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Thursday, 4 December 2003
Page: 23765


Mr ROSS CAMERON (Parliamentary Secretary to the Treasurer) (9:16 AM) —I move:

That this bill be now read a second time.

The Corporations (Fees) Amendment Bill (No. 2) 2003 follows from the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Bill 2003 which the Treasurer has just given the second reading speech for. It involves a capacity to collect fees for a referral of a dispute between ASIC and a company over the company's compliance with Australian accounting standards to the Financial Reporting Panel.

There was some concern by companies that referral by ASIC alone may prevent them from having an opportunity to refer a matter to the Financial Reporting Panel in cases of potential dispute. So the government rectified that in the bill just introduced. The measure simply allows for the collection of fees where a referral by a company takes place. I commend the bill to the House and present the explanatory memorandum.

Debate (on motion by Ms Roxon) adjourned.