Corporations Legislation Amendment (Financial Reporting Panel) Act 2012
No. 118, 2012
An Act to amend the law relating to corporations to repeal provisions relating to the Financial Reporting Panel, and for related purposes
Contents
1 Short title
2 Commencement
3 Schedule(s)
Schedule 1—Amendments
Part 1—Amendments
Australian Securities and Investments Commission Act 2001
Corporations Act 2001
Corporations (Fees) Act 2001
Part 2—Transitional provision
Corporations Act 2001
Corporations Legislation Amendment (Financial Reporting Panel) Act 2012
No. 118, 2012
An Act to amend the law relating to corporations to repeal provisions relating to the Financial Reporting Panel, and for related purposes
[Assented to 12 September 2012]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Corporations Legislation Amendment (Financial Reporting Panel) Act 2012.
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. | 12 September 2012 |
2. Schedule 1 | A single day to be fixed by Proclamation. However, if the provision(s) do not commence within the period of 6 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period. | 1 October 2012 (see F2012L01962) |
Note: This table relates only to the provisions of this Act as originally enacted.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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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—Amendments
Part 1—Amendments
Australian Securities and Investments Commission Act 2001
1 Paragraph 1(1)(d)
Omit “, a Financial Reporting Panel”.
2 Part 13
Repeal the Part.
Corporations Act 2001
3 Section 9 (definition of lodging entity)
Repeal the definition.
4 Division 9 of Part 2M.3
Repeal the Division.
5 Paragraph 1317C(c)
Repeal the paragraph.
6 Schedule 3 (table item 116A)
Repeal the item.
Corporations (Fees) Act 2001
7 Subsection 4(1) (paragraphs (ja) and (jb) of the definition of chargeable matter)
Repeal the paragraphs.
Part 2—Transitional provision
Corporations Act 2001
8 At the end of Chapter 10
Add:
Part 10.21—Transitional provision relating to the Corporations Legislation Amendment (Financial Reporting Panel) Act 2012
1538 Courts etc. may have regard to Financial Reporting Panel report
Despite the repeal of section 323EM by the Corporations Legislation Amendment (Financial Reporting Panel) Act 2012, that section continues to apply, in relation to a report of the Financial Reporting Panel, as if that repeal had not happened.
[Minister’s second reading speech made in—
House of Representatives on 21 June 2012
Senate on 29 June 2012]
Overview
The Corporations Legislation Amendment (Financial Reporting Panel) Act 2012 was enacted to amend existing laws relating to corporations by repealing provisions associated with the Financial Reporting Panel. This Act, assented to on 12 September 2012, addresses the need to streamline corporate financial oversight and reporting processes. The Parliament of Australia enacted this legislation to remove outdated and redundant elements within the Corporations Act 2001, the Australian Securities and Investments Commission Act 2001, and the Corporations (Fees) Act 2001. The overarching policy objective is to enhance efficiency and effectiveness in corporate financial regulation by eliminating the Financial Reporting Panel and adjusting related definitions and provisions accordingly. The Act includes transitional provisions to ensure a smooth legal transition from the repealed framework.
Scope and Application
The Corporations Legislation Amendment (Financial Reporting Panel) Act 2012 applies to entities within the Commonwealth jurisdiction, specifically targeting the Australian Securities and Investments Commission Act 2001, the Corporations Act 2001, and the Corporations (Fees) Act 2001. This legislation repeals provisions relating to the Financial Reporting Panel, effectively removing its authority and oversight functions that were previously established under the repealed sections. The Act applies to corporations, entities, and any individuals involved in the financial reporting processes as defined within the repealed parts of these Acts. The repeals are comprehensive, including definitions, provisions, and associated fees, and extend to the elimination of references to the Financial Reporting Panel in the legislative texts. The transitional provisions ensure that any ongoing proceedings or reports from the Financial Reporting Panel are still considered by courts and other authorities, despite the repeal.
The geographic reach of this Act is confined to the Commonwealth of Australia, and it does not extend to state or territory laws, focusing solely on federal corporations law. There are no specific exclusions, exemptions, or thresholds outlined within the Act itself; however, the repealed provisions previously delineated certain entities and transactions subject to the Financial Reporting Panel's oversight. The application of the Act may be further defined or extended through subordinate instruments, though the primary legislative text focuses on the explicit repeal and amendment of specified sections in the named Acts.
Key Provisions
The Corporations Legislation Amendment (Financial Reporting Panel) Act 2012 (No. 118, 2012) is an Act of the Parliament of Australia that amends the law relating to corporations by repealing provisions concerning the Financial Reporting Panel. The Act received Royal Assent on 12 September 2012 and the majority of its provisions commenced on 1 October 2012, unless otherwise specified. The Act amends and repeals certain provisions in the Australian Securities and Investments Commission Act 2001, the Corporations Act 2001, and the Corporations (Fees) Act 2001. Specifically, it removes references to the Financial Reporting Panel, repeals definitions, and removes specific sections and divisions related to the Panel's functions and activities.
Under this Act, there are specific obligations and requirements imposed on the parties or entities it governs. The primary obligation is the repeal of the Financial Reporting Panel, which was responsible for reviewing and investigating financial reporting issues. The Act also removes definitions and sections related to the Panel's authority and jurisdiction. Additionally, the Act ensures that courts and other relevant authorities may still consider Financial Reporting Panel reports in specific circumstances, despite the repeal of the Panel itself.
The Act does not explicitly outline offences, penalties, or consequences for breach. However, any breach of the provisions within the amended Acts, prior to the repeal of the Financial Reporting Panel, would be subject to the penalties and consequences as outlined within those respective Acts. For instance, under the Corporations Act 2001, penalties for breaches can range from fines to imprisonment, depending on the severity and nature of the breach. Similarly, the Australian Securities and Investments Commission Act 2001 and the Corporations (Fees) Act 2001 also contain provisions for penalties for non-compliance with their respective requirements. It is important to note that the repeal of the Financial Reporting Panel does not affect the application of these penalties for actions taken before the repeal.