Commonwealth Numbered Regulations - Explanatory Statements

[Index] [Search] [Download] [Related Items] [Help]

CORPORATIONS (FEES) AMENDMENT REGULATIONS 1998 (NO. 2) 1998 NO. 295

STATUTORY RULES 1998 No. 295

Issued by the Authority of the Treasurer

Corporations Act 1989

Corporations (Fees) Amendment Regulations 1998 (No. 2)

Section 22 of the Corporations Act 1989 (the Act) empowers the Governor-General to make regulations, not inconsistent with the Act or the Corporations Law, prescribing, among other things, matters which are required by the Corporations Law to be prescribed by regulations, or necessary or convenient to be prescribed by regulations for carrying out or giving effect to the Corporations Law. Section 25 provides that the regulations may prescribe fees for chargeable matters.

Section 33 of the Act imposes the fees that the Corporations Regulations of the Capital Territory prescribe.

The Corporations Regulations apply in the States and the Northern Territory by virtue of subsection 8(1) of the Corporations ([Name of State]) Acts. The fees that the Corporations Regulations prescribe are imposed in the States and the Northern Territory by section 22 of the Corporations ([Name of State]) Acts.

The Heads of Agreement on Future Corporate Regulation in Australia, reached between Commonwealth, State and Northern Territory Ministers who had responsibilities in relation to corporate regulation in June 1990 forms the political compact on which the national companies and securities scheme is based. The Corporations Agreement, a more formal agreement to supplement the Heads of Agreement, was finalised on 23 September 1997.

The responsible Ministers of the States and the Northern Territory on the Ministerial Council for Corporations have been consulted about the draft regulations, as required by the Corporations Agreement. The approval of the Ministerial Council is not required for amendments to regulations relating to fees.

The regulations:

*       omit 'ASC' and substitute 'ASIC' in a number of items in the Schedule of fees (Regulation 5).

-       These amendments reflect the change of name of the regulator, which was

previously known as the Australian Securities Commission and is now

known as the Australian Securities and Investments Commission.

-       The name of the Commission was changed to reflect its increased

functions with the enactment of the Financial Sector Reform legislation.

*       rename the Corporations (Fees) Regulations as the Corporations (Fees) Regulations 1990 (Regulation 4).

Details of the regulations are attached.

The Regulations commenced on gazettal.

ATTACHMENT

Regulation 1 - Name of Regulations

Regulation 1 provides that the regulations are the Corporations (Fees) Amendment Regulations 1998 (No. 2).

Regulation 2 - Commencement

Regulation 2 provides that the regulations commence on gazettal.

Regulation 3 - Amendment

Regulation 3 provides that the Corporations (Fees) Regulations are amended as set out in the regulations.

Regulation 4 - Citation

Regulation 4 substitutes a new Regulation 1 which renames the Corporations (Fees) Regulations as the Corporations (Fees) Regulations 1990.

Regulation 5 - Schedule (Fees)

Regulation 5 omits 'ASC' and substitutes 'ASIC' in eleven provisions in the Schedule of fees.

This amendment reflects the change of the name of the regulator, from the Australian Securities Commission to the Australian Securities and Investments Commission, from 1 July 1998.

The Commission's name was changed by item 8 of Schedule 1 of the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998, which commenced on 1 July 1998 and reflects the increased functions of the Commission with the enactment of the Financial Sector Reform legislation.