Futures Industry (Fees) Regulations (Amendment)

Overview

The Futures Industry (Fees) Regulations (Amendment) Statutory Rules 1989 No. 128 were enacted to address the need for updated fees within the futures industry, in accordance with the Futures Industry (Fees) Act 1986. The amendments were introduced to reflect the increase in the Consumer Price Index from the December quarter of 1987 to the December quarter of 1988. The regulations were made by the Governor-General under the authority granted by the Act, and they comply with the resolutions of the Ministerial Council for Companies and Securities, which operates under an Agreement between the Commonwealth and the States. The objective of these regulations is to revise the Schedule of fees that were initially established on 1 July 1988, ensuring that the fees remain relevant and reflective of economic changes over time.

Scope and Application

The Futures Industry (Fees) Regulations (Amendment) Statutory Rules 1989 No. 128 amends the Futures Industry (Fees) Regulations by substituting a new Schedule of fees, which came into operation on 1 July 1989. The Act applies to entities involved in lodgment, registration, inspection, subpoena production, document issuance, licensing, consents, approvals, inquiries, and document submissions to the National Companies and Securities Commission under the Futures Industry Act 1986. The geographic and jurisdictional reach of the Act is national, covering the six states, the Australian Capital Territory, and the Northern Territory of Australia, pursuant to the co-operative Commonwealth-State scheme for a uniform system of law and administration in relation to company law and the regulation of securities and futures industries. The regulation process requires approval by the Ministerial Council for Companies and Securities, followed by submission to the Federal Executive Council for making by the Governor-General. The amended fees are determined by increasing the old fees by 7.7% based on the Consumer Price Index increase between the December quarter of 1987 and the December quarter of 1988, then rounding according to specified criteria.

Key Provisions

The main operative sections of the Futures Industry (Fees) Regulations (Amendment) concern the substitution of a new Schedule of fees in place of the previous one, which came into effect on 1 July 1988 (regulation 2). The amendment involves updating the fees payable for various services provided by the National Companies and Securities Commission (the Commission) under the Futures Industry Act 1986, such as lodgment of documents, registration, inspections, searches, subpoenas, issuance of documents, licences, consents, approvals, inquiries, applications, and submissions for examination (subsection 4(1) of the Act). Regulation 1 prescribes the commencement date of these regulations as 1 July 1989. The obligations and requirements imposed by the Act on the parties or entities it governs include the payment of updated fees for services rendered by the Commission, as outlined in the new Schedule (regulation 2). This requirement ensures that the fees reflect the increase in the Consumer Price Index between the December quarter of 1987 and the December quarter of 1988, with specific rounding rules applied for different fee ranges (subsection 4(1) of the Act). The Act also mandates that the Governor-General exercise the power to make regulations only in accordance with advice consistent with resolutions of the Ministerial Council for Companies and Securities (subsection 5(2) of the Act). The consequences for breach of the regulations are not explicitly detailed in the text provided, but generally, failure to comply with legislative requirements can lead to civil or criminal penalties, depending on the nature of the breach. In the context of fees prescribed by the Act, non-compliance might result in the Commonwealth taking legal action to recover unpaid fees or imposing fines and other penalties as provided by law. The maximum penalties for such offences are not specified in the provided text, but they would typically be outlined in the relevant legislation or administrative guidelines.