Corporations (Fees) Regulations (Amendment) 1993 No. 242
EXPLANATORY STATEMENT
Statutory Rules 1993 No. 242
Issued by the Authority of the Attorney-General
Corporations Act 1989
Corporations (Fees) Regulations (Amendment)
Section 22 of the Corporations Act 1989 (the Act) empowers the Governor-General to make regulations not inconsistent with the Act or the Corporations Law of the Capital Territory (the Law) prescribing all matters required or permitted by the Law to be prescribed by regulations or necessary or convenient to be prescribed by such regulations for carrying out or giving effect to the Law.
2. Section 25 of the Act provides that the regulations may prescribe fees (including fees that are taxes) for chargeable matters. Chargeable matters are defined as:
(a) the lodgment, registration or submission for examination of documents under the Law;
(b) the inspection or search of registers kept by, or documents in the custody of, the Australian Securities Commission (the Commission), the production by the Commission under a subpoena of such registers or documents, and the issuing of documents or copies of documents by the Minister or the Commission; and
(c) the making of inquiries of or applications to the Minister or the Commission in relation to a matter arising under the Law and the granting of licences, consents or approvals, or the doing of any other act under the Law by the Minister or the Commission.
3. Subsection 26(2) of the Act provides that where a fee is prescribed as a stated amount that amount is not to exceed $5,000 while subsection 26(3) of the Act provides that two or more fees may be prescribed for the same chargeable matter.
4. Subsection 1352(1) of the Law adds the further provision that the upper limit on the aggregate amount of fees payable for a chargeable matter is $25,000.
5. In accordance with the Heads of Agreement and the draft Corporations Agreement between Commonwealth, State and Territory Ministers having responsibilities in relation to corporate regulation, the Attorney-General has consulted the relevant State and Territory Ministers about the proposed amendments to the Corporations (Fees) Regulations. Amendments to the Corporations (Fees) Regulations relating exclusively to the imposition of fees are not, however, matters on which State and Territory Ministers have a deliberative function under the Heads of Agreement and the draft Corporations Agreement.
6. The principal purpose of the proposed Regulations is to make amendments to the Corporations (Fees) Regulations with effect from 1 October 1993 increasing the fees payable on lodging an application for registration as an auditor, liquidator, official liquidator, futures broker, futures adviser, investment adviser or dealer and on the lodgment of annual returns by a person who is registered as a futures broker, futures adviser, investment adviser or dealer. In addition to these fee increases, the Regulations make minor technical amendments to Items 10 and 31 in the Schedule to the Corporations (Fees) Regulations.
7. Details of the accompanying Regulations are as follows.
Regulation 1: Commencement
8. This regulation prescribes 1 October 1993 as the commencement date for these amending Regulations,
Regulation 2: Amendment
9. This regulation provides that the Regulations amend the Corporations (Fees) Regulations (the Fees Regulations).
Regulation 3 Schedule (Prescribed Fees)
10. Item 1 of the Schedule to the Fees Regulations currently prescribes a fee of $150 payable on lodging an application under paragraph 1279(1)(a) or (b) of the Law for registration as an auditor or liquidator. Subregulation 3.1 amends this fee to $180.
11. Item 3 of the Schedule to the Fees Regulations currently prescribes a fee of $150 payable on lodging an application for registration under subsection 1283(1) of the Law as an official liquidator. Subregulation 3.2 amends this fee to $180.
12. Paragraph 5(a) of the Schedule to the Fees Regulations currently prescribes a fee of $300 payable on making an application under subsection 1144(1) of the Law for a futures broker's licence or a future's advisers licence by a body corporate. Subregulation 3.3 amends this fee to $415.
13. Paragraph 5(b) of the Schedule to the Fees Regulations currently prescribes a fee of $150 payable on making an application under subsection 1144(1) of the Law for a futures broker's licence or a futures adviser's licence by a natural person. Subregulation 3.4 amends this fee to $215.
14. Paragraph 6(a) of the Schedule to the Fees Regulations currently prescribes a fee of $150 payable on lodging a statement under subsection 1157(1) of the Law by a body corporate that is the holder of a futures broker's licence or a futures adviser's licence. Subregulation 3.5 amends this fee to $215.
15. Paragraph 6(b) of the Schedule to the Fees Regulations currently prescribes a fee of $75 payable on lodging a statement under subsection 1157(1) of the Law by a natural person who is the holder of a futures broker's licence or a futures adviser's licence. Subregulation 3.6 amends this fee to $105.
16. Item 7 of the Schedule to the Fees Regulations currently prescribes a fee of $150 payable on making application under subsection 782(1) by a natural person for a dealer's licence or an investment adviser's licence. Subregulation 3.7 amends this fee to $215.
17. Item 8 of the Schedule to the Fees Regulations currently prescribes a fee of $300 payable on making application under subsection 782(1) by a body corporate for a dealer's licence or an investment adviser's licence. Subregulation 3.8 amends this fee to $415.
18. Item 9 of the Schedule to the Fees Regulations currently prescribes a fee of $75 payable on lodging a statement under subsection 79 1 (1) of the Law by a natural person who is the holder of a dealer's licence or an investment adviser's licence. Subregulation 3.9 amends this fee to $105.
19. Item 10 of the Schedule to the Fees Regulations currently prescribes a fee of $150 payable on lodging a statement under subsection 79 1 (1) of the Law by a corporation that is the holder of a dealer's licence or an investment adviser's licence. Subregulation 3. 10 makes a technical amendment to Item 10 omitting the reference to "corporation" and substituting a reference to "body corporate". This amendment is necessary because a dealer's licence or an investment adviser's licence may be issued to a body corporate, and not all bodies corporate are corporations for the purposes of the Corporations Law.
20. Subregulation 3.11 will make a technical amendment to Item 31 of the Schedule to the Fees Regulations. Item 31 includes a circular reference to Item 31, prescribing the fee payable on lodging an annual return of a proprietary company not being a company referred to in Item 31. Subregulation 3.11 amends Item 31 to prescribe the fee payable on lodging an annual return of an exempt proprietary company not being a company referred to in item 32. Item 32 prescribes the fee payable on lodging an annual return of a unit title company.