Treasury Laws Amendment (Modernising Business Communications and Other Measures) Regulations 2022

(F2022L01689)

19 December 2022

Australian Securities and Investments Commission Act 2001; Corporations Act 2001

1   Name

This instrument is the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Regulations 2022.

2   Commencement

 

(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

      

(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3   Authority

This instrument is made under the following:

(a) the Australian Securities and Investments Commission Act 2001;

(b) the Corporations Act 2001.

4   Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1   ALRC Financial Services Interim Report

Part 1   Main amendments

Corporations Regulations 2001

1   Subregulation 1.0.02(1)

Insert:

cash management trust interest means an interest that:

(a) is an interest in a registered scheme or a notified foreign passport fund; and

(b) relates to an undertaking of the kind commonly known as a cash management trust.

quarter day means 31 March, 30 June, 30 September or 31 December.

2   Regulation 7.1.02

Repeal the regulation.

3   Regulation 7.1.07I

Repeal the regulation.

4   Subregulation 7.5A.73(3) (definition of quarter day)

Repeal the definition.

5   Regulation 7.6.02AGA

Repeal the regulation.

6   Subregulation 9.10.01(3)

Repeal the subregulation.

7   Subregulation 9.12.02(6) (paragraph (a) of the definition of Australian entity)

Repeal the paragraph, substitute:

(a) an Australian ADI that is permitted under section 66 of the Banking Act 1959 to assume or use:

(i) the word bank, banker or banking; or

(ii) any other word (whether or not in English) that is of like import to a word referred to in subparagraph (i); or

Part 2   Consistent headings for regulations defining terms

Corporations Regulations 2001

8   Regulation 1.0.02A (heading)

Omit " Prescribed financial market ", substitute " Meaning of prescribed financial market ".

9   Regulation 5.4.01AAA (heading)

Omit " Statutory minimum and statutory period ", substitute " Meaning of statutory minimum and statutory period - prescribed amounts ".

10   Regulation 5.6.11 (heading)

Omit " Application ", substitute " Meaning of proof of debt or claim ".

11   Regulation 7.1.03 (heading)

Omit " Prescribed CS facility ", substitute " Meaning of prescribed CS facility ".

12   Regulation 7.1.03A (heading)

Omit " Basic deposit products ", substitute " Meaning of basic deposit product - additional conditions ".

13   Regulation 7.9.06A (heading)

Omit " Relevant superannuation entitie s", substitute " Meaning of relevant superannuation entity ".

14   Regulation 7.9.50 (heading)

Omit " Exit reporting period ", substitute " Meaning of exit reporting period ".

15   Regulation 8.1.01 (heading)

Omit " Prescribed foreign recognition scheme (Act s 1200A(1)) ", substitute " Meaning of foreign recognition scheme ".

16   Regulation 8.1.02 (heading)

Omit " Prescribed offeror (Act s 1200A(1)) ", substitute " Meaning of offeror - prescribed offer and kind of person ".

17   Regulation 8.1.03 (heading)

Omit " Prescribed recognised jurisdiction (Act s 1200A(1)) ", substitute " Meaning of recognised jurisdiction ".

18   Regulation 12.8.03 (heading)

Omit " What is a member share ", substitute " Meaning of member share ".

19   Clause 102 of Schedule 10 (heading)

Omit " Management costs ", substitute " Meaning of management costs ".

20   Clause 103 of Schedule 10 (heading)

Omit " Transactional and operational costs ", substitute " Meaning of transactional and operational costs ".

21   Clause 104 of Schedule 10 (heading)

Omit " Indirect cost ratio ", substitute " Meaning of indirect cost ratio (ICR) ".

Part 3   References to rules of court

Corporations Regulations 2001

22   Regulation 1.0.17 (heading)

Omit " rules ", substitute " rules of court ".

23   Subregulations 1.0.17(1) and (2)

Omit "rules", substitute "rules of court".

24   Paragraph 5.4.01A(2)(a)

Omit "court rules", substitute "rules of court".

25   Paragraph 5.4.01A(2)(a)

Omit "rules" (second occurring), substitute "rules of court".

26   Paragraph 5.4.01A(2)(b)

Omit "court rules", substitute "rules of court".

27   Paragraph 5.4.01A(2)(b)

Omit "rules" (second occurring), substitute "rules of court".

28   Paragraph 5.6.43A(1)(b)

Omit "rules", substitute "rules of court".

29   Subparagraph 7.1.04(8)(b)(iv)

Omit "nor the rules", substitute "nor the rules of a licensed market or of a licensed CS facility".

30   Subregulation 7.1.04(10) (definition of rules)

Repeal the definition.

31   Form 509H of Schedule 2 (paragraph (b) of note 3)

Omit "rules", substitute "rules of court".

Part 4   Application and transitional provisions

Corporations Regulations 2001

32   In the appropriate position in Chapter 10

Insert:

Part 10.48 - Application provisions relating to Schedule 1 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Regulations 2022

10.48.01 Application of amendment to Form 509H (creditor's statutory demand for payment of debt)

The amendment to Form 509H of Schedule 2 to this instrument made by Schedule 1 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Regulations 2022 applies in relation to a statutory demand served on or after the commencement of Schedule 1 to that Act.

Schedule 2   Forms

Australian Securities and Investments Commission Regulations 2001

1   Schedule 1 (Form 1)

Repeal the form, substitute:

Form 1-Notice requiring appearance at an examination or reasonable assistance in connection with an investigation
          

Corporations Regulations 2001

2   Schedule 1 (table item 3, column 4)

Omit "5249", substitute "586".

3   Schedule 2 (Form 5249)

Repeal the form.

4   In the appropriate position in Schedule 2

Insert:

Part 1 of Form 586
          

Part 2 of Form 586
          

5   Schedule 2 (Form 588)

Repeal the form, substitute:

Part 1 of Form 588
          

Part 2 of Form 588
          

Part 3 of Form 588