Securities Industry (Fees) Amendment Act 1981

Overview

The Securities Industry (Fees) Amendment Act 1981 was enacted to amend the Securities Industry (Fees) Act 1980, addressing the need for adjustments in the fees payable to the Australian Securities Commission, as part of ensuring regulatory functions are effectively supported. The Act was passed by the Queen, in and with the advice and consent of the Parliament of the Commonwealth of Australia, and is aimed at refining the fee structure within the securities industry to accommodate evolving regulatory requirements. This amendment was introduced to ensure that the Commission has the necessary resources to effectively oversee and regulate the securities industry, thereby maintaining market integrity and investor protection. The policy objective of the Securities Industry (Fees) Amendment Act 1981 is to provide a flexible fee structure that supports the Australian Securities Commission's operational needs. By amending the Principal Act, the legislation aims to ensure that the fees charged are adequate to cover the costs associated with the examination of documents submitted for review, thereby facilitating more efficient regulatory oversight. This adjustment seeks to bolster the effectiveness of the securities regulation framework in Australia.

Scope and Application

The Securities Industry (Fees) Amendment Act 1981 applies to individuals, firms, and corporations involved in the securities industry within the Commonwealth of Australia. This Act amends the Securities Industry (Fees) Act 1980 to introduce additional fees for the submission of documents to the Australian Securities and Investments Commission (ASIC) for examination. The Act extends to cover all entities and persons engaged in activities regulated under the securities industry, ensuring they contribute to the costs associated with the regulatory oversight of their operations. The Act’s jurisdiction is national, operating within the framework of the Commonwealth to regulate and standardise fees across the securities industry. The amendment specifies additional fees for particular services rendered by the Commission, thereby extending the scope of financial obligations for entities within this sector. The Act does not specify exclusions or exemptions; however, its application can be further refined through subordinate instruments, allowing ASIC to detail specific conditions and circumstances under which these fees are applicable.

Key Provisions

The Securities Industry (Fees) Amendment Act 1981 (Act) makes amendments to the Securities Industry (Fees) Act 1980 (Principal Act), primarily through the insertion of a new fee provision. The key operative section, Section 3, amends the Principal Act by adding a new subparagraph (f) to Section 4(1) of the Principal Act. This new subparagraph mandates that fees are payable for the submission of documents to the Commission for examination. This means that any party submitting documents to the Commission for review must now account for an additional fee as part of this process. The Act imposes specific obligations on the entities governed by it, most notably those involved in the securities industry. Under the amended Section 4(1)(f), these entities must ensure that they comply with the new requirement to pay fees for document submissions to the Commission. This entails not only the payment of the specified fees but also the accurate and timely submission of all relevant documents as required by the Commission. Additionally, entities must keep records of all such submissions and the corresponding fees paid, ensuring transparency and accountability in their dealings with the Commission. In terms of enforcement and compliance, the Act does not explicitly outline specific offences, penalties, or consequences for non-compliance within its text. However, by virtue of being an amendment to the Securities Industry (Fees) Act 1980, it is likely that the general enforcement mechanisms and penalties outlined in the Principal Act would apply. These could include fines, legal actions, or other regulatory measures as deemed necessary by the relevant authorities to ensure compliance with the amended fee requirements. The exact penalties would depend on the specific nature of the breach and the regulatory framework in place at the time of enforcement.