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Monday, 20 March 2017
Page: 1326


Senator GALLAGHER (Australian Capital TerritoryManager of Opposition Business in the Senate) (11:38): In my speech in the second reading debate I flagged a number of questions and indicated that I would be moving two amendments. I seek leave to move the amendments on page 8047 together.

Leave granted.

Senator GALLAGHER: I move:

(1) Schedule 1, item 14, page 10 (line 17), omit paragraph 738H(1)(a), substitute:

(a) the company has an agreement with a CSF intermediary that is legally enforceable;

(2) Schedule 1, item 14, page 32 (line 27), omit "48 hours", substitute "5 business days".

I would also like to flag that I want the questions put separately when the time is appropriate. I will not delay the Senate further with the amendments I am moving. Amendment (1) on page 8047 would allow privately held companies access to this important capital market. I indicated in my speech that we are moving this amendment so small businesses and start-ups are not denied access to this important new capital-raising facility due to the onerous reporting burdens and regulations of becoming a public company. Amendment (2) simply increases the investor cooling off rights from two days to five days. I hope that I can get support from the chamber for both of these important amendments.