EXPLANATORY STATEMENT
STATUTORY RULES 1987 NO. 204
ISSUED BY THE AUTHORITY OF THE ADMINISTRATOR
SECURITIES INDUSTRY (FEES) REGULATIONS (AMENDMENT)
Subsection 5(1) of the Securities Industry (Fees) Act 1980 (“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. Section 16A of the Acts Interpretation Act 1901 provides that where, in an Act, the Governor-General is referred to, the reference shall, unless the contrary intention appears, be deemed to include the person for the time being administering the Government of the Commonwealth.
3. 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.
4. 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.
5. The accompanying regulations are identical in form and substance to draft regulations approved by the Council.
6. The purpose of the regulations is to amend the Securities 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.
7. Details of the accompanying regulations are as follows.
Regulation 1: Commencement
8. This regulation prescribes 1 October 1987 as the date on which the Regulations will come into operation.
Regulation 2: Schedule
9. This regulation inserts in the Regulations a new Schedule of fees that are payable for the purposes of subsection 4(1) of the Act. That subsection provides:
“4(1) There shall be paid to the Commonwealth for or in respect of -
(a) the lodgment of documents with the Commission under the Securities Industry Act 1980;
(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 documents 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; and
(e) the making of inquiries of, or applications to, the Ministerial Council or the Commission in relation to matters arising under that Act,
such fees (if any) as are prescribed.”
10. The new Schedule provides for the levying of additional fees in respect of provision of documents in relation to:
• exemption of a stock market for the purposes of the Act;
• approval of bodies corporate as approved securities organisation; and
• amendments to the business rules of the National Securities Exchanges Guarantee Corporation.