Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 203

  (1)   The Disciplinary Board consists of:

  (a)   a Chairperson; and

  (b)   a Deputy Chairperson; and

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

  (e)   6 members that the Minister selects who are eligible under subsection   (2A) for appointment as a member.

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

  (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.

  (2)   A person is not eligible for appointment as Chairperson or Deputy Chairperson unless he or she is enrolled as a barrister, as a solicitor, as a barrister and solicitor or as a legal practitioner of the High Court, of any federal court or of the Supreme Court of a State or Territory and has been so enrolled for a period of at least 5   years.

  (2A)   A person is eligible under this subsection for appointment as a business member if:

  (a)   the person is resident in Australia; and

  (b)   the Minister is satisfied that the person is suitable for the appointment as a representative of the business community because of the person's qualifications in, knowledge of or experience in one or more of the following fields:

  (i)   business or commerce;

  (iii)   financial markets;

  (iv)   financial products and financial services;

  (v)   economics;

  (vi)   law.

  (3)   The Chairperson, the Deputy Chairperson and each of the other members are to be appointed by the Minister on a part - time basis.