EXPLANATORY STATEMENT
Statutory Rules No. 242 /84
ISSUED BY THE AUTHORITY OF THE ATTORNEY-GENERAL
SECURITIES INDUSTRY (FEES) REGULATIONS (AMENDMENT)
Sub-section 4(1) of the Securities Industry (Fees) Act 1980 (the Act) provides that there shall be paid to the Commonwealth for or in respect of -
(a) the lodgment of documents with the National Companies and Securities Commission (the NCSC) 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 NCSC under that Act;
(c) the production by the NCSC, pursuant to a subpoena, of any register kept by, or documents in the custody of, the NCSC 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 for Companies and Securities or the NCSC under that Act;
(e) the making of inquiries of, or applications to, the Ministerial Council or the NCSC in relation to matters arising under that Act; and
(f) the submission to the NCSC of documents for examination by the NCSC,
such fees (if any) as are prescribed.
Sub-section 5(1) of 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 sub-section 4(1) of the Act. Sub-section 5(2) of the Act provides that the power of the Governor-General to make regulations under the Act shall be exercised only in accordance with advice that is consistent with resolutions of the Ministerial Council for Companies and Securities.
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).
The accompanying regulations increase the fees payable for the purposes of the Act so that they are generally in line with the increase in the Consumer Price Index (CPI) for the March 1984 quarter. The fees were last increased on 1 October 1983. The fees set out in the accompanying regulations have also been adjusted to take account of the discrepancy between the 1983 increase and the increase in the CPI for the March quarter of that year.
The Ministerial Council for Companies and Securities has resolved that regulations should be made under the Act in the form of the attached regulations.
The amendments made by the accompanying regulations are as follows:
Regulation 1 - Commencement
The regulations will come into operation on 1 October 1984. This commencement date is consistent with the last annual fee increase on 1 October 1983.
Regulation 2 - Schedule
The Schedule to the Regulations is amended as follows:
(a) the fee of $11 in Items 11, 12, 14 and 15 is increased to $12;
(b) the fee of $22 in Item 5 is increased to $24;
(c) the fee of $28 in Item 9 is increased to $30;
(d) the fee of $55 in Items 2, 3 and 10 is increased to $60;
(e) the fee of $110 in Item 4 is increased to $120; and
(f) the fee of $550 in Item 1 is increased to $590.
The fees of $3 and $6 in Items 6, 7, 8 and 13 are unchanged.