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Commonwealth Government pressing for a meeting on the Ministerial Council on Companies and Securities



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STATEMENT BY THE HON WAL FIFE MP

MINISTER FOR BUSINESS AND CONSUMER AFFAIRS

The Commonwealth Government is pressing for a meeting of the Ministerial Council on Companies and Securities as early a s .possible to resolve the question of the location of the National Companies and Securities Commission so that the substantive work of the Scheme can be proceeded with.

. This was stated today by the Minister for Business

and.Consumer Affairs, the Hon. Wal. Fife,. MP.

Mr Fife said that it was now clear that resolution of the. location question:is essential to the further progress of the Scheme.

"I will be contacting the States today with a view to arranging a Ministerial Council. Meeting as soon as possible to resolve this issue" he said.

"Despite.the interruption, to the time-table of . the Scheme to date, if I can obtain early approval from New South Wales to introduce the National. Companies and Securities Commission Legislation into the Commonwealth Parliament there is a chance that the Parliament could be persuaded to deal with the Bill in the remaining weeks, of the present sitting.

"It is paramount to the smooth implementation of the Scheme·, that the National Companies and Securities Commission Bill, which has been cleared by all States, should be in advance of t h e ·substantive Companies, and Securities Legislation, to enable the Commission to-.set up. its. staff and facilities and also provide advice on the form of the remaining National Legislation. .

"If an early resumption, of .the time-table can be arranged - which depends on resolution.of the location question - I would hope that work can be - completed on the Takeovers Bill to enable its introduction, at the beginning

of the Budget .’Session" Mr Fife said:

"A great deal of work has also been done on the Draft Securities Industries Legislation which on present expectations could, be available for public exposure by the end of this year. . The.Draft Companies Bill could be ready early next year" he said. „ .

18 MAY 1979. CANBERRA