Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
National companies and securities commission bill



Download PDFDownload PDF

BACA

DEPARTMENT OF BUSINESS AND CONSUMER AFFAIRS

NATIONAL COMPANIES AND SECURITIES COMMISSION BILL 79/59

The Minister for Business and Consumer Affairs, Mr. Ual. Fife, announced today that the Commonuealth Government has agreed to the.

introduction into the Commonuealth Parliament as soon as possible of a Bill to establish the National Companies and Securities Commission.

This agreement is subject to the approval of the Bill by the

Ministerial Council on Companies and Securities at its next meeting on

Saturday 7 April 1979. ·

The Bill incorporates and gives effect to aspects of the Formal Agreement dated 22 December 1978 betueen the Commonuealth and

States.to establish a co-operative national scheme of legislation and administration for company lau and the regulation of the securities industry.

The Bill establishes the National Commission and sets out

its functions and pouers. Matters concerning membership and staffing of the Commission, its financing, the conduct of its meetings and hearings are also provided for in the Bill.

The N.C.S.C. uill have, subject to the direction of the Ministerial Council, executive responsibility for the^entire area of policy and administration and uill uork largely through the existing State and Territory administrations.

The Bill, Mr Fife said, is the first of a number of Bills, uhich uill be required to give effect to the Commonuealth1s legislative obligations under the co-operative scheme.

CANBERRA, A.C.T. ' '

3 April' 1979 . . ' ·