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Thursday, 23 September 1999
Page: 10370


Mr HOCKEY (Financial Services and Regulation) (12:19 PM) —I move:

(1) Schedule 2, page 7 (after line 8), after item 1, insert:

1A After paragraph 63(5)(a)

Insert:

(aa) ASIC, a member of ASIC or a staff member (as defined in subsection 5(1) of the Australian Securities and Investments Commission Act 1989 ); or

This amendment seeks to clarify the application of this bill to the referred powers to ASIC. It is in many ways self-explanatory. We are particularly focusing only on issues relating to a demutualisation of an ADI being affected. I understand that the opposition will be moving an amendment to this government amendment. In order to clarify the true policy intent, which both the opposition and we agree on, I am prepared to accept its amendment to my amendment.