Australian Securities and Investments Commission (Financial Services and Credit Panels) Amendment Determination 2024
I, Stephen Jones, Assistant Treasurer and Minister for Financial Services, make the following determination.
Dated 29 November 2024
Stephen Jones
Assistant Treasurer
Minister for Financial Services
Contents
1 Name
2 Commencement
3 Authority
4 Schedules
Schedule 1—Amendments
Australian Securities and Investments Commission (Financial Services and Credit Panels) Determination 2022
1 Name
This instrument is the Australian Securities and Investments Commission (Financial Services and Credit Panels) Amendment Determination 2024.
2 Commencement
(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information |
Column 1 | Column 2 | Column 3 |
Provisions | Commencement | Date/Details |
1. The whole of the instrument | The day after this instrument is registered. | |
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3 Authority
This instrument is made under the Australian Securities and Investments Commission Act 2001.
4 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1—Amendments
Australian Securities and Investments Commission (Financial Services and Credit Panels) Determination 2022
1 Section 5 (table items 5, 10, 15, 20, 25 and 30, column headed “Period in which the person is eligible to be appointed to Financial Services and Credit Panels”)
Omit “2024”, substitute “2027”.
2 Section 5 (table items 40 and 45, column headed “Period in which the person is eligible to be appointed to Financial Services and Credit Panels”)
Omit “2024”, substitute “2027”.
3 Section 5 (table items 55 and 60, column headed “Period in which the person is eligible to be appointed to Financial Services and Credit Panels”)
Omit “2024”, substitute “2027”.
4 Section 5 (table items 70, 75, 80, 85 and 90, column headed “Period in which the person is eligible to be appointed to Financial Services and Credit Panels”)
Omit “2024”, substitute “2027”.
5 Section 5 (table items 100 and 105, column headed “Period in which the person is eligible to be appointed to Financial Services and Credit Panels”)
Omit “2024”, substitute “2027”.
6 Section 5 (table items 115, 120, 125 and 130, column headed “Period in which the person is eligible to be appointed to Financial Services and Credit Panels”)
Omit “2024”, substitute “2027”.
7 Section 5 (table items 145, 150 and 155, column headed “Period in which the person is eligible to be appointed to Financial Services and Credit Panels”)
Omit “2024”, substitute “2027”.
Overview
The Australian Securities and Investments Commission (Financial Services and Credit Panels) Amendment Determination 2024I, introduced by Stephen Jones, the Assistant Treasurer and Minister for Financial Services, amends the Australian Securities and Investments Commission (Financial Services and Credit Panels) Determination 2022. Enacted under the Australian Securities and Investments Commission Act 2001, this determination was made to address the need to extend the eligibility period for certain appointments to the Financial Services and Credit Panels. The policy objective is to ensure that these panels maintain a stable and experienced membership by extending the eligibility period from 2024 to 2027. This amendment is intended to support the ongoing effectiveness and credibility of the panels in overseeing financial services and credit activities within Australia.
Scope and Application
The Australian Securities and Investments Commission (Financial Services and Credit Panels) Amendment Determination 2024 applies to the Australian Securities and Investments Commission (ASIC) and modifies the eligibility periods for appointments to the Financial Services and Credit Panels as specified in the Australian Securities and Investments Commission (Financial Services and Credit Panels) Determination 2022. The amendment extends the period in which individuals are eligible to be appointed to these panels by three years, from 2024 to 2027. The changes are applicable across Australia, covering all relevant financial services and credit panels established under the authority of ASIC. The amendment does not introduce any new exclusions, exemptions, or thresholds beyond those already set out in the original Determination. The application of this Amendment Determination is further extended or restricted through any subordinate instruments that may be created under the authority of the Australian Securities and Investments Commission Act 2001.
Key Provisions
The Australian Securities and Investments Commission (Financial Services and Credit Panels) Amendment Determination 2024, made under the Australian Securities and Investments Commission Act 2001, amends the Australian Securities and Investments Commission (Financial Services and Credit Panels) Determination 2022. The amendment extends the eligibility period for appointments to the Financial Services and Credit Panels by three years, from 2024 to 2027. Specifically, the determination alters section 5 of the original determination to extend the periods during which individuals are eligible to be appointed to the panels. This is evident in the changes to various table items within section 5, where the year 2024 is replaced with 2027.
The determination imposes specific obligations on the Australian Securities and Investments Commission (ASIC) and the entities governed by it. ASIC must ensure that the amendments are implemented as specified in the Schedule of the determination. This includes updating the relevant records and documentation to reflect the new eligibility periods for panel appointments. Entities subject to these panels must also comply with the updated eligibility criteria, ensuring that individuals appointed to the panels meet the revised timeframes. Furthermore, the determination requires that all changes be communicated effectively to relevant stakeholders, including potential appointees and the public.
There are no explicit offences, penalties, or civil/criminal consequences mentioned in the determination for breaches of the amended provisions. However, failure to comply with the updated eligibility criteria could potentially lead to legal challenges or disputes regarding the validity of appointments to the Financial Services and Credit Panels. It is important for entities and individuals involved to adhere to the amended provisions to avoid any legal complications that might arise from non-compliance.