Commonwealth Numbered Regulations - Explanatory Statements
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CORPORATIONS (FEES) AMENDMENT REGULATION 2016 (F2016L01909)
EXPLANATORY STATEMENT
Issued by the authority of the Minister for Revenue and Financial Services
Corporations (Fees) Act 2001
Corporations (Fees) Amendment Regulation 2016
Section 8 of the Corporations (Fees) Act provides that the Governor-General may make regulations for the purposes of section 5 of the Corporations (Fees) Act. Under section 5 of the Corporations (Fees) Act, the regulations may prescribe fees for chargeable matters.
Chargeable matters, as defined in section 4 of the Corporations (Fees) Act, include the lodgement or registration of documents under the Corporations Act and the doing of any act under the Corporations Act by the Australian Securities and Investments Commission (ASIC).
The Corporations (Fees) Regulations 2001 (the Principal Regulations) prescribes fees for chargeable matters under the Corporations (Fees) Act.
The purpose of the Corporations (Fees) Amendment Regulation 2016 (the Regulation) is to amend the Principal Regulations to:
• align fees for registration as a liquidator with the current fees applying to registered trustees;
• reflect the replacement of current processes for the registration of a registered liquidator with the provisions under Division 20 of the Insolvency Law Reform Act 2016 (the Amending Act);
• reflect the repeal of a number of provisions under the Amending Act and the Corporations and Other Legislation Amendment (Insolvency Law Reform) Regulation 2016; and
• align fees for certain notices lodged by convenors of meetings during the external administration of companies.
Details of the Regulation are set out in the Attachment.
The Act does not specify any conditions that need to be met before the power to make the Regulation may be exercised.
The Regulation is a legislative instrument for the purposes of the Legislation Act 2003.
The Regulation has been informed by public consultation on a proposals paper outlining the contents of the legislative instrument released in 2015 and on a draft of the instrument in 2016.
In accordance with the Corporations Agreement 2002, the Legislative and Governance Forum on Corporations has been consulted on the Regulation.
The Early Assessment Regulation Impact Statement prepared for the introduction of the Amending Act in December 2015, and published as part of the Explanatory Memorandum to that Act, has been updated. A Final RIS will be published when the Insolvency Practice Rules (Corporations) and Insolvency Practice Rules (Bankruptcy) are made.
The Regulation commences on 1 March 2017, with Schedule 1, items 5 to 11, commencing on 1 September 2017.
Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
Corporations (Fees) Amendment Regulation 2016
This Legislative Instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview of the Legislative Instrument
The purpose of the Corporations (Fees) Amendment Regulation 2016 is to amend the Corporations (Fees) Regulations 2001 to:
• align fees for registration as a liquidator with the current fees applying to registered trustees;
• reflect the replacement of current processes for the registration of a registered liquidator with the provisions under Division 20 of the Insolvency Law Reform Act 2016;
• reflect the repeal of a number of provisions under the Insolvency Law Reform Act 2016 and the Corporations and Other Legislation Amendment (Insolvency Law Reform) Regulation 2016; and
• align fees for certain notices lodged by convenors of meetings during the external administration of companies.
Human rights implications
This Legislative Instrument does not engage any of the applicable rights or freedoms.
Conclusion
This Legislative Instrument is compatible with human rights as it does not raise any human rights issues.
ATTACHMENT
Details of the proposed Corporations (Fees) Amendment Regulation 2016
Section 1 - Name of Regulation
This section provides that the title of the Regulation is the Corporations (Fees) Amendment Regulation 2016.
Section 2 - Commencement
This section provides that the commencement date for sections 1 to 4 and Schedule 1, items 1 to 4, is the same as for Schedule 1 to the Insolvency Law Reform Act 2016 (the Amending Act). The commencement date for Schedule 1, items 5 to 11, is 1 September 2017.
Section 3 - Authority
This section provides that the Corporations (Fees) Amendment Regulation 2016 is made under the Corporations (Fees) Act.
Section 4 - Schedules
This section provides that each instrument that is specified in a Schedule to the Regulation is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to the Regulation has effect according to its terms.
Schedule 1 - Amendments
Item [1] - Schedule 1 (table item 3)
Schedule 1 (table item 3) of the Principal Regulations sets registration fees for auditors and liquidators. This item repeals the item and replaces it to set the fee for registration as an auditor at $150, if the application is lodged electronically, or $330, if the application is not lodged electronically.
Item [2] - Schedule 1 (table item 4)
Schedule 1 (table item 4) of the Principal Regulations sets a fee for lodging annual statements by registered liquidators under section 1288 of the Corporations Act. This item repeals that item.
Item [3] - Schedule 1 (after table item 4A)
This item adds new items 4B, 4C and 4D to Schedule 1 of the Principal Regulations:
• Item 4B sets a fee of $2,200 on lodging an application for registration as a liquidator.
• Item 4C sets a fee of $1,300 for the registration by ASIC of a person as a liquidator.
• Item 4D sets fees for lodging an application for renewal of registration as a liquidator. A fee of $1,700 applies if the application is lodged more than one month before the renewal date. A fee of $1,920 applies if the application is lodged within one month of the renewal date.
Item [4] - Schedule 1 (table item 31, column 2)
Schedule 1 (table item 31, column 2) of the Principal Regulations sets a fee for inspecting, and for enquiries requiring the inspecting of, certain registers maintained by ASIC. This item removes the requirement to pay the fee for inspecting, and for enquiries requiring the inspecting of, the Register of Official Liquidators. The removal of this fee reflects the repeal of the registration of official liquidators and the Register of Official Liquidators.
Item [5] - Schedule 1 (table item 34, column 2, paragraph (a))
Schedule 1 (table item 34, column 2) of the Principal Regulations sets a fee for ASIC issuing certain certificates under the Corporations Act. This item removes the requirement to pay the fee for ASIC issuing certificates of registration to liquidators and official liquidators.
Item [6] - Schedule 1 (table item 42A, column 2, paragraph (c))
Schedule 1 (table item 42A, column 2) of the Principal Regulations sets a fee for electronically lodging certain notices with ASIC for publication on ASIC's publication website. This item removes the requirement to pay the fee when an administrator electronically lodges a notice convening a company meeting under subsection 439A(3) of the Corporations Act. The removal of this fee reflects the repeal of subsection 439A(3) of the Corporations Act by the Amending Act.
Item [7] - Schedule 1 (table item 42A, column 2, paragraph (e))
Schedule 1 (table item 42A, column 2) of the Principal Regulations sets a fee for electronically lodging certain notices with ASIC for publication on ASIC's publication website. This item removes the requirement to pay the fee when an administrator electronically lodges a notice convening a company meeting under subsection 449C(5) of the Corporations Act. The removal of this fee reflects the repeal of subsection 449C(5) of the Corporations Act by the Amending Act.
Item [8] - Schedule 1 (table item 42A, column 2, paragraph (i))
Schedule 1 (table item 42A, column 2) of the Principal Regulations sets a fee for electronically lodging certain notices with ASIC for publication on ASIC's publication website. This item removes the requirement to pay the fee when a company electronically lodges notice that a company meeting has been adjourned under section 498 of the Corporations Act. The removal of this fee reflects the repeal of section 498 of the Corporations Act by the Amending Act.
Item [9] - Schedule 1 (table item 42B, column 2, after paragraph (a))
Schedule 1 (table item 42B, column 2) of the Principal Regulations sets a fee for electronically lodging certain notices with ASIC for publication on ASIC's publication website. This item inserts the requirement to pay the fee when electronically lodging notice of a court-ordered winding up under section 465A, as amended by the Amending Act.
Item [10] - Schedule 1 (after table item 42B)
This item inserts a new item 42BA into Schedule 1 of the Principal Regulations.
Item 42BA sets a fee for electronically lodging certain notices with ASIC for publication on ASIC's publication website. These notices are those required by:
• section 75-40 of the Insolvency Practice Rules (Corporations) 2016. Lodgement of the notice is required when convening meetings concerning companies under external administration ; and
• section 75-135 of the Insolvency Practice Rules (Corporations) 2016. Lodgement of the notice is required when adjourning meetings of a company's creditors.
Item [11] - Schedule 1 (table item 42C, column 2, paragraph (b))
Schedule 1 (table item 42C, column 2) of the Principal Regulations sets a fee for electronically lodging certain notices with ASIC for publication on ASIC's publication website. This item removes the requirement to pay the fee when a liquidator electronically lodges notice of a final general meeting, or meeting of creditors and members of the company, following the affairs of a company being fully wound up under section 509 of the Corporations Act. The removal of this fee reflects the repeal of section 509 of the Corporations Act by the Amending Act.