Corporations (Futures Organisations Levies) Act 2001

Administered by Department of the Treasury

Legislation au C2004A00821 Not in force Act

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Act No. 53 of 2001 as amended

[Note: This Act is to be repealed by Act No. 123 of 2001]

This compilation was prepared on 11 March 2002
taking into account amendments up to Act No. 123 of 2001

The text of any of those amendments not in force
on that date is appended in the Notes section

Prepared by the Office of Legislative Drafting,
Attorney‑General’s Department, Canberra

Contents

1 Short title [see Note 1]...........................

2 Commencement [see Note 1].......................

3 Definitions..................................

4 Imposition of levies in respect of futures organisation fidelity funds.

5 Amounts of levies..............................

6 Transitional matters.............................

Notes

An Act to impose levies in respect of futures organisation fidelity funds, and for related matters

1 Short title [see Note 1]

This Act may be cited as the Corporations (Futures Organisations Levies) Act 2001.

2 Commencement [see Note 1]

This Act commences at the same time as the Corporations Act 2001.

3 Definitions

(1) In this Act:

old Corporations Law, in relation to a State or Territory, has the same meaning as it has in Part 10.1 of the Corporations Act 2001.

(2) Other expressions used in this Act that were defined in a provision of the Corporations Act 2001 that, immediately before the commencement of this subsection, applied for the purposes of Part 8.6 of that Act (whether it also applied for other purposes) have the same meanings in this Act as they were given by that provision.

4 Imposition of levies in respect of futures organisation fidelity funds

The following levies in respect of futures organisation fidelity funds are imposed:

(a) the levy by the name of futures organisation (application for membership) fidelity fund contribution that is payable under subsection 1234(1) of the Corporations Act 2001, as that subsection continues to apply because of section 1415 or 1420 of the Financial Services Reform (Consequential Provisions) Act 2001, by a person who wishes to be admitted to membership of a futures organisation as mentioned in that subsection;

(b) the levy by the name of futures organisation (annual membership) fidelity fund contribution that is payable under subsection 1234(2) of the Corporations Act 2001, as that subsection continues to apply because of section 1415 or 1420 of the Financial Services Reform (Consequential Provisions) Act 2001, by a member of a futures organisation referred to in that subsection;

(c) any levy by the name of futures organisation additional fidelity fund contribution that is payable under subsection 1235(1) of the Corporations Act 2001, as that subsection continues to apply because of section 1415 or 1420 of the Financial Services Reform (Consequential Provisions) Act 2001, by a contributing member of a futures organisation referred to in that subsection.

5 Amounts of levies

(1) The amount of levy imposed by paragraph 4(a) is such amount, not being less than $500, as is determined by the futures organisation in relation to the person, or in relation to a class of persons that includes the person.

(2) The amount of levy imposed by paragraph 4(b) is such amount, not being less than $100, as is determined by the futures organisation in relation to the member, or in relation to a class of members that includes the member.

(3) Subject to subsections (4) and (5), the amount of levy imposed by paragraph 4(c) is such amount as is determined by the futures organisation in relation to the contributing member, or in relation to a class of contributing members that includes the contributing member.

(4) Subsection (3) has effect subject to the following limitations:

(a) if, apart from this section, the making of a determination (the new determination) of an amount of levy for the purposes of subsection (3) would take the total of all amounts of levy determined in relation to a contributing member under that subsection to more than $5,000, the new determination has effect in relation to the contributing member only to the extent to which it would take that total to $5,000;

(b) if, apart from this section, the making of a determination (the new determination) of an amount of levy for the purposes of subsection (3) would take the total of all amounts of levy determined in relation to a contributing member under that subsection in a period of 12 months (which may be a period some of which occurred before the commencement of this Act) to more than $1,000, the new determination has effect in relation to the contributing member only to the extent to which it would take that total to $1,000.

(5) A reference in subsection (4) to an amount of levy determined in relation to a person under subsection (3) is taken to include a reference to:

(a) in the case of paragraph (4)(a)—any amount that counted for the purpose of the $5,000 limit in subsection 1235(3) of the old Corporations Law of a State or Territory as it applied in relation to the contributing member and the futures organisation immediately before the commencement of this Act; and

(b) in the case of paragraph (4)(b)—any amount that counted for the purpose of the $1,000 limit in subsection 1235(3) of the old Corporations Law of a State or Territory as it applied in relation to the contributing member and the futures organisation immediately before the commencement of this Act in respect of so much of the 12 month period referred to in paragraph (4)(b) as occurred before that commencement.

6 Transitional matters

(1) If, immediately before the commencement of this Act, an amount was payable by a person to a futures organisation under subsection 1234(2) of the old Corporations Law of a State or Territory in this jurisdiction, a liability to pay a levy of the same amount, in respect of the same matter, to the Commonwealth is imposed on the person by this subsection on the commencement of this Act. The levy is payable to the futures organisation as agent for the Commonwealth.

(2) If, immediately before the commencement of this Act, an amount was payable by a person to a futures organisation under subsection 1235(1) of the old Corporations Law of a State or Territory in this jurisdiction, a liability to pay a levy of the same amount, in respect of the same matter, to the Commonwealth is imposed on the person by this subsection on the commencement of this Act. The levy is payable to the futures organisation as agent for the Commonwealth.

(3) A determination of an amount in force immediately before the commencement for the purposes of subsection 1234(1), 1234(2) or 1235(1) of the old Corporations Law of a State or Territory in this jurisdiction continues to have effect (and may be dealt with) after the commencement of this Act as if it were:

(a) in the case of a determination for the purposes of subsection 1234(1)—a determination for the purposes of subsection 5(1) of this Act; or

(b) in the case of a determination for the purposes of subsection 1234(2)—a determination for the purposes of subsection 5(2) of this Act; or

(c) in the case of a determination for the purposes of subsection 1235(1)—a determination for the purposes of subsection 5(3) of this Act.

Notes to the Corporations (Futures Organisations Levies) Act 2001

Note 1

The Corporations (Futures Organisations Levies) Act 2001 as shown in this compilation comprises Act No. 53, 2001 amended as indicated in the Tables below.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions

Corporations (Futures Organisations Levies) Act 2001	53, 2001	28 June 2001	15 July 2001 (see s. 2 and Gazette 2001, No. S285)
Financial Services Reform (Consequential Provisions) Act 2001	123, 2001	27 Sept 2001	Schedule 1 (items 225, 226): 11 Mar 2002 (see Gazette 2001, No. GN42) (a) Schedule 1 (item 227): [see (a) and Note 2]	—

(a) The Corporations (Futures Organisations Levies) Act 2001 was amended by Schedule 1 (items 225‑227) only of the Financial Services Reform (Consequential Provisions) Act 2001, subsections 2(1), (5) and (6) of which provide as follows:

(1) In this section:

FSR commencement means the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001.

(5) Items 227 and 231 of Schedule 1 commence at the end of the period of 2 years starting on the FSR commencement. [see Note 2]

(6) Subject to subsections (7) to (17), the other items of Schedule 1 commence on the FSR commencement.

Table of Amendments

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted

Provision affected	How affected
Ss. 3, 4.................	am. No. 123, 2001

Note 2

Financial Services Reform (Consequential Provisions) Act 2001
(No. 123, 2001)

The following amendment commences on 11 March 2004:

Schedule 1

227 The whole of the Act

Repeal the Act.

As at 11 March 2002 the repeal has not taken effect.

Overview

The Corporations (Futures Organisations Levies) Act 2001, enacted by the Parliament of Australia, was introduced to address the need for a standardised national approach to imposing levies on futures organisations, ensuring a level of regulatory uniformity across states and territories. The Act was designed to complement the Corporations Act 2001 by specifically targeting the imposition of levies related to futures organisation fidelity funds, thereby providing a more streamlined and cohesive regulatory framework. The policy objective was to establish a consistent method of levy imposition that would facilitate the orderly operation of futures organisations while protecting investors and maintaining market integrity. This Act, which came into force concurrently with the Corporations Act 2001, outlines the specifics of the levies to be imposed on futures organisations, including the minimum amounts and the limits on these levies. It also includes transitional provisions to ensure a smooth shift from the previous state-based laws to the new national framework. Notably, the Act was subsequently repealed by the Financial Services Reform (Consequential Provisions) Act 2001, reflecting a broader reform agenda aimed at modernising and consolidating financial services legislation in Australia.

Scope and Application

The Corporations (Futures Organisations Levies) Act 2001 applies to persons and entities involved with futures organisations, imposing specific levies related to membership and contributions within these organisations. The Act covers individuals and entities that are prospective or current members of futures organisations as defined under the Corporations Act 2001. It imposes levies on applications for membership, annual membership, and additional contributions by contributing members, with specified minimum amounts and caps on total contributions over specified periods. The Act operates at a national level, aligning with the Corporations Act 2001, and is subject to amendments through subordinate instruments such as the Financial Services Reform (Consequential Provisions) Act 2001, which provides transitional measures and eventual repeal of the Act. Certain transitional provisions ensure continuity in levy obligations from previous legislation to the new Act.

Key Provisions

The Corporations (Futures Organisations Levies) Act 2001 (Act) imposes specific levies on futures organisations, which are payable by individuals seeking to join such organisations or by existing members. The Act specifically details three types of levies: the futures organisation (application for membership) fidelity fund contribution, the futures organisation (annual membership) fidelity fund contribution, and the futures organisation additional fidelity fund contribution. These levies are payable by persons seeking to be admitted as members of a futures organisation, by members of a futures organisation, and by contributing members of a futures organisation, respectively (section 4). The amounts of these levies are determined by the futures organisation in relation to the person or class of persons involved, subject to certain limitations (sections 5 and 6). Entities governed by this Act, including futures organisations and their members, must ensure that they comply with the requirements set out for these levies. This includes the obligation to determine and collect the specified levies from individuals as per the prescribed minimums and limitations, as well as ensuring that any prior liabilities under the old Corporations Law are transitioned to the Commonwealth under this Act (section 6). Failure to comply with the provisions of this Act, including the failure to properly levy or collect the specified contributions, may result in legal consequences. While the Act itself does not explicitly detail the specific penalties or consequences for non-compliance, it can be inferred that breaches may lead to civil or administrative actions under other relevant legislation, potentially including fines or other penalties as prescribed by the broader legal framework governing financial services and corporate regulation in Australia. The Act is set to be repealed by the Financial Services Reform (Consequential Provisions) Act 2001, effective from 11 March 2004.

Area of Law: Commercial Law; Corporate Law & Governance
Instrument: Act
Concepts: Definitions & Interpretation; Commencement Provisions; Reporting & Disclosure Obligations; Regulatory Standards

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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.

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