Australian Securities and Investments Commission
Corporations Act 2001 – Paragraph 601QA(1)(a) – Variation
Under paragraph 601QA(l)(a) of the Corporations Act 2001, the Australian Securities and Investments Commission hereby varies Class Order [CO 02/319] by varying the definition of the term “Lead Regulator” under the heading “Interpretation” as follows:
l. omit the words “Australian Jockey Club” and substitute the words “New South Wales Thoroughbred Racing Board”; and
2. omit the words “South Australian Jockey Club, Queensland Principal Club” and substitute the words “Thoroughbred Racing S.A. Limited, Queensland Thoroughbred Racing Board”.
Dated this 4th day of February 2003
Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission
Overview
The Australian Securities and Investments Commission Corporations Act 2001 is an Act of the Parliament of Australia designed to regulate corporate activities and securities markets within the country. Enacted in 2001, this Act aimed to address issues and gaps in the regulation of corporations, securities, and financial markets to enhance investor protection and maintain market integrity. One of the mechanisms through which the Act achieves its objectives is via legislative instruments such as Class Orders, which are subject to amendment to reflect changes in regulatory landscapes or jurisdictional responsibilities. The variation of Class Order [CO 02/319] under paragraph 601QA(1)(a) of the Act, dated 4 February 2003, is an example of such amendments. This specific legislative instrument adjusts the definitions within the Class Order to reflect changes in the entities responsible for regulatory oversight in the racing industry, replacing references to certain Jockey Clubs with new regulatory boards. The policy objective underlying these changes is to ensure that the regulatory framework remains current and accurately reflects the entities responsible for overseeing specific sectors.
Scope and Application
The Australian Securities and Investments Commission Corporations Act 2001, specifically under paragraph 601QA(1)(a), provides the framework for the variation of certain class orders concerning the definition of "Lead Regulator" in the context of racing regulatory bodies. This legislative instrument affects the interpretation section of Class Order [CO 02/319] by updating the names of the regulatory entities involved in thoroughbred racing, thereby ensuring the regulatory definitions align with current organisational structures. The amendment substitutes the term "Australian Jockey Club" with "New South Wales Thoroughbred Racing Board" and replaces "South Australian Jockey Club, Queensland Principal Club" with "Thoroughbred Racing S.A. Limited, Queensland Thoroughbred Racing Board." This change is aimed at reflecting the accurate and current regulatory authorities overseeing these industries within their respective jurisdictions. The application of this legislative instrument is confined to the entities directly affected by the nomenclature changes, primarily within the racing industry in the states of New South Wales, South Australia, and Queensland, thereby maintaining the integrity and functionality of the legislative framework governing these sectors.
Key Provisions
The key provision of this legislative instrument is the variation of Class Order [CO 02/319] under paragraph 601QA(1)(a) of the Corporations Act 2001 (section 601QA(1)(a)). This paragraph allows the Australian Securities and Investments Commission (ASIC) to amend regulatory instruments as necessary. In this instance, ASIC is updating the definition of “Lead Regulator” in the Class Order. Specifically, it removes references to the “Australian Jockey Club” and “South Australian Jockey Club, Queensland Principal Club” and replaces them with “New South Wales Thoroughbred Racing Board” and “Thoroughbred Racing S.A. Limited, Queensland Thoroughbred Racing Board” respectively.
The obligations and requirements imposed by this variation are primarily administrative. Parties and entities governed by Class Order [CO 02/319] must now recognise and comply with the updated definitions of “Lead Regulator” as specified. This means that any reference to the former regulatory bodies in documentation, agreements, or communications must be updated to reflect the new entities. It is essential for the entities governed by this Class Order to ensure that their internal policies, procedures, and records are aligned with these changes to avoid non-compliance.
The legislative instrument itself does not outline specific offences or penalties for breaches of the varied Class Order. However, any failure to comply with the updated definitions and the Class Order in general could potentially result in enforcement actions under the Corporations Act 2001. Such actions might include fines, legal proceedings, or other regulatory sanctions imposed by ASIC. The exact penalties would depend on the nature and severity of the breach, as well as the specific provisions of the Corporations Act 2001 and any related regulations or guidelines.
In summary, the variation of Class Order [CO 02/319] under section 601QA(1)(a) of the Corporations Act 2001 updates the definition of “Lead Regulator” to reflect changes in the regulatory landscape. Parties and entities subject to this Class Order must update their practices and records accordingly. While the legislative instrument does not specify penalties for non-compliance, breaches of the Corporations Act 2001 could lead to significant enforcement actions.