Securities Industry (Fees) Act 1980

Overview

The Securities Industry (Fees) Act 1980, Act No. 67, was enacted to address the need for a structured and regulated system of fees within the securities industry. This Act was introduced to establish fees payable for various activities and services rendered by the Commission under the Securities Industry Act 1980, ensuring a formal mechanism for the collection of these fees. The Act was enacted by the Parliament of Australia, aligning with the broader policy objective of maintaining a transparent and regulated financial market. The Act specifies the fees payable for activities such as the lodgment of documents, the registration and inspection of documents, and the issuance of licenses and approvals, ensuring that all participants in the securities industry contribute to the administrative costs associated with regulatory compliance. The Securities Industry (Fees) Act 1980 provides a comprehensive framework for the imposition and collection of fees, ensuring that all relevant activities are subject to a structured fee system. This Act was repealed by Act No. 118 of 1999, reflecting the evolving nature of financial regulation in Australia. The repealed Act was designed to facilitate the orderly operation of the securities industry by providing clear guidelines on fee structures, thereby supporting the efficient administration of securities laws.

Scope and Application

The Securities Industry (Fees) Act 1980, as amended, applies to various entities and activities within the securities industry, particularly those involving the Australian Securities and Investments Commission (ASIC). The Act mandates the payment of fees for specific actions and transactions that occur under the broader Securities Industry Act 1980. These include the lodgment of documents, registration and inspection of documents, issuance of documents or copies, and various other activities conducted by ASIC or the Ministerial Council. The Act stipulates that these fees must be paid before certain actions can be completed or before documents can be considered lodged. The application of the Act is limited to Commonwealth jurisdiction, ensuring that it aligns with national regulatory standards. The Act allows for the waiver or reduction of fees in particular cases and provides for the possibility of refunds, subject to specific conditions. Regulations made under this Act, which cannot exceed $1,000, are to be consistent with the advice of the Ministerial Council. The Act was repealed by the Statue Stocktake Act 1999, which took effect on 22 September 1999.

Key Provisions

The Securities Industry (Fees) Act 1980 (C2004A02268) is designed to outline the fees payable for various activities within the securities industry, as prescribed under the Securities Industry Act 1980. The Act specifies the fees for lodgment of documents, registration, inspection, production of documents under subpoena, issuance of documents, granting of licenses, and other related activities (section 4). For instance, fees must be paid for the lodgment of documents with the Commission, the registration of documents, the inspection of registers, and the issuing of documents or licenses by the Ministerial Council or the Commission. If a fee is not paid when a document is lodged, the document will not be considered lodged until the fee is paid (section 4(2)). Similarly, if a fee is due for an act to be performed by the Ministerial Council or the Commission, the act will not be performed until the fee has been paid (section 4(3)). The Act imposes several obligations on parties involved in securities industry activities. Firstly, it requires that fees be paid for specified actions, such as lodgment of documents, registration, inspection, and issuance of documents or licenses (section 4). Secondly, it mandates that no such actions will be undertaken by the Ministerial Council or the Commission until the respective fees are paid (section 4(3)). Additionally, the Governor-General has the authority to make regulations prescribing the fees, which must not exceed $1,000, and these regulations must be consistent with the advice from the Ministerial Council (section 5). Failure to comply with the Act's provisions can result in civil or administrative consequences. For instance, if a document is lodged without the requisite fee, it will not be considered lodged until the fee is paid (section 4(2)). Furthermore, if an act by the Ministerial Council or the Commission is not performed due to non-payment of the required fee, it may lead to delays or other administrative repercussions (section 4(3)). Although the Act does not explicitly outline criminal penalties for non-compliance, breaches of related provisions in the Securities Industry Act 1980 may attract penalties, including fines and imprisonment.