EXPLANATORY STATEMENT
STATUTORY RULES 1983 NO.: 186
Issued by the authority of the Attorney-General
Securities Industry (Fees) Regulations (Amendment)
1. On 22 December 1978 the Commonwealth and the States executed a Formal 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 industry in the six States and the Australian Capital Territory.
2. Under clause 32 of the Formal Agreement, the National Companies and Securities Commission (NCSC) is to have responsibility for the entire area of policy and administration with respect to company law and the regulation of the securities industry, subject to directions by the Ministerial Council for Companies and Securities. The Ministerial Council consists of Commonwealth and State Ministers responsible for administering the law relating to companies and the regulation of the securities industry. (Formal Agreement, clauses 19 and 20).
3. The Securities Industry (Fees) Act 1980, (‘the Act’), is an Act relating to fees payable for the purposes of the Securities Industry Act 1980, which provides a law in relation to the regulation of trading in securities, stock exchanges, brokers and the licensing of investment advisers and the securities industry generally through the National Companies and Securities Commission in the Australian Capital Territory.
4. Under section 4 of the Act fees are payable to the Commonwealth for or in respect of, inter alia, the lodgment of documents with the Commission, the registration of documents or the inspection or search of registers or documents kept by the Commission, the issuing of documents, the granting of licenses and consents or approvals or the doing of acts or things by the Ministerial Council or the Commission under the Securities Industry Act 1980.
5. The fees payable for the purposes of sub-section 4(1) of the Act are prescribed in the Schedule to the Securities Industry (Fees) Regulations, (‘the Regulations’).
6. Under sub-clause 45(1) of the Formal Agreement, the Ministerial Council may consider a proposal for the amendment of regulations made under the Commonwealth Acts enacted for the purposes of the co-operative scheme. Should the Ministerial Council approve any draft amending legislation which gives effect to such a proposal, the Commonwealth is then required, under sub-clause 45(2) of the Agreement, to submit the draft regulation to the Federal Executive Council for making by the Governor-General.
7. On 1 September 1983 the Ministerial Council resolved that the Companies (Fees) Regulations (Amendment) (print dated 18 August 1983), the Companies (Acquisition of Shares - Fees) Regulations (Amendment) (print dated 15 August 1983) and the Securities Industry (Fees) Regulations (Amendment) (print dated 15 August 1983) should be amended by increasing all current fees by 10% rounded up to the nearest whole dollar, except for $1 fees which are to remain unchanged.
9. The amending Regulation has been prepared in accordance with the resolution of the Ministerial Council.