Corporations Amendment Regulations 1998 (No. 9) (Cth)

Statutory Rules 1998No. 293 1

__________________

Corporations Amendment Regulations 1998 (No. 9)2

I, WILLIAM PATRICK DEANE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations under the Corporations Act 1989.

Dated 31 August 1998.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

IAN CAMPBELL

Parliamentary Secretary to the Treasurer

for the

Treasurer

____________

1.   Name of regulations

1.1   These regulations are the Corporations Amendment Regulations 1998 (No. 9).

2.   Commencement

2.1   These regulations commence on gazettal.

3.   Amendment

3.1   The Corporations Regulations are amended as set out in these regulations.

4.   Regulation 1.0.01 (Citation)

4.1   Omit the regulation, substitute:

Name of regulations

 “1.0.01. These regulations are the Corporations Regulations 1990.”.

5.   Regulation 1.0.21 (Identification of lodged orders)

5.1   Omit “the Commission”, substitute “ASIC”.

6.   New Part heading

6.1   Before regulation 2M.3.01, insert:

“PART 2M.3 — FINANCIAL REPORTING”.

7.   Regulation 2M.3.01 (Financial statements — prescribed requirements (Corporations Law, s 296 (2)))

7.1   Paragraph 2M.3.01 (1) (a):

Omit “Schedule 8”, substitute “Schedule 5”.

7.2   Subparagraph 2M.3.01 (1) (b) (ii):

Omit the subparagraph, substitute:

• “(ii)

  in Schedule 5.”.

8. Regulation 2M.6.01 (Modification of operation of Chapter 2M of Corporations Law)

8.1   Omit the regulation, substitute:

“PART 2M.6 — MODIFICATION OF THE OPERATION OF CHAPTER 2M OF THE CORPORATIONS LAW

Modifications (Corporations Law, s 343)

“2M.6.01. For section 343 of the Corporations Law, the operation of Chapter 2M of the Law is modified in accordance with this Part.

Specific exemption and class orders — certain corporations (Corporations Law, Part 2M.6)

“2M.6.02. (1) In this regulation:

prescribed corporation means:

• (a)

  a company that is a wholly-owned subsidiary of a body corporate; or

• (b)

  an Australian bank and each related body corporate; or

• (c)

  BNP Pacific (Australia) Limited and each related body corporate; or

• (d)

  Orix Australia Corporation Limited and each related body corporate.

 “(2) Part 2M.6 of the Corporations Law has effect in relation to a prescribed corporation as if the references in sections 340, 341 and 342 of the Law to Parts 2M.2 and 2M.3 of the Law included a reference to Part 2M.4 of the Law.

Financial reporting — Australian banks and life offices

“2M.6.03. The operation of Chapter 2M of the Corporations Law in relation to financial reporting in respect of Australian banks and life offices is modified in accordance with Schedule 5A.”.

9.   Regulation 5.4.01 (Application to Court for winding up — prescribed agency)

9.1   Omit “The Insurance and Superannuation Commissioner appointed under the Insurance and Superannuation Commissioner Act 1987”, substitute “The Australian Prudential Regulation Authority”.

10.   Regulation 7.3.14 (Exemption from licensing etc — Australian ADIs)

10.1   Omit “Australian bank” (wherever occurring), substitute “Australian ADI”.

11.   Regulation 10.1.04 (Registration)

11.1   Omit “(1)”.

12.   Regulation 10.1.09 (Special resolutions may be set aside by Court order)

12.1   Subregulation 10.1.09 (4):

Omit “The Company”, substitute “The company”.

13.   Schedule 1 (List of forms in Schedule 2)

13.1   Item 105 (column 3):

Omit “the Australian Securities Commission”, substitute “ASIC”.

14.   Schedule 3 (Exclusion of offices in relation to relevant interests in shares and securities)

14.1   Heading:

Omit the heading, substitute:

 “SCHEDULE 3 Regulation 1.0.18

EXCLUSION OF OFFICES — RELEVANT INTERESTS IN SHARES AND SECURITIES

Column 1	Column 2	Column 3	Column 4
Item	Office	Law	Jurisdiction”.

14.2   Items 3, 4 and 5 (second column):

Omit “Australian Securities Commission”, substitute “Australian Securities and Investments Commission”.

14.3   Items 3, 4, 5, 6 and 7 (third column):

Omit “Australian Securities Commission Act 1989”, substitute “Australian Securities and Investments Commission Act 1989”.

15. Schedule 5 (Requirements for financial statements under subsection 297 (1) of the Corporations Law)

15.1   Heading:

Omit “Regulation 2M.1.01”, substitute “Regulation 2M.3.01”.

16. Schedule 5A (Modifications of the operation of Chapter 2M of the Corporations Law)

16.1   Heading:

Omit the heading, substitute:

 “SCHEDULE 5A Regulation 2M.6.03

Financial reporting — Australian banks AND life offices”.

17.   Schedule 6 (Availability of names)

17.1   Paragraph 6203 (b):

Omit “subrule (2)”, substitute “rule 6204”.

17.2   Paragraph 6203 (c):

Omit “subrule (3)”, substitute “rule 6205”.

18.   Schedule 11 (Chapter 8 — The Futures Industry recognised futures exchanges)

18.1 Heading:

Omit the heading, substitute:

 “SCHEDULE 11 Regulation 8.2.02

RECOGNISED FUTURES EXCHANGES”.

19. Amendments of Corporations Regulations to change Commission name

19.1   The Corporations Regulations are further amended:

• (a)

  by omitting “The Commission”, or “the Commission”, from a provision mentioned in Part 1 of the Schedule, and substituting “ASIC”; and

• (b)

  by omitting “The ASC”, or “the ASC”, from a provision mentioned in Part 2 of the Schedule, and substituting “ASIC”.

19.2 The forms in Schedule 2 to the Corporations Regulations are also amended:

• (a)

  by omitting “Australian Securities Commission” (wherever occurring) and substituting “Australian Securities and Investments Commission”; and

• (b)

  by omitting “The ASC”, “the ASC” or “ASC” (wherever occurring) and substituting “ASIC”.

20. Commencement of certain amendments of Corporations Regulations

20.1 Despite paragraph 1.1 (d) of Statutory Rules 1998 No. 185, the items in Schedule 1 to that Statutory Rule that relate to Chapter 10, Part 10.1 and regulations 10.1.01 and 10.1.02 of the Corporations Regulations are taken to have commenced on the commencement of Part 1 of that Statutory Rule.

21.   Relocation of regulation 1.0.12 of Corporations Regulations

21.1 Regulation 1.0.12 of the Corporations Regulations is relocated to appear immediately after regulation 1.0.11 of those Regulations.

22. Relocation of Part 2M.4 of Corporations Regulations

22.1 Part 2M.4 of the Corporations Regulations is relocated to appear immediately after regulation 2M.3.01 of those Regulations.

23. Relocation of Chapter 5C of Corporations Regulations

23.1 Chapter 5C of the Corporations Regulations is relocated to appear immediately after Part 5B.3 of those Regulations.

____________

 SCHEDULE Regulation 19

CHANGE OF NAME OF COMMISSION

PART 1 — CHANGE OF NAME:

 “THE COMMISSION” TO “ASIC”

Provision

Occurrences

regulation 1.0.07 (opening words)

1

paragraph 1.0.07 (b)

1

paragraph 1.0.13 (d)

1

regulation 1.0.20

1

paragraph 1.2.07 (2) (b)

1

paragraph 1.2.08 (d)

1

paragraph 1.2A.03 (1) (a)

1

regulation 2K.2.02

1

subregulation 5.1.01 (1) (opening words)

1

paragraph 5.6.53 (1) (b)

1

paragraph 5.6.66 (1) (b)

1

paragraph 5B.2.01 (d)

1

paragraph 5B.2.01 (f)

1

paragraph 5B.2.02 (d)

1

subparagraph 5B.2.02 (e) (ii)

1

regulation 7.3.01

1

subregulation 7.3.02 (2)

1

subregulation 7.3.04 (1)

2

paragraph 7.3.04 (3) (a)

1

paragraph 7.3.04 (3) (c)

1

paragraph 7.3.04 (4) (b)

1

subregulation 7.3.04 (5)

1

subregulation 7.3.04 (6) (definition of costs)

1

subregulation 7.3.04 (6) (definition of other entitlements)

1

subregulation 7.3.04 (7)

1

subregulation 7.3.06 (1)

1

subregulation 7.3.06 (2) (opening words)

1

paragraph 7.3.06 (2) (b)

1

subregulation 7.3.06 (4)

1

subregulation 7.3.06 (5)

2

subregulation 7.3.07 (1) (opening words)

1

subparagraph 7.3.07 (1) (b) (ii)

1

subregulation 7.3.07 (2) (opening words)

1

paragraph 7.3.07 (2) (a)

1

paragraph 7.3.16 (2) (f)

2

paragraph 7.3.16 (2) (g)

1

paragraph 7.3.17 (3) (a)

1

regulation 7.12.07

1

regulation

  7.12.09

1

regulation 7.12.11 (modified subparagraph 1021 (6) (a) (i))

1

subparagraph 7.12.17 (ba) (i)

1

regulation 8.2.01

1

subregulation 8.3.03 (2)

1

subparagraph 9.1.02 (a) (x)

1

subparagraph 9.1.02 (d) (x)

1

subparagraph 9.1.02 (e) (xi)

1

paragraph 9.2.04 (b)

1

subregulation 9.2.05 (1)

1

paragraph 9.2.05 (3) (a)

1

paragraph 9.2.05 (3) (c)

2

paragraph 9.2.05 (4) (b)

1

subregulation 9.2.05 (5)

1

subregulation 9.2.05 (6) (definition of costs)

1

subregulation 9.2.05 (6) (definition of other entitlements)

1

subregulation 9.2.05 (7)

1

paragraph 9.2.06 (1) (d)

1

subregulation 9.2.06 (1) (words between paragraphs (d) and (e))

1

subregulation 9.2.06 (2) (opening words)

1

paragraph 9.2.06 (2) (b)

1

paragraph 9.2.06 (4) (b)

1

subregulation 9.2.06 (4) (words between paragraphs (d) and (e))

1

subregulation 9.2.06 (5)

2

subregulation 9.2.07 (1) (opening words)

1

subparagraph 9.2.07 (1) (b) (ii)

1

subregulation 9.2.07 (2) (opening words)

1

paragraph 9.2.07 (2) (a)

1

Schedule 6 —

•

paragraph 6203 (a)

1

•

rule 6205

1

Schedule 8 —

•

item 8305

2

•

paragraph 8308 (c)

1

Schedule 8A —

•

clause 12

1

Schedule 9A —

•

item 12, modified subsection 1020A (1)

1

•

item 12, modified subsection 1020A (2)

 (opening words)

1

•

item 12, modified paragraph 1020A (2) (b)

1

•

item 17, modified subsection 1031 (3)

1

•

item 17, modified subsection 1033 (1)

2

•

item 17, modified subsection 1033 (3)

3

•

item 17, modified subsection 1033 (4)

2

•

item 17, modified subsection 1033 (6)

2

•

item 17, modified subsection 1033 (8)

2

PART 2 — CHANGE OF NAME:

 “THE ASC” TO “ASIC”

Provision	Occurrences
regulation 2M.4.01	1
subregulation 5C.1.02 (3)	1
regulation 5C.2.01	2
regulation 5C.2.02	2
regulation 5C.2.04	1
regulation 5C.4.01	1
regulation 5C.9.01	1
regulation 5C.11.04	1
subregulation 10.1.01 (2) (opening words)	1
paragraph 10.1.01 (2) (a)	1
regulation 10.1.02	1
subregulation 10.1.03 (2) (opening words)	1
paragraph 10.1.03 (2) (b)	2
paragraph 10.1.03 (2) (c)	1
regulation 10.1.04	2
subregulation 10.1.06 (1)	1
subregulation 10.1.06 (2)	1
subregulation 10.1.08 (1)	1
subregulation 10.1.10 (1)	1
subregulation 10.1.11 (1) (opening words)	1
paragraph 10.1.11 (1) (b)	1
paragraph 10.1.11 (1) (c)	1
paragraph 10.1.11 (1) (d)	1
subregulation 10.1.11 (2)	1

NOTES

1. Notified in the Commonwealth of Australia Gazette on 7 September 1998.

2. Statutory Rules 1990 No. 455 as amended by 1991 Nos. 218, 219, 281, 341, 453, 478 and 479; Act No. 200, 1991; Statutory Rules 1992 Nos. 230, 281, 364, 395 and 450; 1993 Nos. 135, 207 and 277; 1994 Nos. 35, 108, 153, 221, 251, 302 and 430; 1995 Nos. 222, 344, 345 and 398; 1996 Nos. 26, 51, 55, 90, 205, 218 and 343; 1997 Nos. 10, 81, 102 and 142; 1998 Nos. 9, 22, 109, 128, 161, 185, 186 and 239.