Corporations (Fees) Amendment (RSE Auditors) Regulations 2024

Administered by Department of the Treasury

Legislation au F2024L01412 Regulations Not in force Legislative Instrument

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EXPLANATORY STATEMENT

Issued by authority of the Assistant Treasurer and Minister for Financial Services

Corporations (Fees) Act 2001

Corporations (Fees) Amendment (RSE Auditors) Regulations 2024

Section 8 of the Corporations (Fees) Act 2001 (the Act) provides that the Governor-General may make regulations for the purposes of sections 5, 5A, 6 and 7 of the Act.

Section 5 of the Act provides that regulations may prescribe fees for chargeable matters. Section 6 provides that the regulations may prescribe a fee by specifying an amount as the fee, or by specifying a method for calculating the amount of the fee. Under paragraph 4(1)(f) of the Act, the granting of consent by ASIC is a chargeable matter.

The purpose of the Corporations (Fees) Amendment (RSE Auditors) Regulations 2024 (Regulations) is to prescribe that there is no fee for applications made to the Australian Securities and Investments Commission (ASIC) for the resignation, removal or appointment of Registrable Superannuation Entity (RSE) auditors, in line with the treatment of similar entity types such as managed investment scheme auditors. RSE auditors and superannuation trustees must apply to ASIC for the appointment, resignation or removal of an RSE auditor under paragraph 331AJ(1)(b) or subsections 331AK(1) or (2) of the Corporations Act 2001. This requirement came into effect on 1 July 2023, when Schedule 6 of the Treasury Laws Amendment (2022 Measures No. 4) Act 2023 commenced.

The Regulations commence the day after registration but have retrospective application from 1 July 2023. Retrospective application is appropriate because it will align with the introduction of the requirement for RSE auditors and superannuation trustees to apply to ASIC for the appointment, resignation or removal an RSE auditor, as effected by Schedule 6 of the Treasury Laws Amendment (2022 Measures No. 4) Act 2023. This does not engage subsection 12(2) of the Legislation Act 2003, as it does not disadvantage any individual or impose a liability in respect of anything done or omitted to be done before the instrument is registered. Any application made from 1 July 2023 will not have any fee attached to it.

The Act does not specify any conditions that need to be satisfied before the power to make the Regulations may be exercised.

ASIC was consulted on this measure and supported the change. As this is a minor adjustment that ensures that no fee is charged, there was no public consultation on this measure.  

The Regulations are a legislative instrument for the purposes of the Legislation Act 2003.

The Regulations subject to the automatic repeal process under section 48A of the Legislation Act 2003. This section provides that where a legislative instrument only repeals or amends another instrument, without making any application, saving or transitional provisions relating to the amendment or repeal, that instrument is automatically repealed. By virtue of paragraph 48A(2)(aa) of that Act, the Regulations automatically repeal on the end of the last day on which the Regulations or a provision of the Regulations may be disallowed in a House of Parliament. Once repealed, the sunsetting regime set out in Part 4 of Chapter 3 of the Legislation Act 2003 is no longer relevant to the Regulations.

Details of the Regulations are set out in Attachment A.

A statement of Compatibility with Human Rights is at Attachment B.

The Office of Impact Analysis has been (OIA) has been consulted and agreed that no impact analysis is required as this is a consequential to the amendments made by Schedule 6 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023.

ATTACHMENT A

Details of the Corporations (Fees) Amendment (RSE Auditors) Regulations 2024

Section 1 – Name

This section provides that the name of the regulations is the Corporations (Fees) Amendment (RSE Auditors) Regulations 2024 (the Regulations).

Section 2 – Commencement

The Regulations commence the day after registration.

Section 3 – Authority

The Regulations are made under the Corporations (Fees) Act 2001 (the Act).

Section 4 – Schedule

This section provides that each instrument that is specified in the Schedules to this instrument are amended or repealed as set out in the applicable items in the Schedules, and any other item in the Schedules to this instrument has effect according to its terms.

All legislative references are to the Regulations unless otherwise specified.

Schedule 1 – Amendments

Item [1] – Clause 1 of Schedule 1 (table items 83 and 84)

The Regulations amend table items 83 and 84 of clause 1 of Schedule 1 to the Corporations (Fees) Regulations 2001 to prescribe the fee for ASIC to provide its consent to the removal or resignation of an auditor of an RSE on application under subsections 331AK(1) or (2) of the Corporations Act 2001 as ‘no fee’. It also prescribes that an application for ASIC to appoint an auditor of an RSE under paragraph 331AJ(1)(b) will also have no fee. 

Item [2] – section 15

Section 15 ensures that the prescribed fee applies to applications that were made on or after 1 July 2023, which is when the requirement for applications to be made for the appointment, removal or resignation of RSE auditors was first introduced. This aligns the Regulations with the requirements in the Corporations Act 2001.

 


ATTACHMENT B

 

Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

Corporations (Fees) Amendment (RSE Auditors) Regulations 2024

This Legislative Instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Overview of the Legislative Instrument

The purpose of the Corporations (Fees) Amendment (RSE Auditors) Regulations 2024 (Regulations) is to prescribe that there is no fee for applications made to the Australian Securities and Investments Commission (ASIC) for the appointment, resignation or removal of Registrable Superannuation Entity (RSE) auditors, in line with the treatment of similar entity types such as managed investment scheme auditors.

The Regulation are consistent with fees for similar entities, and do not engage with any applicable rights or freedoms.

Human rights implications

These Regulations do not engage any of the applicable rights or freedoms.

Conclusion

These Regulations are compatible with human rights as it does not raise any human rights issues.

Overview

The Corporations (Fees) Amendment (RSE Auditors) Regulations 2024 were enacted to address a specific gap identified in the Corporations (Fees) Act 2001. These Regulations were introduced by the Parliament of Australia to ensure that no fees are charged for applications related to the appointment, resignation, or removal of Registrable Superannuation Entity (RSE) auditors submitted to the Australian Securities and Investments Commission (ASIC). This amendment aligns with the treatment of similar entities, such as managed investment scheme auditors, which also do not incur fees for comparable applications. The policy objective behind these Regulations is to maintain consistency in regulatory practices and reduce administrative burdens for entities involved in superannuation trustee arrangements. ASIC was consulted on this measure and supported the change, aiming to streamline processes without compromising regulatory oversight. The Regulations have retrospective application from 1 July 2023, the date when the requirement for such applications was introduced, ensuring that no fees are applied to any applications made from this date onwards.

Scope and Application

The Corporations (Fees) Amendment (RSE Auditors) Regulations 2024 applies to the imposition of fees for applications made to the Australian Securities and Investments Commission (ASIC) regarding the appointment, resignation, or removal of Registrable Superannuation Entity (RSE) auditors. These regulations are made under the Corporations (Fees) Act 2001 and amend the Corporations (Fees) Regulations 2001 to set the fee for such applications to "no fee," thereby aligning the treatment of RSE auditors with that of similar entities like managed investment scheme auditors. The Regulations are applicable from 1 July 2023 and have retrospective effect, ensuring that no fees are charged for applications made since the commencement of the requirement for such applications on that date. The scope of the regulations is limited to the financial sector, specifically targeting entities involved in superannuation and corporate governance. The Regulations are subject to the automatic repeal process under section 48A of the Legislation Act 2003, which means they will be repealed at the end of the disallowance period unless otherwise specified. The Regulations do not include any stated exclusions, exemptions, or thresholds beyond the specified alignment with similar entity types.

Key Provisions

Section 1 of the Corporations (Fees) Amendment (RSE Auditors) Regulations 2024 identifies the name of the regulations, clarifying that these are the regulations intended to amend the Corporations (Fees) Regulations 2001 with respect to the fees associated with RSE auditors. Section 2 details the commencement of these regulations, stating that they will commence the day after their registration, with retrospective application from 1 July 2023. Section 3 outlines the authority under which these regulations are made, referencing the Corporations (Fees) Act 2001. Section 4 references the schedules, indicating that the regulations will amend or repeal specified instruments as outlined in the schedules. The Schedules provide detailed amendments to the Corporations (Fees) Regulations 2001. The Corporations (Fees) Amendment (RSE Auditors) Regulations 2024 impose obligations on RSE auditors and superannuation trustees to apply to ASIC for the appointment, resignation, or removal of an RSE auditor, without incurring any fees. This obligation aligns with the requirements introduced by Schedule 6 of the Treasury Laws Amendment (2022 Measures No. 4) Act 2023, which commenced on 1 July 2023. These regulations ensure that applications made on or after this date will not attract any fees, mirroring the fee structure applied to similar entities like managed investment scheme auditors. ASIC was consulted and supported this measure, ensuring the changes are in line with regulatory practices and requirements. The Regulations do not specify any particular offences or penalties for breach, as they primarily focus on abolishing fees for certain applications to ASIC related to RSE auditors. However, any failure to comply with the Corporations Act 2001 or other relevant legislative requirements may result in penalties under those Acts. Under the Corporations Act 2001, penalties for non-compliance can include fines and imprisonment, depending on the nature and severity of the breach. The specific penalties are not detailed in the Regulations but would be governed by the overarching legislative framework. These Regulations are subject to the automatic repeal process under section 48A of the Legislation Act 2003, which means they will automatically repeal on the end of the last day on which they may be disallowed in a House of Parliament. This process ensures that the Regulations remain in force only as long as they are not disallowed by Parliament. Furthermore, the Regulations have been reviewed for compatibility with human rights, and it has been determined that they do not engage any applicable rights or freedoms. Therefore, these Regulations are considered compatible with human rights as they do not raise any human rights issues.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.