Corporations (Approval of Relevant Provider Qualifications) Amendment Delegations 2023
I, Stephen Jones, Assistant Treasurer and Minister for Financial Services, make the following delegations.
Dated 17 December 2023
Stephen Jones
Assistant Treasurer
Minister for Financial Services
Contents
1 Name
2 Commencement
3 Authority
4 Schedules
Schedule 1—Amendments
Corporations (Approval of Foreign Qualifications) Delegations 2022
1 Name
This instrument is the Corporations (Approval of Relevant Provider Qualifications) Amendment Delegations 2023.
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 this instrument | The later of: (a) immediately after the commencement of Part 1 of Schedule 2 to the Treasury Laws Amendment (Precontractual Disclosure and Other Measures) Regulations 2023; and (b) 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Note: This table relates only to the provisions of this instrument as originally made.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 Corporations 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Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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
Corporations (Approval of Foreign Qualifications) Delegations 2022
1 Section 1
Omit “(Approval of Foreign Qualifications)”, substitute “(Approval of Relevant Provider Qualifications)”.
2 After section 5
Insert:
6 Delegations relating to approving forms in relation to approval of foreign qualifications
Under subsection 1345A(1) of the Act, each person holding, occupying or performing the duties of each of the following offices or positions in the Treasury, is delegated the Minister’s functions and powers under subsection 921G(1) of the Act to approve a form:
(a) the Secretary;
(b) a Deputy Secretary;
(c) an SES employee.
7 Delegations relating to approving forms in relation to approval of domestic qualifications
Under subsection 1345A(1) of the Act, each person holding, occupying or performing the duties of each of the following offices or positions in the Treasury, is delegated the Minister’s functions and powers under paragraph 921GA(2)(b) of the Act to approve a form:
(a) the Secretary;
(b) a Deputy Secretary;
(c) an SES employee.
8 Delegations relating to approving domestic qualifications
Under subsection 1345A(1) of the Act, each person holding, occupying or performing the duties of each of the following offices or positions in the Treasury, is delegated the Minister’s functions and powers under subsection 921GA(3) of the Act:
(a) the Secretary;
(b) a Deputy Secretary;
(c) an SES employee.
Overview
The Corporations (Approval of Relevant Provider Qualifications) Amendment Delegations 2023, enacted on 17 December 2023, amends the Corporations (Approval of Foreign Qualifications) Delegations 2022 to update the terminology and delegation of functions relating to the approval of qualifications. This instrument was introduced to address the need for more precise and relevant terminology in the context of qualification approvals within the Corporations Act 2001. The enacting body was Stephen Jones, the Assistant Treasurer and Minister for Financial Services, under the authority granted by the Corporations Act 2001. The policy objective is to streamline the approval process for relevant provider qualifications, ensuring that the appropriate officials within the Treasury are empowered to approve forms and qualifications efficiently.
Scope and Application
The Corporations (Approval of Relevant Provider Qualifications) Amendment Delegations 2023 applies to the approval of qualifications for the purposes of the Corporations Act 2001. Specifically, it amends the Corporations (Approval of Foreign Qualifications) Delegations 2022 to include the approval of relevant provider qualifications, both foreign and domestic. The Act applies to certain high-level officials within the Treasury Department, including the Secretary, Deputy Secretary, and Senior Executive Service (SES) employees, who are delegated the functions and powers of the Minister for Financial Services to approve forms related to these qualifications. The instrument extends the scope of the original delegations by including domestic qualifications and renaming the delegations to more accurately reflect their purpose. The amendments commence on the later of the specified date or the day after the instrument is registered. The instrument does not provide for any exclusions, exemptions, or thresholds, and its application is not extended or restricted through subordinate instruments.
Key Provisions
The main operative sections of the Corporations (Approval of Relevant Provider Qualifications) Amendment Delegations 2023 (the "Instrument") modify the Corporations (Approval of Foreign Qualifications) Delegations 2022 by changing its name to Corporations (Approval of Relevant Provider Qualifications) Delegations 2022 and delegating additional functions to certain Treasury officials (Schedule 1, items 1, 6, 7, and 8). These amendments broaden the scope of qualifications that can be approved by the relevant officials, including both foreign and domestic qualifications.
The Instrument imposes obligations on certain Treasury officials by delegating to them the Minister’s functions and powers under the Corporations Act 2001. Specifically, the Secretary, Deputy Secretary, and Senior Executive Service (SES) employees in the Treasury are now authorised to approve forms relating to the approval of foreign qualifications, forms relating to the approval of domestic qualifications, and to approve domestic qualifications themselves (Schedule 1, items 6, 7, and 8).
Breaches of the functions and powers delegated by this Instrument may result in civil or criminal consequences, depending on the nature of the breach. The Corporations Act 2001 itself provides for various offences and penalties, which may include fines and imprisonment. However, the specific penalties for breaches of the provisions in this Instrument are not stated within the text of the Instrument itself but would be found within the Corporations Act 2001. The commencement of the Instrument is set to be the later of immediately after the commencement of Part 1 of Schedule 2 to the Treasury Laws Amendment (Precontractual Disclosure and Other Measures) Regulations 2023, or the day after the Instrument is registered (item 1 of the table in section 2).