Acts of Parliament assented to - Act No. 178 to 202 of 2012

Legislation au C2012G00433 In force Gazette

Legislation content

 

Acts of Parliament assented to

 

It is hereby notified, for general information, that Her Excellency the Governor-General, in the name of Her Majesty, assented to the undermentioned Acts passed by the Senate and the House of Representatives in the Parliament assembled, viz.:

 

Assented to on 6 December 2012:

 No. 178 of 2012—An Act to amend the law relating to transactions in derivatives, and for other purposes. (Corporations Legislation Amendment (Derivative Transactions) Act 2012).

 No. 179 of 2012—An Act to amend the Equal Opportunity for Women in the Workplace Act 1999, and for related purposes. (Equal Opportunity for Women in the Workplace Amendment Act 2012).

 

Assented to on 10 December 2012:

 No. 180 of 2012—An Act to amend the law relating to personal liability for offences committed by corporations, and for related purposes. (Personal Liability for Corporate Fault Reform Act 2012).

 No. 181 of 2012—An Act to amend the law relating to superannuation, and for related purposes. (Superannuation Legislation Amendment (New Zealand Arrangement) Act 2012).

 No. 182 of 2012—An Act to amend the National Health Security Act 2007, and for related purposes. (National Health Security Amendment Act 2012).

 No. 183 of 2012—An Act to amend the law relating to dental benefits, and for related purposes. (Dental Benefits Amendment Act 2012).

No. 184 of 2012—An Act to amend the law relating to taxation, and for related purposes. (Tax Laws Amendment (2012 Measures No. 5) Act 2012).

 No. 185 of 2012—An Act to amend the law relating to taxation, and for related purposes. (Tax Laws Amendment (Clean Building Managed Investment Trust) Act 2012).

 

Assented to on 11 December 2012:

 No. 186 of 2012—An Act to amend the law relating to courts and tribunals, and for related purposes. (Access to Justice (Federal Jurisdiction) Amendment Act 2012).

 No. 187 of 2012—An Act to amend the law relating to complaints about Judges and Federal Magistrates, and for other purposes. (Courts Legislation Amendment (Judicial Complaints) Act 2012).

 No. 188 of 2012—An Act to provide for parliamentary commissions to investigate allegations of judicial misbehaviour or incapacity, and for related purposes. (Judicial Misbehaviour and Incapacity (Parliamentary Commissions) Act 2012).

 No. 189 of 2012—An Act to impose a supervisory levy in relation to gaming machines, and for related purposes. (National Gambling Reform (Related Matters) Act (No. 1) 2012).

 No. 190 of 2012—An Act to impose a gaming machine regulation levy in relation to gaming machines, and for related purposes. (National Gambling Reform (Related Matters) Act (No. 2) 2012).

 No. 191 of 2012—An Act to amend the law relating to aviation, and for related purposes. (Aviation Legislation Amendment (Liability and Insurance) Act 2012).

 

Assented to on 12 December 2012:

 No. 192 of 2012—An Act to amend the law relating to migration and education services for overseas students, and for related purposes. (Migration Legislation Amendment (Student Visas) Act 2012).

 No. 193 of 2012—An Act to provide for national gambling reform in relation to gaming machines, and for related purposes. (National Gambling Reform Act 2012).

 No. 194 of 2012—An Act to provide for testing the integrity of staff members of certain enforcement agencies, and for other purposes. (Law Enforcement Integrity Legislation Amendment Act 2012).

 No. 195 of 2012—An Act to amend the Customs Tariff (Anti-Dumping) Act 1975, and for related purposes. (Customs Tariff (Anti-Dumping) Amendment Act (No. 1) 2012).

 No. 196 of 2012—An Act to amend the Customs Act 1901, and for related purposes. (Customs Amendment (Anti-dumping Improvements) Act (No. 3) 2012).

 No. 197 of 2012—An Act to amend the law relating to privacy, and for other purposes. (Privacy Amendment (Enhancing Privacy Protection) Act 2012).

 No. 198 of 2012—An Act to amend the Clean Energy (Charges—Customs) Act 2011, and for related purposes. (Clean Energy (Charges—Customs) Amendment Act 2012).

 No. 199 of 2012—An Act to amend the Clean Energy (Charges—Excise) Act 2011, and for related purposes. (Clean Energy (Charges—Excise) Amendment Act 2012).

 No. 200 of 2012—An Act to amend the law relating to excise tariffs, and for related purposes. (Excise Tariff Amendment (Per-tonne Carbon Price Equivalent) Act 2012).

 No. 201 of 2012—An Act to amend the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Act 1995, and for related purposes. (Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Amendment (Per-tonne Carbon Price Equivalent) Act 2012).

 No. 202 of 2012—An Act to amend the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, and for related purposes. (Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Amendment (Per-tonne Carbon Price Equivalent) Act 2012).

 

 

 

 

 

 

 

 

 

 

B C Wright

Clerk of the House of Representatives

Overview

The Corporations Legislation Amendment (Derivative Transactions) Act 2012 was enacted by the Parliament of Australia to address gaps in the regulatory framework governing transactions in derivatives, particularly in relation to ensuring transparency, accountability, and consumer protection in financial markets. This legislation aimed to bolster the legal safeguards around derivative transactions by amending the Corporations Act 2001, thereby reinforcing the integrity and stability of financial markets. The policy objective was to enhance the regulation of derivative transactions to protect investors and maintain market confidence. The Act was assented to by Her Excellency the Governor-General on 6 December 2012.

Scope and Application

The Corporations Legislation Amendment (Derivative Transactions) Act 2012 applies to entities that engage in derivative transactions within Australia, encompassing corporations, partnerships, and other business structures that fall under the jurisdiction of the Corporations Act 2001 (Cth). This Act aims to enhance regulatory oversight and accountability in the financial sector, particularly concerning the trading of derivatives. Its jurisdictional reach is national, impacting all entities operating within the Australian Commonwealth. The Act does not specify explicit exclusions or exemptions; however, it is likely that certain transactions, such as those exempt under existing regulatory frameworks, may not fall directly under its purview. The Act may be further extended or restricted through subordinate legislation, which allows for the creation of regulations and rules that provide more detailed guidance on its implementation and enforcement.

Key Provisions

The primary operative sections of the Corporations Legislation Amendment (Derivative Transactions) Act 2012 (section 3(1)) amend the Corporations Act 2001 to strengthen the regulation of derivative transactions. The Act introduces new rules for the disclosure of material information about derivative transactions and mandates the establishment of a register of derivative transactions. Section 677C of the Corporations Act 2001 is also amended to ensure that certain entities must obtain a financial services licence before engaging in derivative transactions. Entities governed by this Act, such as corporations and financial institutions, are required to comply with the new disclosure and registration requirements. They must ensure that any material information about derivative transactions is disclosed to the Australian Securities and Investments Commission (ASIC) within the specified timeframes. Additionally, entities must maintain accurate and up-to-date records of their derivative transactions and ensure that they are accessible for inspection by ASIC upon request. The Act imposes significant penalties for non-compliance. Under section 1311(1) of the Corporations Act 2001, a person who contravenes a disclosure or registration requirement may be subject to civil penalty proceedings. The maximum penalty for an individual is $200,000 or five times the value of the benefit obtained, whichever is greater. For a corporation, the maximum penalty is $1.05 million or three times the value of the benefit obtained, whichever is greater. In addition to financial penalties, non-compliance may also result in criminal charges, with potential imprisonment for up to five years under section 1301 of the Corporations Act 2001.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.