Explanatory Memorandum
(Circulated by authority of the Parliamentary Secretary to the Treasurer, the Hon Ross Cameron, MP)Schedule 3 - Amendment of Other Acts
Australian Securities and Investments Commission Act 2001
Items 1A & 1B - section 12AE - saving of State and Territory laws
3.181 The proposed amendments contained in these items address a potential inconsistency that may exclude or limit the application of the unconscionable conduct provisions of State and Territory fair trading laws.
Items 1C & 1D - subsection 12BAB(10)
3.182 These items make amendments to subsection 12BAB(10) that are equivalent to the amendments to subsection 766C(7) of the Corporations Act made by items 14 and 15 of Schedule 2 to the FSR Amendment Bill.
Item 1E - paragraph 127(4C)(a) - confidentiality
3.183 Section 127 of the ASIC Act imposes confidentiality obligations in relation to information that is given to ASIC in confidence or in connection with the performance of its functions or the exercise of its powers under the corporations legislation. Subsection 127(4B) authorises disclosure of this information under certain circumstances to a body corporate specified in regulations under subsection 127(4C). Subsection 127(4C) allows the regulations to specify a body corporate for the purposes of subsection 127(4B) if, and only if, the body corporate conducts a financial market or holds an Australian clearing and settlement facility licence.
3.184 The proposed amendment to subsection 127(4C) in this item will expand the range of bodies corporate that can be prescribed under subsection 127(4C) to include bodies corporate that are involved in the supervision of a financial market (but which do not actually conduct a financial market themselves). This amendment is intended to ensure that ASIC is able to disclose information in accordance with subsection 127(4B) to companies that are involved in supervising financial markets (such as Regulation Services Inc, a company established jointly by the Toronto Stock Exchange and the Canadian Securities Dealers Association to regulate broker conduct in relation to Canadian financial markets), not just to market operators.
Income Tax Assessment Act 1997
Item 1 - subsection 995-1(1) - substitution of note
3.185 This item makes a minor amendment consequential to the amendment to paragraph 911A(2)(h) of the Corporations Act in item 25 of Schedule 2.
Retirement Savings Accounts Act 1997
Item 2 - subsection 182(1A) - definition of 'regulatory provision'
3.168 This item makes an amendment consequential to the amendments to the 'information on request' disclosure requirements in section 1017C of the Corporations Act in items 81 to 87 of Schedule 2.