Australian Securities and Investments Commission
Corporations Act 2001 — Paragraph 655A(1)(a) — Variation
Under paragraph 655A(1)(a) of the Corporations Act 2001 (the “Act”) and with effect from the commencement of Schedule 1 to the Financial Services Reform Act 2001, the Australian Securities and Investments Commission hereby varies Class Order [00/344] by:
1. omitting from the heading the word “Law” and substituting the words “Act 2001”;
2. omitting from the first paragraph:
(a) the words “Corporations Law (the “Law”)” and substituting the words “Corporations Act 2001 (the “Act”)”; and
(b) the word “Law” (third occurring) and substituting the word “Act”;
3. omitting from Schedule B the word “Law” (twice occurring) and substituting the word “Act”;
4. omitting from the note to Schedule B the word “Law” (twice occurring) and substituting the word “Act”;
5. omitting from Schedule C the word “Law” (thrice occurring) and substituting the word “Act”;
6. omitting from paragraph 1 of Schedule D the words “each relevant securities exchange that has a stock market” and substituting the words “the operator of each prescribed financial market”; and
7. omitting from the note to paragraph 1 of Schedule D the word “Law” and substituting the word “Act”.
Dated this 1st day of March 2002
Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission
Overview
The Corporations Act 2001 was enacted to streamline and modernise the regulatory framework for corporations in Australia. The Act was introduced to address gaps in the previous Corporations Law and to provide a comprehensive, unified statute that enhances transparency, accountability, and investor protection in the corporate sector. This significant piece of legislation was enacted by the Parliament of Australia, with the aim of ensuring that corporate activities are conducted in an orderly and fair manner, and to provide a robust legal framework that supports economic growth and stability. The policy objective of the Corporations Act 2001 is to protect investors, creditors, and the public by promoting informed and confident participation in the economy, while also ensuring that corporations comply with necessary regulatory standards.
Scope and Application
The Australian Securities and Investments Commission Corporations Act 2001, specifically referencing paragraph 655A(1)(a), pertains to the variation of Class Order [00/344] by the Australian Securities and Investments Commission. This legislative instrument affects the text of the Class Order to align with the new terminology introduced by the Corporations Act 2001, replacing references to the "Corporations Law" with the "Corporations Act 2001". The revised Class Order applies to entities involved in financial markets, including operators of prescribed financial markets, and is in effect nationwide, covering the Commonwealth, states, and territories of Australia. There are no exclusions, exemptions, or thresholds specified in this legislative instrument, though the scope of its application may be further defined or extended through subordinate instruments issued under the authority of the Corporations Act 2001.
Key Provisions
The Australian Securities and Investments Commission (ASIC) has implemented variations to Class Order [00/344] under the Corporations Act 2001, as stipulated in paragraph 655A(1)(a). These changes are effective from the commencement of Schedule 1 to the Financial Services Reform Act 2001. The primary modifications involve the substitution of the term "Law" with "Act 2001" in various sections of the Class Order. Specifically, the heading is amended by replacing "Law" with "Act 2001"; in the first paragraph, instances of "Corporations Law" are replaced with "Corporations Act 2001" and the third occurrence of "Law" is changed to "Act". Furthermore, the word "Law" is substituted with "Act" in Schedule B, the note to Schedule B, Schedule C, and paragraph 1 of Schedule D. Additionally, the note to paragraph 1 of Schedule D is updated by replacing "Law" with "Act".
The obligations imposed by these variations are primarily administrative and pertain to the updating of terminology within Class Order [00/344] to align with the legislative changes introduced by the Corporations Act 2001. This includes ensuring that references to the "Corporations Law" are accurately updated to "Corporations Act 2001" across the document, thereby reflecting the new legal framework governing corporations in Australia.
Breaches of the provisions outlined in the Corporations Act 2001 can result in both civil and criminal consequences. The specific offences and penalties depend on the nature and severity of the breach. For instance, contraventions of certain sections of the Act may lead to fines or imprisonment. The Act does not specify maximum penalties within the legislative instrument itself, but penalties can vary widely based on the offence, ranging from minor fines for less severe breaches to substantial fines and imprisonment for more serious violations. The precise penalties are detailed in other sections of the Act and would need to be referred to for specific cases.