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.
Overview
The Securities Industry (Fees) Regulations (Amendment) 1984 (C2004L00111) was enacted to address the need for regular fee adjustments within the securities industry in Australia, aligning the fees with economic changes such as inflation. This regulatory amendment was introduced by the Ministerial Council for Companies and Securities and issued under the authority of the Attorney-General. The primary objective of this amendment is to ensure that the fees prescribed under the Securities Industry (Fees) Act 1980 remain commensurate with the Consumer Price Index (CPI), thereby maintaining the financial sustainability and operational efficiency of the securities industry. The fees were last updated on 1 October 1983, and this amendment reflects the increase in the CPI for the March 1984 quarter, adjusting the fees to correct any discrepancies from the previous year’s adjustment.
Scope and Application
The Securities Industry (Fees) Regulations (Amendment) Statutory Rules No. 242/84 apply to various fees payable to the Commonwealth in relation to activities conducted under the Securities Industry Act 1980. These fees are applicable to the lodgment of documents with the National Companies and Securities Commission, the registration and inspection of documents, the production of registers by the NCSC pursuant to a subpoena, and other actions such as the issuing of documents, granting of licences, consents or approvals, and the making of inquiries. The fees are levied for services rendered by the Ministerial Council for Companies and Securities and the NCSC, and for the submission of documents for examination. The regulations are designed to align the fees with the Consumer Price Index (CPI) increase for the March 1984 quarter and to correct discrepancies from the previous year's adjustments. The amendments, which come into effect on 1 October 1984, adjust the fees prescribed under the Securities Industry (Fees) Act 1980, ensuring they are reflective of current economic conditions.
Key Provisions
The Securities Industry (Fees) Regulations (Amendment) 2004 (C2004L00111) amends the fees prescribed under the Securities Industry (Fees) Act 1980 (the Act). The main operative sections of the Amendment Regulations include the commencement of the regulations (Regulation 1) and the amendment of the Schedule to the Regulations (Regulation 2). Regulation 1 specifies that the regulations will come into operation on 1 October 1984, aligning with the previous year's fee increase date of 1 October 1983. Regulation 2 details the changes to the fees listed in the Schedule, adjusting them to reflect the increase in the Consumer Price Index (CPI) for the March 1984 quarter and to correct discrepancies from the previous year's adjustment.
Under the Securities Industry (Fees) Act 1980, various fees are payable for different activities related to the lodgment, registration, inspection, and production of documents, as well as for the issuance of documents and other actions by the National Companies and Securities Commission (NCSC). The fees are prescribed in the Schedule to the Securities Industry (Fees) Regulations. The Amendment Regulations update these fees, ensuring they remain consistent with inflation as measured by the CPI. Specifically, fees for certain activities have been increased, while others remain unchanged. These fees are payable to the Commonwealth for services provided under the Securities Industry Act 1980.
The Amendment Regulations impose obligations on the parties and entities governed by the Securities Industry (Fees) Act 1980 to pay the updated fees as prescribed in the amended Schedule. This includes entities and individuals who lodge documents with the NCSC, seek registration or inspection of documents, or require the NCSC to produce documents under a subpoena. Additionally, those who apply for or receive documents, licenses, consents, or approvals from the NCSC are also required to pay the updated fees for these services. The fees are payable when these activities are undertaken, as specified in the amended Schedule.
The Amendment Regulations do not explicitly outline specific offences, penalties, or consequences for non-compliance with the updated fees. However, under the Securities Industry (Fees) Act 1980, failure to pay the prescribed fees may be considered a breach of the regulations. This could potentially lead to enforcement actions by the NCSC or other relevant authorities. Penalties for such breaches would be determined in accordance with the broader legislative framework governing the Securities Industry, which may include fines or other sanctions. The precise penalties would depend on the nature and severity of the non-compliance, as well as any applicable laws or regulations at the time of the breach.