Acts of Parliament assented to - Act No. 24 to 27 of 2018

Overview

The ASIC Supervisory Cost Recovery Levy Amendment Act 2018 was enacted to amend the ASIC Supervisory Cost Recovery Levy Act 2017. This legislation was introduced by the Parliament of Australia to address issues related to the funding of the Australian Securities and Investments Commission (ASIC). The primary objective of this amendment was to refine the mechanisms for cost recovery within ASIC, ensuring that the regulatory body can effectively fund its operations through levies imposed on entities within its purview. The amendment was assented to on 11 April 2018, reflecting the Parliament's intent to support efficient financial management within regulatory frameworks. Similarly, the Intelligence Services Amendment (Establishment of the Australian Signals Directorate) Act 2018, the Social Services Legislation Amendment (Welfare Reform) Act 2018, and the Treasury Laws Amendment (2017 Measures No. 5) Act 2018 were also enacted to address specific legislative gaps in intelligence services, social welfare, and corporate regulation respectively.

Scope and Application

The ASIC Supervisory Cost Recovery Levy Amendment Act 2018 amends the ASIC Supervisory Cost Recovery Levy Act 2017 to adjust the levy imposed on certain entities to cover the costs of the Australian Securities and Investments Commission's (ASIC) supervision activities. This Act applies to entities such as Australian-registered companies, foreign companies with Australian operations, and other entities as defined under the Corporations Act 2001. It has a national jurisdictional reach, impacting all entities regulated by ASIC across Australia. The Act does not specify any exclusions or exemptions, and the application of the levy is primarily determined by the size and type of the entity, with thresholds for the application of the levy set out in the primary Act and potentially adjusted by subordinate instruments. The Act allows for the regulation to be further refined or specified through legislative instruments, ensuring that the levy remains effective and proportionate to the supervisory needs of ASIC. The Social Services Legislation Amendment (Welfare Reform) Act 2018 amends various pieces of legislation relating to family assistance, social security, paid parental leave, and student assistance. This Act applies to individuals and families receiving benefits or payments under the Social Security Act 1991, as well as employers and other entities involved in the administration of these payments. The Act has a national reach, affecting all entities and individuals involved in social security transactions across Australia. The Act does not outline specific exclusions or exemptions, but the scope of its application is shaped by the types of assistance and benefits covered under the Social Security Act. The implementation of this Act may be extended or modified through subordinate instruments to ensure its provisions are effectively applied and to respond to changes in policy or economic conditions.

Key Provisions

The ASIC Supervisory Cost Recovery Levy Amendment Act 2018 (section 3) modifies the ASIC Supervisory Cost Recovery Levy Act 2017 by adjusting the levy rates for different categories of entities, such as financial market participants and financial product issuers, to better reflect the costs incurred by ASIC in its regulatory activities. The Intelligence Services Amendment (Establishment of the Australian Signals Directorate) Act 2018 (section 4) establishes the Australian Signals Directorate (ASD) as a separate entity within the Australian Government, enhancing the country's capability to gather and analyse intelligence on foreign signals. The Social Services Legislation Amendment (Welfare Reform) Act 2018 (section 5) introduces various amendments to the Social Security Act 1991, the Family Assistance Act 1973, and the Education Services for Overseas Students Act 2000, focusing on welfare reform, particularly in the areas of job seeker payments, student assistance, and family payments. The Treasury Laws Amendment (2017 Measures No. 5) Act 2018 (section 6) updates the Corporations Act 2001, the Financial Sector (Collection of Data) Act 2001, and the Productivity Commission Act 2016, introducing changes to corporate governance, financial product regulation, and the Productivity Commission's functions. The ASIC Supervisory Cost Recovery Levy Amendment Act 2018 imposes obligations on financial market participants and financial product issuers to pay the adjusted levies as required by the amended Act. The Intelligence Services Amendment Act 2018 mandates the ASD to operate under the oversight of the Attorney-General's Department and to ensure its activities comply with relevant legislative and policy frameworks. The Social Services Legislation Amendment Act 2018 requires the Department of Human Services to implement the changes to job seeker payments, family assistance, and student assistance as stipulated in the Act. The Treasury Laws Amendment Act 2018 imposes duties on corporate entities to comply with the new corporate governance standards and on financial sector entities to adhere to the updated data collection requirements. Breaches of the ASIC Supervisory Cost Recovery Levy Amendment Act 2018 may result in penalties for non-compliance, such as fines up to a specified amount per day of non-compliance. Under the Intelligence Services Amendment Act 2018, unauthorised activities by the ASD could lead to criminal charges and imprisonment. The Social Services Legislation Amendment Act 2018 does not explicitly state penalties but implies that non-compliance with welfare reforms could result in financial penalties or legal actions. The Treasury Laws Amendment Act 2018 includes provisions for financial penalties and imprisonment for non-compliance with corporate governance and data collection requirements, with maximum penalties varying depending on the offence.