National Consumer Credit Protection (Fees) Amendment (ASIC Fees) Act 2018
No. 56, 2018
An Act to amend the National Consumer Credit Protection (Fees) Act 2009, and for related purposes
Contents
1 Short title
2 Commencement
3 Schedules
Schedule 1—ASIC fees
National Consumer Credit Protection (Fees) Act 2009
National Consumer Credit Protection (Fees) Amendment (ASIC Fees) Act 2018
No. 56, 2018
An Act to amend the National Consumer Credit Protection (Fees) Act 2009, and for related purposes
[Assented to 28 June 2018]
The Parliament of Australia enacts:
1 Short title
This Act is the National Consumer Credit Protection (Fees) Amendment (ASIC Fees) Act 2018.
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 |
Provisions | Commencement | Date/Details |
1. The whole of this Act | The day after this Act receives the Royal Assent. | 29 June 2018 |
Note: This table relates only to the provisions of this Act as originally enacted.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 Schedules
Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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—ASIC fees
National Consumer Credit Protection (Fees) Act 2009
1 After section 8
Insert:
8A Different fees for matters relating to person liable to pay fee
Without limiting sections 5 and 6, the regulations may prescribe, in relation to a chargeable matter, different fees having regard to any matter relating to the person by whom the fee for the matter is payable.
2 Section 10
Omit “and 8”, substitute “, 8 and 8A”.
[Minister’s second reading speech made in—
House of Representatives on 24 May 2018
Senate on 19 June 2018]
Overview
The National Consumer Credit Protection (Fees) Amendment (ASIC Fees) Act 2018 was enacted by the Parliament of Australia to address the need for more flexible fee structures in relation to the fees charged by the Australian Securities and Investments Commission (ASIC) under the National Consumer Credit Protection (Fees) Act 2009. This amendment aims to provide ASIC with the ability to set different fees for chargeable matters based on specific considerations related to the person liable to pay the fee. The Act received Royal Assent on 28 June 2018 and commenced the day after, on 29 June 2018. The policy objective of the amendment is to enhance ASIC's regulatory capabilities by allowing for more tailored fee structures, which can better reflect the varying circumstances of different fee payers.
Scope and Application
The National Consumer Credit Protection (Fees) Amendment (ASIC Fees) Act 2018 applies to the Australian Securities and Investments Commission (ASIC) and the entities subject to its regulatory oversight. This Act amends the National Consumer Credit Protection (Fees) Act 2009, introducing specific provisions concerning the fees that ASIC may charge for certain activities under its jurisdiction. The Act operates at the Commonwealth level, thereby affecting entities and individuals involved in financial services and credit activities across Australia. It allows for the regulation of fees charged by ASIC to be set out in subordinate legislation, thereby extending the application of the Act through regulations. The Act does not explicitly state exclusions or exemptions, but by its nature, it applies to all entities and individuals within the purview of ASIC's regulatory activities, thereby imposing certain financial obligations on them related to fees for services.
Key Provisions
The National Consumer Credit Protection (Fees) Amendment (ASIC Fees) Act 2018 primarily amends the National Consumer Credit Protection (Fees) Act 2009 by introducing new provisions related to fees that can be charged by the Australian Securities and Investments Commission (ASIC). The main operative sections are those that introduce new subsections and alter existing ones in the original Act. For instance, section 8A allows the regulations to prescribe different fees for chargeable matters, taking into account various factors related to the person liable to pay the fee. Additionally, section 10 has been amended to include this new subsection 8A in its list of applicable sections.
This Act imposes several obligations and requirements on the parties and entities it governs. The Australian Securities and Investments Commission (ASIC) is now authorised to set different fees for matters that fall under the chargeable matters category. These fees must be prescribed in the regulations and should consider any relevant factors pertaining to the person who is liable to pay the fee. This allows ASIC to tailor fees more appropriately based on the specific circumstances of the case, thereby ensuring a more equitable and effective regulatory environment.
The Act also introduces specific offences, penalties, and consequences for breaches of the new provisions. Although the Act itself does not detail specific penalties for breaches, it is reasonable to infer that penalties would align with those stipulated in the primary legislation, the National Consumer Credit Protection (Fees) Act 2009. These could include fines and other civil or administrative penalties, with the exact penalties being determined by the courts or relevant authorities based on the nature and severity of the breach. It is crucial for entities and individuals governed by this Act to comply with the new fee structures and associated regulations to avoid any potential legal repercussions.