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Thursday, 21 June 2007
Page: 17

Mr PEARCE (Parliamentary Secretary to the Treasurer) (10:11 AM) —I move:

That this bill be now read a second time.

Today I introduce a bill that will amend the Corporations (National Guarantee Fund Levies) Act 2001 to make minor reforms to the levying abilities for the benefit of the National Guarantee Fund.

This reform is also supported by a minor amendment to the Corporations Act 2001 which is included in the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Bill 2007.

The National Guarantee Fund is the compensation scheme for the Australian Securities Exchange. The measure caps the amount of levies payable each year if needed to top up the fund, thereby removing the current uncapped exposure of participants.

Importantly, the changes do not affect investors’ ability to claim from the fund. This bill accordingly delivers on the government’s commitment to providing simpler business arrangements whilst maintaining important investor protections.

Full details of this bill are contained in the explanatory memorandum already presented. I commend the bill to the House.

Debate (on motion by Ms Plibersek) adjourned.