Commonwealth Numbered Regulations - Explanatory Statements

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AUSTRALIAN SECURITIES COMMISSION REGULATIONS (AMENDMENT) 1993 NO. 208

EXPLANATORY STATEMENT

STATUTORY RULES 1993 No. 208

Issued by the authority of the Attorney-General

Australian Securities Commission Act 1989

Australian Securities Commission Regulations (Amendment)

Section 251 of the Australian Securities Commission Act 1989 (the Act) empowers the Governor-General to make regulations, not inconsistent with the Act, prescribing matters required or permitted by the Act to be prescribed; or necessary or convenient to be prescribed for carrying out or giving effect to the Act.

The amendments to the Regulations are minor amendments to Forms 1 and 2. Form 1 is a notice requiring appearance at an examination or reasonable assistance in connection with an investigation. Form 2 is a notice requiring the production of books.

The regulations which amend Form 1 (by correcting the summaries of the relevant provisions) reflect amendments to section 68 of the Act made by the Corporations Legislation (Evidence) Amendment Act 1992 which altered the circumstances in which the privilege against selfincrimination is available. Minor amendments to Form 2 corrects its scope and to Forms 1 and 2 the citation of the relevant legislation.

In accordance with the Heads of Agreement between the Commonwealth, State and Territory Ministers having responsibilities in relation to corporate regulation, the Attorney-General has obtained the approval of the Ministerial Council for Corporations for the regulations.

The regulations commenced on the date of gazettal.


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