commencement time.
11
(3)
The rules may prescribe:
12
(a) instruments, or references contained in instruments, to which
13
subitem (1) does not apply; or
14
(b) instruments, or references contained in instruments, to which
15
subitem (1) applies as if the reference in that subitem to the
16
Commonwealth were a reference to the person prescribed by
17
the rules.
18
(4)
Despite subsection 12(2) of the Legislative Instruments Act 2003, rules
19
made for the purposes of subitem (3) may be expressed to take effect
20
from a day before the rules are registered under that Act (but not before
21
the day of the commencement time).
22
18 Operation of laws
23
(1)
Subject to subitem (2), if a thing was done by, or in relation to,
24
CAMAC before the commencement time, then, for the purposes of the
25
operation of any law of the Commonwealth after the commencement
26
time, the thing is taken to have been done by, or in relation to, the
27
Commonwealth.
28
(2)
For the purposes of the operation of the Ombudsman Act 1976 after the
29
commencement time, a thing done by, or in relation to, CAMAC before
30
the commencement time is taken to have been done by, or in relation to,
31
the Department.
32
(3)
The rules may prescribe:
33
Schedule 1 Amendments
Part 2 Transitional and saving provisions
8
Australian Securities and Investments Commission Amendment
(Corporations and Markets Advisory Committee Abolition) Bill 2014
No. , 2014
(a) things in relation to which subitem (1) does not apply; or
1
(b) things in relation to which subitem (1) applies as if the
2
references in that subitem to the Commonwealth were
3
references to the person prescribed by the rules.
4
(4)
Despite subsection 12(2) of the Legislative Instruments Act 2003, rules
5
made for the purposes of subitem (3) may be expressed to take effect
6
from a day before the rules are registered under that Act (but not before
7
the day of the commencement time).
8
19 Legal proceedings
9
If, immediately before the commencement time, CAMAC was a party
10
to proceedings pending in any court or tribunal, the Commonwealth is
11
substituted for CAMAC as a party to the proceedings from that time.
12
20 Transfer of records to the Department
13
Any records or documents that were in the possession of CAMAC
14
immediately before the commencement time are to be transferred to the
15
Department.
16
Note:
The records and documents are Commonwealth records for the purposes of the Archives
17
Act 1983.
18
21 Protection of information obtained from ASIC
19
If:
20
(a) before the commencement time, information was disclosed to
21
CAMAC in accordance with subsection 127(4) of the
22
Australian Securities and Investments Commission Act 2001;
23
and
24
(b) immediately before the commencement time, a person was
25
subject to a condition imposed under subsection 127(4A) of
26
that Act in relation to the information disclosed;
27
the person continues to be subject to the condition after the
28
commencement time.
29
22 Final report
30
(1)
The Secretary of the Department must prepare and give to the Minister,
31
for presentation to the Parliament, a report on the activities of CAMAC
32
during the final reporting period.
33
Amendments Schedule 1
Transitional and saving provisions Part 2
No. , 2014
Australian Securities and Investments Commission Amendment
(Corporations and Markets Advisory Committee Abolition) Bill 2014
9
(2)
The Minister administering the Public Governance, Performance and
1
Accountability Act 2013 may give the Secretary written directions in
2
relation to the report. The Secretary must comply with any such
3
directions in preparing the report.
4
(3)
The Secretary must give the Minister the report within 4 months after
5
the end of the final reporting period.
6
(4)
The Minister must table the report in each House of the Parliament
7
within 15 sitting days of that House after the report is given to the
8
Minister.
9
(5)
In this item:
10
final reporting period means the period:
11
(a) starting:
12
(i) if, immediately before the commencement time, the
13
annual report required to be given to the Minister for the
14
financial year ending before that time has not yet been
15
given--at the start of that financial year; or
16
(ii) otherwise--at the start of the financial year in which the
17
commencement time occurs; and
18
(b) ending immediately before the commencement time.
19
23 Exemption from stamp duty etc.
20
No stamp duty or other tax is payable under a law of a State or Territory
21
in respect of the following, or anything connected with the following:
22
(a) the vesting of an asset or liability under this Part;
23
(b) the operation of this Part in any other respect.
24
24 Delegation by Ministers
25
(1)
The Minister may, by writing, delegate all or any of his or her powers
26
and functions under this Part to:
27
(a) the Secretary of the Department; or
28
(b) an SES employee, or acting SES employee, in the
29
Department.
30
Note:
The expressions SES employee and acting SES employee are defined in the Acts
31
Interpretation Act 1901.
32
Schedule 1 Amendments
Part 2 Transitional and saving provisions
10
Australian Securities and Investments Commission Amendment
(Corporations and Markets Advisory Committee Abolition) Bill 2014
No. , 2014
(2)
The Minister administering the Public Governance, Performance and
1
Accountability Act 2013 may delegate his or her power under
2
subitem 22(2) to the Secretary of the Department administered by that
3
Minister.
4
(3)
In exercising powers or functions under a delegation, the delegate must
5
comply with any directions of the delegating Minister.
6
25 Saving
--operation of section 246 of the Australian
7
Securities and Investments Commission Act 2001
8
(1)
Despite the repeal of paragraphs 246(1)(b), (d) and (h) of the Australian
9
Securities and Investments Commission Act 2001 by this Schedule,
10
section 246 of that Act continues to apply, in relation to anything done
11
or omitted to be done before the commencement time, as if the repeal
12
had not happened.
13
(2)
Paragraph 246(1)(b) of the Australian Securities and Investments
14
Commission Act 2001 as continued under subitem (1) has effect, in
15
relation to anything done or omitted to be done by CAMAC before the
16
commencement time, as if the Commonwealth were referred to in that
17
paragraph.
18
(3)
This item does not limit the operation of section 8 of the Acts
19
Interpretation Act 1901 in relation to matters not covered by this item.
20
Note:
The Acts Interpretation Act 1901 as in force on 1 January 2005 applies to this Part: see
21
subitem 14(2).
22
26 Compensation for acquisition of property
23
(1)
If the operation of this Part would result in an acquisition of property
24
(within the meaning of paragraph 51(xxxi) of the Constitution) from a
25
person otherwise than on just terms (within the meaning of that
26
paragraph), the Commonwealth is liable to pay a reasonable amount of
27
compensation to the person.
28
(2)
If the Commonwealth and the person do not agree on the amount of the
29
compensation, the person may institute proceedings in a court of
30
competent jurisdiction for the recovery from the Commonwealth of
31
such reasonable amount of compensation as the court determines.
32
Amendments Schedule 1
Transitional and saving provisions Part 2
No. , 2014
Australian Securities and Investments Commission Amendment
(Corporations and Markets Advisory Committee Abolition) Bill 2014
11
27 Transitional rules
1
The Minister may, by legislative instrument, make rules:
2
(a) prescribing matters required or permitted by this Schedule to
3
be prescribed by the rules; or
4
(b) in relation to transitional matters arising out of the
5
amendments and repeals made by this Schedule.
6