Corporations (Fees) Amendment Act 2011
No. 144, 2011
An Act to amend the Corporations (Fees) Act 2001, and for related purposes
Contents
1 Short title...................................
2 Commencement...............................
3 Schedule(s)..................................
Schedule 1—Fees and financial market supervision
Corporations (Fees) Act 2001
Corporations (Fees) Amendment Act 2011
No. 144, 2011
An Act to amend the Corporations (Fees) Act 2001, and for related purposes
[Assented to 29 November 2011]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Corporations (Fees) Amendment Act 2011.
2 Commencement
(1) Each provision of this Act 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 |
Provision(s) | Commencement | Date/Details |
1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table | The day this Act receives the Royal Assent. | 29 November 2011 |
2. Schedule 1 | The later of: (a) the day this Act receives the Royal Assent; and (b) 1 January 2012. | 1 January 2012 |
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
(2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Fees and financial market supervision
Corporations (Fees) Act 2001
1 Subsection 4(1) (paragraph (m) of the definition of chargeable matter)
Omit “its functions”, substitute “its functions in relation to the operator of a licensed market”.
2 Subsection 4(1) (paragraph (m) of the definition of chargeable matter)
Omit “2001.”, substitute “2001;”.
3 Subsection 4(1) (at the end of the definition of chargeable matter)
Add:
(n) the performance by ASIC of its functions in relation to a participant in a licensed market under Part 7.2A (Supervision of financial markets) of the Corporations Act 2001.
4 Subsection 6(6)
Omit “paragraph (m)”, substitute “paragraph (m) or (n)”.
5 Subsection 6A(1)
Omit “paragraph (m)”, substitute “paragraph (m) or (n)”.
6 Subparagraph 7(1)(m)(ii)
Omit “regulations.”, substitute “regulations;”.
7 At the end of subsection 7(1)
Add:
(n) for a chargeable matter referred to in paragraph (n) of that definition:
(i) person liable—the participant in a licensed market; and
(ii) time liability incurred—the time or times determined in accordance with the regulations.
[Minister’s second reading speech made in—
House of Representatives on 18 August 2011
Senate on 3 November 2011]
Overview
The Corporations (Fees) Amendment Act 2011 is a legislative measure enacted by the Parliament of Australia to amend the Corporations (Fees) Act 2001. This Act was introduced to address the need for updated fee structures in relation to the Australian Securities and Investments Commission's (ASIC) functions concerning licensed markets and their participants, ensuring the fees reflect the current regulatory environment and responsibilities. The primary objective of this amendment is to align the fees with the specific functions of ASIC in supervising financial markets and participants, thus providing a more accurate representation of the costs associated with such supervision.
The Act was assented to on 29 November 2011 and commenced on the same date for most provisions, with certain provisions related to fees taking effect from 1 January 2012. The amendments primarily involve the redefinition of "chargeable matter" to include ASIC's functions in relation to participants in licensed markets, as well as adjustments to the fees and the entities liable for these fees. The changes ensure that the fees charged correspond to the specific regulatory activities undertaken by ASIC, thereby improving the fairness and accuracy of the fee structure.
Scope and Application
The Corporations (Fees) Amendment Act 2011 amends the Corporations (Fees) Act 2001 to alter the definition and scope of chargeable matters in relation to fees collected by the Australian Securities and Investments Commission (ASIC). This Act applies to ASIC's functions concerning operators and participants in licensed markets, as defined under Part 7.2A of the Corporations Act 2001. It specifically modifies the definition of "chargeable matter" to include the performance of ASIC's functions in relation to participants in licensed markets. The changes made by the Act came into force on the later of the date of Royal Assent, which was 29 November 2011, and 1 January 2012. The Act does not explicitly state any exclusions or exemptions, but the applicability is limited to the functions of ASIC related to licensed market participants. The Act's amendments are confined to the specified changes in the Corporations (Fees) Act 2001 and do not extend to other areas unless otherwise specified in subordinate instruments.
Key Provisions
The Corporations (Fees) Amendment Act 2011 amends the Corporations (Fees) Act 2001, introducing changes primarily focused on the fees associated with the Australian Securities and Investments Commission's (ASIC) functions concerning licensed markets and participants. Section 4 of the Act modifies the definition of 'chargeable matter' (subsection 4(1)) to narrow its scope, specifically targeting the functions of ASIC in relation to the operator of a licensed market. Additionally, it extends this definition to include ASIC's functions concerning participants in a licensed market under Part 7.2A of the Corporations Act 2001 (subsection 4(1)). The Act further adjusts references to these new provisions in subsections 6(6) and 6A(1), and it mandates that fees for these new chargeable matters be determined by regulations, with a specific focus on the liability of participants in licensed markets (subsection 7(1)).
The obligations imposed by the Act primarily revolve around the payment of fees by entities subject to ASIC's oversight in licensed markets. This includes both operators and participants of such markets, who are now required to contribute towards the costs associated with ASIC's supervision activities. These obligations are clearly defined by the amendments made to the definition of 'chargeable matter' and the subsequent references throughout the Act, ensuring that the financial burden of ASIC's regulatory functions is appropriately allocated.
In terms of consequences for non-compliance, the Act does not explicitly detail specific offences, penalties, or consequences for breaches of its provisions. However, given the nature of the amendments, it is reasonable to infer that failure to pay the prescribed fees could lead to legal actions for recovery of fees, or other enforcement actions as permitted by the Corporations Act 2001. The precise penalties would depend on the specific circumstances and any additional legislation governing such enforcement actions, but they could include fines or other financial penalties as determined by the courts.