Companies Auditors Disciplinary Board (Acting Member) Appointment (No. 1) 2022

Overview

The Companies Auditors Disciplinary Board (Acting Member) Appointment (No. 1) 2022 is a notifiable instrument enacted to address the need for a temporary appointment of an acting member to the Companies Auditors Disciplinary Board under the Australian Securities and Investments Commission Act 2001. This instrument was made by Michael Sukkar, the Assistant Treasurer, Minister for Housing, and Minister for Homelessness, Social and Community Housing, utilising his authority under the specified provisions of the Act and the Acts Interpretation Act 2001. The primary objective of this legislation is to ensure continuity in the operations of the Companies Auditors Disciplinary Board by appointing Janice Kronberg as an acting business member on a part-time basis for three months, or until a permanent member is appointed. This appointment is crucial for maintaining the disciplinary functions of the Board, thereby upholding regulatory standards and investor confidence in the financial markets.

Scope and Application

The instrument F2022N00054 pertains to the Australian Securities and Investments Commission Act 2001 (the Act) and designates Janice Kronberg as an acting business member of the Companies Auditors Disciplinary Board on a part-time basis for a period of three months from the day after the instrument is registered on the Federal Register of Legislation. This appointment is made under the authority granted by the Assistant Treasurer, who holds multiple ministerial roles, including Minister for Housing, Minister for Homelessness, and Minister for Social and Community Housing. The appointment is contingent upon no other person being appointed to the Board under paragraph 203(1)(e) of the Act before the end of this period. Janice Kronberg's qualifications for this role are stipulated in subsection 203(2A) of the Act, ensuring she meets the necessary criteria for her role on the Board. This legislative instrument operates within the jurisdictional reach of the Commonwealth of Australia and serves to temporarily fill a role within the regulatory framework concerning company auditors and disciplinary measures.

Key Provisions

The key operative sections of the Notifiable Instrument F2022N00054 are those which permit the appointment of an acting member to the Companies Auditors Disciplinary Board (CADB). Specifically, subsection 203(1)(e) of the Australian Securities and Investments Commission Act 2001 (the Act) allows for the appointment of an acting member if certain conditions are met, and subsection 33(4) of the Acts Interpretation Act 2001 provides the mechanism by which this appointment can be made through a legislative instrument. This instrument appoints Janice Kronberg as an acting business member of the CADB for a period of three months, provided no permanent appointment is made within that period. The Act imposes specific obligations on the parties involved in this appointment. Firstly, it requires that Janice Kronberg meets the criteria for appointment as a business member of the CADB, as outlined in subsection 203(2A) of the Act. This likely includes qualifications or experience relevant to the role. Additionally, the Act mandates that the appointment be made through the legislative instrument process, which must be registered on the Federal Register of Legislation to be effective. Failure to comply with the provisions of the Act could lead to various legal consequences. While the specific nature of these consequences is not detailed in the instrument, general provisions of the Act may include both civil and criminal penalties for breaches of its provisions. Civil penalties could include fines or other monetary penalties, while criminal penalties might involve imprisonment, depending on the severity and intent of the breach. The exact penalties would be determined in accordance with the broader legal framework provided by the Australian Securities and Investments Commission Act 2001 and any other relevant legislation. The Act also includes provisions for the enforcement of its provisions. This might involve actions by the Australian Securities and Investments Commission or other relevant authorities to ensure compliance. For example, if Janice Kronberg fails to meet the required qualifications or if the appointment process is not correctly followed, the Act might provide for corrective measures or legal action to be taken against the responsible parties. The specific procedures and potential penalties for non-compliance would be detailed in the broader legal framework of the Australian Securities and Investments Commission Act 2001. In summary, the Notifiable Instrument F2022N00054 appoints Janice Kronberg as an acting business member of the Companies Auditors Disciplinary Board for a three-month period, subject to certain conditions and qualifications. The Act imposes obligations on the parties involved to ensure the appointment process is correctly followed and that the appointee meets the necessary criteria. Breaches of these provisions could result in civil or criminal penalties, enforced by relevant authorities under the Australian Securities and Investments Commission Act 2001.