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This is a Bill, not an Act. For current law, see the Acts databases.
2016-2017
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
ASIC Supervisory Cost Recovery Levy
(Consequential Amendments) Bill 2017
No. , 2017
(Treasury)
A Bill for an Act to deal with consequential matters
relating to the enactment of the ASIC Supervisory
Cost Recovery Levy Act 2017, and for related
purposes
No. , 2017
ASIC Supervisory Cost Recovery Levy (Consequential Amendments)
Bill 2017
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Amendments
3
Australian Securities and Investments Commission Act 2001
3
Corporations Act 2001
4
Corporations (Fees) Act 2001
10
National Consumer Credit Protection Act 2009
11
No. , 2017
ASIC Supervisory Cost Recovery Levy (Consequential Amendments)
Bill 2017
1
A Bill for an Act to deal with consequential matters
1
relating to the enactment of the ASIC Supervisory
2
Cost Recovery Levy Act 2017, and for related
3
purposes
4
The Parliament of Australia enacts:
5
1 Short title
6
This Act is the ASIC Supervisory Cost Recovery Levy
7
(Consequential Amendments) Act 2017.
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
ASIC Supervisory Cost Recovery Levy (Consequential Amendments)
Bill 2017
No. , 2017
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. The whole of
this Act
At the same time as the ASIC Supervisory
Cost Recovery Levy Act 2017 commences.
However, the provisions do not commence
at all if that Act does not commence.
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
No. , 2017
ASIC Supervisory Cost Recovery Levy (Consequential Amendments)
Bill 2017
3
Schedule 1--Amendments
1
2
Australian Securities and Investments Commission Act 2001
3
1 Before paragraph 12A(1)(c)
4
Insert:
5
(a) the ASIC Supervisory Cost Recovery Levy Act 2017;
6
(b) the ASIC Supervisory Cost Recovery Levy (Collection) Act
7
2017;
8
2 At the end of Part 8
9
Add:
10
Division 4--Transparency
11
138 Annual "dashboard" report about ASIC's regulatory costs
12
(1) As soon as practicable after 31 October in each year, ASIC must
13
publish on its website the following information in respect of the
14
financial year ending on 30 June in that year:
15
(a) its total regulatory costs in relation to leviable entities;
16
(b) the total regulatory costs from paragraph (a), apportioned on
17
the basis of sector and sub-sector;
18
(c) the sector costs from paragraph (b), apportioned on the basis
19
of costs relating to different kinds of activities undertaken by
20
ASIC in the financial year;
21
(d) the sector costs from paragraph (b), apportioned on the basis
22
of costs relating to different kinds of expenses incurred by
23
ASIC in the financial year;
24
(e) any other information required by the regulations.
25
(2) This section applies in respect of the financial year that ends after
26
the commencement of the ASIC Supervisory Cost Recovery Levy
27
Act 2017, and later financial years.
28
(3) In this section:
29
Schedule 1 Amendments
4
ASIC Supervisory Cost Recovery Levy (Consequential Amendments)
Bill 2017
No. , 2017
leviable entity, for a financial year, has the same meaning as in the
1
ASIC Supervisory Cost Recovery Levy Act 2017.
2
regulatory costs, for a financial year, has the same meaning as in
3
the ASIC Supervisory Cost Recovery Levy Act 2017.
4
sector has the same meaning as in the ASIC Supervisory Cost
5
Recovery Levy Act 2017.
6
sub-sector has the same meaning as in the ASIC Supervisory Cost
7
Recovery Levy Act 2017.
8
Corporations Act 2001
9
3 After subsection 601AB(1A)
10
Insert:
11
(1B) ASIC may also decide to deregister a company if:
12
(a) the company is liable to pay levy imposed by the ASIC
13
Supervisory Cost Recovery Levy Act 2017; and
14
(b) the company has not paid in full at least 12 months after the
15
due date for payment:
16
(i) the amount of the levy; and
17
(ii) the amount of any late payment penalty payable in
18
relation to the levy; and
19
(iii) the amount of any shortfall penalty payable in relation
20
to the levy.
21
4 After subsection 601AH(1)
22
Insert:
23
(1A) ASIC may reinstate the registration of a company deregistered
24
under subsection 601AB(1B) if:
25
(a) ASIC receives an application in relation to the reinstatement
26
of the company's registration; and
27
(b) the levy imposed on the company by the ASIC Supervisory
28
Cost Recovery Levy Act 2017 is paid in full; and
29
(c) the amount of any late payment penalty payable in relation to
30
the levy is paid in full; and
31
Amendments Schedule 1
No. , 2017
ASIC Supervisory Cost Recovery Levy (Consequential Amendments)
Bill 2017
5
(d) the amount of any shortfall penalty payable in relation to the
1
levy is paid in full.
2
5 Paragraph 601AH(3)(a)
3
After "(1)", insert "or (1A)".
4
6 Subsection 601AH(4)
5
Omit all words after "the Gazette.".
6
7 After subsection 601AH(4)
7
Insert:
8
(4A) If an application was made to ASIC for the reinstatement of a
9
company's registration, ASIC must give notice of the reinstatement
10
to the applicant.
11
8 At the end of section 797B
12
Add:
13
; or (e) in the case of a licensee that is a leviable entity (within the
14
meaning of the ASIC Supervisory Cost Recovery Levy Act
15
2017)--the following have not been paid in full at least 12
16
months after the due date for payment:
17
(i) an amount of levy (if any) payable in respect of the
18
licensee;
19
(ii) an amount of late payment penalty payable (if any) in
20
relation to the levy;
21
(iii) an amount of shortfall penalty payable (if any) in
22
relation to the levy.
23
9 At the end of section 826B
24
Add:
25
; or (e) in the case of a licensee that is a leviable entity (within the
26
meaning of the ASIC Supervisory Cost Recovery Levy Act
27
2017)--the following have not been paid in full at least 12
28
months after the due date for payment:
29
(i) an amount of levy (if any) payable in respect of the
30
licensee;
31
Schedule 1 Amendments
6
ASIC Supervisory Cost Recovery Levy (Consequential Amendments)
Bill 2017
No. , 2017
(ii) the amount of late payment penalty payable (if any) in
1
relation to the levy;
2
(iii) the amount of shortfall penalty payable (if any) in
3
relation to the levy.
4
10 At the end of section 905H
5
Add:
6
; or (d) in the case of a licensee that is a leviable entity (within the
7
meaning of the ASIC Supervisory Cost Recovery Levy Act
8
2017)--the following have not been paid in full at least 12
9
months after the due date for payment:
10
(i) an amount of levy (if any) payable in respect of the
11
licensee;
12
(ii) the amount of late payment penalty payable (if any) in
13
relation to the levy;
14
(iii) the amount of shortfall penalty payable (if any) in
15
relation to the levy.
16
11 After paragraph 915B(1)(e)
17
Insert:
18
; or (f) is liable to pay levy imposed by the ASIC Supervisory Cost
19
Recovery Levy Act 2017 and has not paid in full at least 12
20
months after the due date for payment:
21
(i) the amount of levy; and
22
(ii) the amount of any late payment penalty payable in
23
relation to the levy; and
24
(iii) the amount of any shortfall penalty payable in relation
25
to the levy.
26
12 After paragraph 915B(2)(d)
27
Insert:
28
; or (e) in the case of a partnership that is a leviable entity (within the
29
meaning of the ASIC Supervisory Cost Recovery Levy Act
30
2017)--the following have not been paid in full at least 12
31
months after the due date for payment:
32
(i) an amount of levy (if any) payable in respect of the
33
licensee;
34
Amendments Schedule 1
No. , 2017
ASIC Supervisory Cost Recovery Levy (Consequential Amendments)
Bill 2017
7
(ii) an amount of late payment penalty payable (if any) in
1
relation to the levy;
2
(iii) an amount of shortfall penalty payable (if any) in
3
relation to the levy.
4
13 After paragraph 915B(3)(d)
5
Insert:
6
; or (e) is liable to pay levy imposed by the ASIC Supervisory Cost
7
Recovery Levy Act 2017 and has not paid in full at least 12
8
months after the due date for payment:
9
(i) the amount of levy; and
10
(ii) the amount of any late payment penalty payable in
11
relation to the levy; and
12
(iii) the amount of any shortfall penalty payable in relation
13
to the levy.
14
14 After paragraph 915B(4)(d)
15
Insert:
16
; or (e) in the case of a licensee that is a single legal entity under
17
section 761FA and also a leviable entity (within the meaning
18
of the ASIC Supervisory Cost Recovery Levy Act 2017)--the
19
following have not been paid in full at least 12 months after
20
the due date for payment:
21
(i) an amount of levy (if any) payable in respect of the
22
licensee;
23
(ii) an amount of late payment penalty payable (if any) in
24
relation to the levy;
25
(iii) an amount of shortfall penalty payable (if any) in
26
relation to the levy.
27
15 After section 1290
28
Insert:
29
1291 Immediate suspension or cancellation
30
ASIC may cancel or suspend a person's registration as an auditor
31
if:
32
Schedule 1 Amendments
8
ASIC Supervisory Cost Recovery Levy (Consequential Amendments)
Bill 2017
No. , 2017
(a) the person is liable to pay levy imposed by the ASIC
1
Supervisory Cost Recovery Levy Act 2017; and
2
(b) the following have not been paid in full at least 12 months
3
after the due date for payment:
4
(i) an amount of levy (if any) payable in respect of the
5
person;
6
(ii) an amount of late payment penalty payable (if any) in
7
relation to the levy;
8
(iii) an amount of shortfall penalty payable (if any) in
9
relation to the levy.
10
Note:
See section 1298 for the effect of suspension.
11
1291A Notice of suspension or cancellation
12
Application of this section
13
(1) This section applies if ASIC decides under section 1291 to suspend
14
or cancel the registration of a person as an auditor.
15
ASIC must give notice of decision
16
(2) ASIC must, within 10 business days after making the decision,
17
give a written notice setting out the decision, and the reasons for
18
the decision.
19
When decision comes into effect
20
(3) The decision comes into effect on the day after the notice is given
21
to the person.
22
Failure to give notice does not affect validity of decision
23
(4) A failure by ASIC to give the notice under subsection (2) within 10
24
business days does not affect the validity of the decision.
25
1291B ASIC may vary or revoke suspension
26
(1) This section applies if ASIC has suspended the registration of a
27
person as an auditor under section 1291.
28
Amendments Schedule 1
No. , 2017
ASIC Supervisory Cost Recovery Levy (Consequential Amendments)
Bill 2017
9
(2) ASIC may at any time vary or revoke the suspension by giving
1
written notice to the person.
2
16 Subsection 1295(1)
3
After "suspended", insert "by the Board".
4
17 After paragraph 1299I(b)
5
Insert:
6
; or (c) in the case of a company that is a leviable entity (within the
7
meaning of the ASIC Supervisory Cost Recovery Levy Act
8
2017)--the following have not been paid in full at least 12
9
months after the due date for payment:
10
(i) an amount of levy (if any) payable in respect of the
11
company;
12
(ii) an amount of late payment penalty payable (if any) in
13
relation to the levy;
14
(iii) an amount of shortfall penalty payable (if any) in
15
relation to the levy.
16
18 At the end of subsection 40-25(1) of Schedule 2
17
Add:
18
; or (g) in the case of a person who is a leviable entity (within the
19
meaning of the ASIC Supervisory Cost Recovery Levy Act
20
2017)--the following have not been paid in full at least 12
21
months after the due date for payment:
22
(i) an amount of levy (if any) payable in respect of the
23
person;
24
(ii) an amount of late payment penalty payable (if any) in
25
relation to the levy;
26
(iii) an amount of shortfall penalty payable (if any) in
27
relation to the levy.
28
19 At the end of subsection 40-30(1) of Schedule 2
29
Add:
30
; or (g) in the case of a person who is a leviable entity (within the
31
meaning of the ASIC Supervisory Cost Recovery Levy Act
32
2017)--the following have not been paid in full at least 12
33
months after the due date for payment:
34
Schedule 1 Amendments
10
ASIC Supervisory Cost Recovery Levy (Consequential Amendments)
Bill 2017
No. , 2017
(i) an amount of levy (if any) payable in respect of the
1
person;
2
(ii) an amount of late payment penalty payable (if any) in
3
relation to the levy;
4
(iii) an amount of shortfall penalty payable (if any) in
5
relation to the levy.
6
Corporations (Fees) Act 2001
7
20 Subsection 4(1) (paragraph (l) of the definition of
8
chargeable matter)
9
Omit ";", substitute ".".
10
21 Subsection 4(1) (paragraphs (m) and (n) of the definition
11
of chargeable matter)
12
Repeal the paragraphs.
13
22 Subsection 5(1)
14
Omit "sections 6 and 6A", substitute "section 6".
15
23 Subsection 6(6)
16
Repeal the subsection.
17
24 Section 6A
18
Repeal the section.
19
25 Subparagraph 7(1)(l)(ii)
20
Omit ";", substitute ".".
21
26 Paragraphs 7(1)(m) and (n)
22
Repeal the paragraphs.
23
27 Section 8
24
Omit ", 6 and 6A", substitute "and 6".
25
Amendments Schedule 1
No. , 2017
ASIC Supervisory Cost Recovery Levy (Consequential Amendments)
Bill 2017
11
National Consumer Credit Protection Act 2009
1
28 At the end of subsection 54(1)
2
Add:
3
; or (d) in the case of a licensee that is a leviable entity (within the
4
meaning of the ASIC Supervisory Cost Recovery Levy Act
5
2017)--the following have not been paid in full at least 12
6
months after the due date for payment:
7
(i) an amount of levy (if any) payable in respect of the
8
licensee;
9
(ii) an amount of late payment penalty payable (if any) in
10
relation to the levy;
11
(iii) an amount of shortfall penalty payable (if any) in
12
relation to the levy.
13
29 Application
14
Despite the repeals made by this Act of the following provisions of the
15
Corporations (Fees) Act 2001:
16
(a) paragraphs (m) and (n) of the definition of chargeable matter
17
in subsection 4(1);
18
(b) subsection 6(6);
19
(c) section 6A;
20
(d) paragraphs 7(1)(m) and (n);
21
those provisions, and any instruments in force under those provisions
22
immediately before the commencement of this Act, continue to apply as
23
if those repeals had not happened in relation to the following functions
24
performed by ASIC:
25
(e) functions performed in relation to operators of a licensed
26
market under Part 7.2A of the Corporations Act 2001 before
27
the commencement of this Act;
28
(f) functions performed in relation to participants in a licensed
29
market under Part 7.2A of the Corporations Act 2001 before
30
the commencement of this Act.
31