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Australian Securities and Investments Commission Amendment ( Corporations and Markets Advisory Committee Abolition) Bill 2014
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Schedule 1 Amendments »

Part 1 « Amendments »

Australian « Securities » « and » Investments Commission Act 2001

1  Title

Omit “ , a « Corporations » « and » Markets Advisory Committee ”.

2  Paragraph 1(1)(c)

Repeal the paragraph.

3  Subsection 5(1) (definition of CAMAC )

Repeal the definition.

4  Subsection 5(1) (definition of Convenor )

Repeal the definition.

5  Subsection 5(1) (paragraph (b) of the definition of meeting )

Repeal the paragraph.

6  Subsection 5(1) (paragraph (a) of the definition of member )

Omit “9,”.

7  Subsection 5(1) (paragraph (a) of the definition of member )

Omit “CAMAC,”.

8  Subsection 5(1) (paragraph (b) of the definition of member )

Repeal the paragraph.

9  Subsection 11(3)

Repeal the subsection, substitute:

             (3)  ASIC may, on its own initiative or when requested by the Minister, advise the Minister, « and » make to the Minister such recommendations as it thinks fit, about any matter connected with:

                     (a)  a proposal to make « corporations » legislation, or to make « amendments » of the « corporations » legislation ( « other » than the excluded provisions); or

                     (b)  the operation or administration of the « corporations » legislation ( « other » than the excluded provisions); or

                     (c)  law reform in relation to the « corporations » legislation ( « other » than the excluded provisions); or

                     (d)  companies or a segment of the financial products « and » financial services industry; or

                     (e)  a proposal for improving the efficiency of the financial markets.

10  Paragraph 127(4)(a)

Omit “CAMAC,”.

11  Part 9

Repeal the Part.

12  Paragraphs 246(1)(b), (d) « and » (h)

Repeal the paragraphs.

13  At the end of section 261

Add:

Note:          The « Corporations » « and » Markets Advisory Committee (CAMAC) ceased to exist on the commencement of Schedule 1 to the Australian « Securities » « and » Investments Commission Amendment ( « Corporations » « and » Markets Advisory Committee Abolition) Act 2014 .

Part 2 Transitional « and » saving provisions

14  Definitions

(1)       In this Part:

asset means:

                     (a)  any legal or equitable estate or interest in real or « personal » « property » , whether actual, contingent or prospective; « and »

                     (b)  any right, power, privilege or immunity, whether actual, contingent or prospective.

CAMAC means the « Corporations » « and » Markets Advisory Committee.

commencement time means the time this Schedule commences.

instrument includes:

                     (a)  a contract, undertaking, deed or agreement; « and »

                     (b)  a notice, authority, order or instruction; « and »

                     (c)  an instrument made under an Act or a regulation;

but does not include the following:

                     (d)  an Act;

                     (e)  an instrument made under this Act;

                      (f)  the « Corporations » Agreement 2002 .

land means any legal or equitable estate or interest in real « property » , whether actual, contingent or prospective.

liability means any liability, duty or obligation, whether actual, contingent or prospective.

rules means rules made under item 27.

(2)       Section 5A of the Australian « Securities » « and » Investments Commission Act 2001 applies to this Part as if the provisions of this Part were provisions of that Act.

Note:       Section 5A applies the Acts Interpretation Act 1901 as in force on 1 January 2005.

15  Assets « and » liabilities

(1)       At the commencement time, the assets « and » liabilities of CAMAC immediately before that time cease to be assets « and » liabilities of CAMAC « and » become assets « and » liabilities of the Commonwealth without any conveyance, transfer or assignment.

(2)       The Commonwealth becomes the successor in law in relation to those assets « and » liabilities.

16  Certificates relating to vesting of assets

(1)       If land vests in the Commonwealth under this Part « and » the Minister signs a certificate that:

                     (a)  identifies the land, whether by reference to a map or otherwise; « and »

                     (b)  states that the land has become vested in the Commonwealth under this Part; « and »

                     (c)  is lodged with the Registrar of Titles or « other » proper officer of the State or Territory in which the land is situated;

the Registrar or « other » officer may:

                     (d)  register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; « and »

                     (e)  deal with, « and » give effect to, the certificate.

(2)       If an asset « other » than land vests in the Commonwealth under this Part « and » the Minister signs a certificate that:

                     (a)  identifies the asset; « and »

                     (b)  states that the asset has become vested in the Commonwealth under this Part; « and »

                     (c)  is lodged with the person or authority who has responsibility for keeping a register in relation to assets of that kind (whether under a law of the Commonwealth, a State or a Territory, a trust instrument or otherwise);

the person or authority may:

                     (d)  deal with, « and » give effect to, the certificate as if it were a proper « and » appropriate instrument for transactions in relation to assets of that kind; « and »

                     (e)  make such entries in the register as are necessary, having regard to the effect of this Part.

(3)       A document that appears to be a certificate made under this item is taken, unless the contrary is established, to be such a certificate « and » to have been properly made.

(4)       A certificate made under this item is not a legislative instrument.

17  References in instruments to CAMAC

(1)       If an instrument in force immediately before the commencement time contains a reference to CAMAC, the instrument has effect from the commencement time as if the reference were a reference to the Commonwealth.

(2)       Subitem (1) does not, by implication, prevent the instrument from being varied or terminated after the commencement time.

(3)       The rules may prescribe:

                     (a)  instruments, or references contained in instruments, to which subitem (1) does not apply; or

                     (b)  instruments, or references contained in instruments, to which subitem (1) applies as if the reference in that subitem to the Commonwealth were a reference to the person prescribed by the rules.

(4)       Despite subsection 12(2) of the Legislative Instruments Act 2003 , rules made for the purposes of subitem (3) may be expressed to take effect from a day before the rules are registered under that Act (but not before the day of the commencement time).

18  Operation of laws

(1)       Subject to subitem (2), if a thing was done by, or in relation to, CAMAC before the commencement time, then, for the purposes of the operation of any law of the Commonwealth after the commencement time, the thing is taken to have been done by, or in relation to, the Commonwealth.

(2)       For the purposes of the operation of the Ombudsman Act 1976 after the commencement time, a thing done by, or in relation to, CAMAC before the commencement time is taken to have been done by, or in relation to, the Department.

(3)       The rules may prescribe:

                     (a)  things in relation to which subitem (1) does not apply; or

                     (b)  things in relation to which subitem (1) applies as if the references in that subitem to the Commonwealth were references to the person prescribed by the rules.

(4)       Despite subsection 12(2) of the Legislative Instruments Act 2003 , rules made for the purposes of subitem (3) may be expressed to take effect from a day before the rules are registered under that Act (but not before the day of the commencement time).

19  Legal proceedings

If, immediately before the commencement time, CAMAC was a party to proceedings pending in any court or tribunal, the Commonwealth is substituted for CAMAC as a party to the proceedings from that time.

20  Transfer of records to the Department

Any records or documents that were in the possession of CAMAC immediately before the commencement time are to be transferred to the Department.

Note:       The records « and » documents are Commonwealth records for the purposes of the Archives Act 1983 .

21  Protection of information obtained from ASIC

If:

                     (a)  before the commencement time, information was disclosed to CAMAC in accordance with subsection 127(4) of the Australian « Securities » « and » Investments Commission Act 2001 ; « and »

                     (b)  immediately before the commencement time, a person was subject to a condition imposed under subsection 127(4A) of that Act in relation to the information disclosed;

the person continues to be subject to the condition after the commencement time.

22  Final report

(1)       The Secretary of the Department must prepare « and » give to the Minister, for presentation to the Parliament, a report on the activities of CAMAC during the final reporting period.

(2)       The Minister administering the Public Governance, Performance « and » Accountability Act 2013 may give the Secretary written directions in relation to the report. The Secretary must comply with any such directions in preparing the report.

(3)       The Secretary must give the Minister the report within 4 months after the end of the final reporting period.

(4)       The Minister must table the report in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.

(5)       In this item:

final reporting period means the period:

                     (a)  starting:

                              (i)  if, immediately before the commencement time, the annual report required to be given to the Minister for the financial year ending before that time has not yet been given—at the start of that financial year; or

                             (ii)  otherwise—at the start of the financial year in which the commencement time occurs; « and »

                     (b)  ending immediately before the commencement time.

23  Exemption from stamp duty etc.

No stamp duty or « other » tax is payable under a law of a State or Territory in respect of the following, or anything connected with the following:

                     (a)  the vesting of an asset or liability under this Part;

                     (b)  the operation of this Part in any « other » respect.

24  Delegation by Ministers

(1)       The Minister may, by writing, delegate all or any of his or her powers « and » functions under this Part to:

                     (a)  the Secretary of the Department; or

                     (b)  an SES employee, or acting SES employee, in the Department.

Note:       The expressions SES employee « and » acting SES employee are defined in the Acts Interpretation Act 1901 .

(2)       The Minister administering the Public Governance, Performance « and » Accountability Act 2013 may delegate his or her power under subitem 22(2) to the Secretary of the Department administered by that Minister.

(3)       In exercising powers or functions under a delegation, the delegate must comply with any directions of the delegating Minister.

25  Saving—operation of section 246 of the Australian « Securities » « and » Investments Commission Act 2001

(1)       Despite the repeal of paragraphs 246(1)(b), (d) « and » (h) of the Australian « Securities » « and » Investments Commission Act 2001 by this Schedule, section 246 of that Act continues to apply, in relation to anything done or omitted to be done before the commencement time, as if the repeal had not happened.

(2)       Paragraph 246(1)(b) of the Australian « Securities » « and » Investments Commission Act 2001 as continued under subitem (1) has effect, in relation to anything done or omitted to be done by CAMAC before the commencement time, as if the Commonwealth were referred to in that paragraph.

(3)       This item does not limit the operation of section 8 of the Acts Interpretation Act 1901 in relation to matters not covered by this item.

Note:       The Acts Interpretation Act 1901 as in force on 1 January 2005 applies to this Part: see subitem 14(2).

26  Compensation for acquisition of « property »

(1)       If the operation of this Part would result in an acquisition of « property » (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the person.

(2)       If the Commonwealth « and » the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.

27  Transitional rules

The Minister may, by legislative instrument, make rules:

                     (a)  prescribing matters required or permitted by this Schedule to be prescribed by the rules; or

                     (b)  in relation to transitional matters arising out of the « amendments » « and repeals made by this Schedule.