Futures Industry (Fees) Regulations (Amendment)

Legislation au C2004L00100 Regulations Not in force Legislative Instrument

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EXPLANATORY STATEMENT

Statutory Rules 1988 No. 105

Issued by the Authority of the Attorney-General

Futures Industry (Fees) Regulations (Amendment)

Subsection 5(1) of the Futures Industry (Fees) Act 1986 (the Act) provides that the Governor-General may make regulations, not inconsistent with the Act, prescribing fees, not in any case exceeding $1,000, for the purposes of subsection 4(1) of the Act. Subsection 5(2) of the Act provides that the power of the Governor-General to make regulations shall be exercised only in accordance with advice that is consistent with resolutions of the Ministerial Council for Companies and Securities (the Council).

2. The Council was established under an agreement between the Commonwealth and the States, executed on 22 December 1978 (the agreement), that provides the framework for a co-operative Commonwealth-State scheme for a uniform system of law and administration in relation to company law and the regulation of the securities and futures industries in the six States, the Australian Capital Territory and the Northern Territory of Australia.

3. Under subclause 45(1) of the agreement, the Council may consider a proposal for the amendment of regulations made under the Commonwealth Acts enacted for the purpose of the co-operative companies and securities scheme. Should the Council approve any draft amending regulation which gives effect to such a proposal, the Commonwealth is then required, under subclause 45(2) of the agreement, to submit the draft regulations to the Federal Executive Council for making by the Governor-General.


4. The accompanying regulations are in accordance with a resolution made by the Council.

5. The purpose of the regulations is to amend the Futures Industry (Fees) Regulations (the Regulations) by substituting a new Schedule of fees for the Schedule of fees that came into operation on 1 July 1987.

6. Details of the accompanying regulations are as follows.

Regulation 1: Commencement

7. This regulation prescribes 1 July 1988 as the date on which the Regulations will come into operation.

Regulation 2: Schedule

8. This regulation inserts in the Regulations a new Schedule of fees that are payable for the purposes of subsection 4(1) of the Act. Subsection 4(1) provides that there shall be paid to the Commonwealth in respect of-

(a) the lodgment of documents with the National Companies and Securities Commission (the Commission) under the Futures Industry Act 1986;

(b) the registration of documents under that Act or the inspection or search of registers kept by, or documents in the custody of, the Commission under that Act;

(c) the production by the Commission, pursuant to a subpoena, of any register kept by, or document in the custody of, the Commission under that Act;

(d) the issuing of documents or copies of documents, the granting of licences, consents or approvals or the doing of other acts or things by the Ministerial Council or the Commission under that Act;


(e) the making of inquiries of, or applications to, the Ministerial Council or the Commission in relation to matters arising under that Act; and

(f) the submission to the Commission of documents for examination by the Commission,

such fees (if any) as are prescribed.

9. The new Schedule provides for the following levels of fees:

 

Old Fees

 

New Fees

 

 

$

 

$

 

 

4

 

4

 

 

8

 

9

 

 

14

 

15

 

 

30

 

32

 

 

36

 

39

 

 

70

 

75

 

 

150

 

160

 

 

720

 

770

 

 

10. To obtain the new level of fees, the old fees were increased by 7.1% (being the increase in the Consumer Price Index between the December quarter of 1986 on which the old fees were based - and the December quarter of 1987) and rounded as follows:

• below $50 - to the nearest dollar;

• between $50 and $200 - to the nearest $5; and

• over $200 - to the nearest $10.

Overview

The Futures Industry (Fees) Regulations (Amendment) Statutory Rules 1988 No. 105, issued by the authority of the Attorney-General, were enacted to address the need for updating the fees prescribed under the Futures Industry (Fees) Act 1986, in accordance with the advice consistent with resolutions of the Ministerial Council for Companies and Securities. The Act allows the Governor-General to make regulations prescribing fees not exceeding $1,000 for various activities related to the lodgment, registration, inspection, and production of documents, as well as for the issuing of documents, granting of licences, and other related activities. The primary policy objective of these regulations is to ensure that the fees reflect the increase in the Consumer Price Index, thereby maintaining the real value of the fees. The new fees were determined by increasing the old fees by 7.1% and rounding them to the nearest dollar, $5, or $10, depending on the fee amount.

Scope and Application

The Futures Industry (Fees) Regulations (Amendment) Statutory Rules 1988 No. 105 apply to the fees prescribed for various activities under the Futures Industry (Fees) Act 1986. These activities encompass the lodgment of documents, registration, inspection, and searches, as well as the production of documents, issuance of documents or copies, and the granting of licences and approvals by the National Companies and Securities Commission (the Commission) under the Futures Industry Act 1986. The fees are also applicable to inquiries, applications, and examinations conducted by the Commission. This Act extends across the Commonwealth, in alignment with the co-operative Commonwealth-State scheme for uniform law and administration in the securities and futures industries, covering the six states, the Australian Capital Territory, and the Northern Territory. The fees prescribed by these regulations are not to exceed $1,000 and are determined in accordance with the advice of the Ministerial Council for Companies and Securities, which must be consistent with resolutions of the Council. The amendments to the fees are based on the increase in the Consumer Price Index and are effective from 1 July 1988.

Key Provisions

The Futures Industry (Fees) Regulations (Amendment) Statutory Rules 1988 No. 105, issued under the authority of the Attorney-General, amend the existing fees prescribed by the Futures Industry (Fees) Regulations 1987. Regulation 1 (1) specifies that the new regulations will come into effect on 1 July 1988. Regulation 2 (2) updates the Schedule of fees payable for various activities under the Futures Industry Act 1986, including the lodgment of documents, registration, inspections, production of documents, issuance of documents or licences, and other related activities. The new fees are calculated based on an increase of 7.1% from the Consumer Price Index between December 1986 and December 1987, and are rounded according to specific rules depending on the amount. The new regulations impose clear obligations on the parties involved, primarily those who need to lodge documents, apply for registrations, or seek inspections and other services from the National Companies and Securities Commission. These parties are now required to pay the updated fees as outlined in the new Schedule. The obligations are straightforward: if a party engages in any of the activities listed, they must pay the corresponding fee. Breaching these regulations by failing to pay the prescribed fees when required could result in legal consequences. While the specific penalties are not detailed within the explanatory statement, under the Futures Industry (Fees) Act 1986, non-compliance with fee regulations can generally lead to fines or other penalties as prescribed by law. Given that the maximum fee specified in the new regulations is $770, the penalties for non-compliance would likely be commensurate with this amount, reflecting the seriousness of adhering to the regulatory framework.

Legal classification tags

Area of Law
Commercial Law
Instrument
Regulation
Concepts
Commencement Provisions
Fees
Consumer Price Index

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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.