Australian Securities and Investments Commission (Financial Reporting Council – Acting Member) Appointment (No. 1) 2022

Overview

The Australian Securities and Investments Commission (Financial Reporting Council – Acting Member) Appointment (No. 1) 2022I was enacted in 2022 and serves to address a gap in the composition of the Financial Reporting Council (FRC), an entity critical to the oversight of financial reporting standards in Australia. This legislative instrument was issued by Michael Sukkar, the Assistant Treasurer and Minister for Housing, as well as the Minister for Homelessness, Social and Community Housing, under the authority granted by subsections 235A(1) and 235AA(6) of the Australian Securities and Investments Commission Act 2001, and subsection 33(4) of the Acts Interpretation Act 1901. The appointment of Lawrence Tremaine as an acting member of the FRC, on a part-time basis for a period of three months, aims to ensure that the FRC can continue to function effectively and maintain its oversight responsibilities during a temporary vacancy. This appointment seeks to uphold the integrity and effectiveness of financial reporting standards in Australia.

Scope and Application

The Australian Securities and Investments Commission (Financial Reporting Council – Acting Member) Appointment (No. 1) 2022I pertains specifically to the appointment of Lawrence Tremaine as an acting member of the Financial Reporting Council. The legislation applies to Lawrence Tremaine as the individual appointed to this role, and it is under the purview of the Financial Reporting Council, an entity responsible for overseeing the quality and integrity of financial reporting in Australia. This appointment is on a part-time basis for a fixed duration of three months, beginning on 29 April 2022. The legislation is issued under the authority of the Assistant Treasurer, Michael Sukkar, who holds additional ministerial responsibilities for housing, homelessness, and social and community housing. The Act operates within the Commonwealth jurisdiction, impacting federal regulatory frameworks related to financial reporting and corporate governance in Australia. There are no explicit exclusions or exemptions outlined in the notifiable instrument itself, although broader implications and restrictions may be defined by the overarching acts and regulations that govern the Financial Reporting Council and the Australian Securities and Investments Commission.

Key Provisions

The Australian Securities and Investments Commission (Financial Reporting Council – Acting Member) Appointment (No. 1) 2022 instrument (F2022N00065) designates Lawrence Tremaine as an acting member of the Financial Reporting Council (FRC) on a part-time basis, effective from 29 April 2022 for a duration of three months (sections 1 and 2). This appointment is made under the authority conferred by the Australian Securities and Investments Commission Act 2001 (ASIC Act) and the Acts Interpretation Act 1901. The appointment is specifically for the role of an acting member of the FRC, which is a significant position within the regulatory framework for financial reporting in Australia. The Act imposes certain obligations on Mr. Tremaine in his capacity as an acting member of the FRC. While the specific duties of the FRC are not detailed in this instrument, acting members of the FRC are generally expected to contribute to the FRC's functions, including overseeing the quality of financial reporting and ensuring that the FRC’s standards are being adhered to by the accounting profession. These obligations include participating in meetings, contributing to decisions, and ensuring compliance with the FRC's policies and regulatory requirements (sections 1 and 2). There are no explicit provisions detailing offences, penalties, or consequences for breaches of the Act in this particular instrument. However, any breaches of the FRC’s policies or the regulatory framework overseen by the FRC, in general, could lead to various consequences. These might include disciplinary actions by the FRC, sanctions by the ASIC, or other legal repercussions depending on the nature and severity of the breach. The maximum penalties for breaches of the ASIC Act or related regulations could vary widely, including fines and potential imprisonment for serious offences, depending on the specific provisions of those Acts.