Statutory Rules
1981 No. 128
REGULATIONS UNDER THE SECURITIES INDUSTRY (FEES)
ACT 1980*
WHEREAS it is provided by sub-section (2) of section 5 of the Securities Industry (Fees) Act 1980 that the power of the Governor-General to make regulations under that Act shall be exercised only in accordance with advice that is consistent with resolutions of the Ministerial Council for Companies and Securities established under the Agreement made on 22 December 1978 between the Commonwealth and the States:
AND WHEREAS it is provided by section 16a, of the Acts Interpretation Act 1901 that a reference in an Act to the Governor-General is, unless the contrary intention appears, to be deemed to include the person for the time being administering the Government of the Commonwealth of Australia and, is, unless the contrary intention appears, to be read as referring to that person acting with the advice of the Federal Executive Council:
AND WHEREAS the making of the following Regulations, is in accordance with advice that is consistent with those resolutions:
NOW THEREFORE I, the Administrator of the Government of the Commonwealth of Australia, acting with the advice of the Federal Executive Council and. in pursuance of section 4 of the Acts Interpretation Act 1901, hereby make the following Regulations under the Securities Industry (Fees) Act 1980.
Dated this third
day of June 1981.
STANLEY BURBURY
Administrator
By His Excellency’s Command.
(sgd) John Moore
Minister of State for Business and Consumer Affairs
SECURITIES INDUSTRY (FEES) REGULATIONS
Citation
1. These Regulations may be cited as the Securities Industry (Fees) Regulations.
* Notified in the Commonwealth of Australia Gazette on 12 June 1981
SR No. 36/80 Cat. No. —Recommended retail price 20c 88/21.5.1981
Interpretation
2. In the Schedule, “the Act” means the Securities Industry Act 1980.
Prescribed fees
3. The fees payable for the purposes of sub-section 4 (1) of the Securities Industry (Fees) Act 1980 are the fees specified in the Schedule in relation to the respective matters so specified.
SCHEDULE Regulation 3
| FEES | $ |
1. | On making an application under section 38 of the Act for approval of a body corporate as a stock exchange | 500 |
2. | On giving notice under section 39 of the Act of an amendment or amendments to the business rules or listing rules of a stock exchange | 50 |
3. | On making an application under section 47 of the Act by a person other than a body corporate for a dealers licence or an investment advisers licence | 50 |
4. | On making an application under section 47 of the Act by a body corporate for a dealers licence or an investment advisers licence | 100 |
5. | On making an application under section 47 of the Act for a representatives licence | 20 |
6. | On making an application under section 50 of the Act by a dealer’s representative or an investment representative | 5 |
7. | For inspecting Register of Licence Holders under sub-section 54 (4) of the Act .. | 2 |
8. | On giving notice under section 55 of the Act of change of particulars....... | 5 |
9. | On lodging a statement under section 56 of the Act by a dealer or investment adviser (other than a body corporate) | 25 |
10. | On lodging a statement under section 56 of the Act by a body corporate..... | 50 |
11. | On lodging a statement under section 56 of the Act by a dealer’s representative or an investment representative | 10 |
12. | On lodging notice under sub-section 75 (13) of the Act, or giving notice under subsection 90 (2) or (3), of the Act | 10 |
13. | On lodging notice under sub-section 76 (7) of the Act of resignation or removal of an auditor | 5 |
14. | On lodging a profit and loss account and balance sheet under sub-section 78 (2) of the Act | 10 |
15. | On lodging any other document with the Commission................. | 10 |
Printed by Authority by the Commonwealth Government Printer
Overview
The Securities Industry (Fees) Regulations 1981 were enacted to provide the necessary fees structure for the administration of the Securities Industry (Fees) Act 1980. The Regulations were made under the authority of the Federal Executive Council, in accordance with the advice that is consistent with resolutions of the Ministerial Council for Companies and Securities established under the Agreement made on 22 December 1978 between the Commonwealth and the States. The objective of these Regulations is to ensure that fees are specified for various applications and notices within the securities industry, thereby providing a clear framework for fee collection and enabling the effective administration of the Act. This legislative instrument aims to address the need for a formalised fee structure to support the regulatory functions of the Securities Industry (Fees) Act 1980.
Scope and Application
The Securities Industry (Fees) Regulations, made under the Securities Industry (Fees) Act 1980, establish the fees payable for various activities related to securities within Australia. These regulations apply to individuals and entities involved in the securities industry, including bodies corporate seeking approval as a stock exchange, persons and corporate entities applying for dealers or investment advisers licenses, and those making applications or lodging statements with the relevant authorities. The fees are specified in the Schedule, which covers a range of activities such as applications for licenses, changes to business rules, and lodging of financial statements. The geographic reach of these regulations is national, applying across the Commonwealth of Australia, as they are designed to regulate the securities industry uniformly. There are no specific exclusions or exemptions mentioned in the text, though fees vary based on the type of applicant and the nature of the transaction. The regulations extend their application through the Schedule, which lists specific fees for each activity, thereby providing a comprehensive framework for fee collection in the securities industry.
Key Provisions
The Securities Industry (Fees) Regulations 1981 establish the fees payable for various applications and notices under the Securities Industry (Fees) Act 1980. Section 3 of the Regulations specifies that the fees for these purposes are those listed in the Schedule, which correlates to specific sections of the Act. For instance, section 38 of the Act pertains to the approval of a body corporate as a stock exchange, and the corresponding fee, as per Schedule item 1, is $500. Similarly, item 2 of the Schedule sets the fee at $50 for giving notice of amendments to the business or listing rules of a stock exchange under section 39 of the Act. The fees vary depending on whether the applicant is an individual or a corporate entity, as seen in items 4 and 5 of the Schedule for applications for dealers or investment advisers licenses, which are $100 and $50, respectively.
The Regulations impose specific obligations on entities within the securities industry to ensure compliance with the fees prescribed. For example, an entity applying for approval as a stock exchange under section 38 of the Act must pay the prescribed fee of $500 as stipulated in item 1 of the Schedule. Similarly, an individual applying for a dealer's license under section 47 of the Act must pay $50, as outlined in item 4 of the Schedule, whereas a corporate entity applying for the same license must pay $100, as per item 5. These obligations extend to other activities, such as lodging statements or giving notices, where the Regulations specify particular fees that must be paid to comply with the Act.
Breach of the fees prescribed by these Regulations could result in civil or criminal consequences. While the specific penalties are not detailed within the Regulations themselves, under the Securities Industry (Fees) Act 1980, non-compliance with fees could lead to legal actions, fines, or other sanctions as determined by the relevant authorities. The Act provides a framework for enforcing compliance and ensuring that entities within the securities industry adhere to the specified fee structures.