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Wednesday, 10 May 1989
Page: 2144

Senator MACKLIN(10.29) —I have been given various sheets of paper with lists on them. I have in my hand the one headed `Circulated amendments to be moved in Committee'. I do not know whether other senators are working from the same sheet. I have three other sheets with a variety of lists on them. There is a difficulty in the way that some of these amendments have been organised on the list. I wish to move my first amendment. I also need to discuss a foreshadowed Government amendment, No. 1 on the printed list. My amendment, which seeks to leave out `securities markets and futures markets' and insert `companies, and of the securities markets and futures markets', relates to clause 3 (2). The reason I am seeking to insert those words is that the Government has an amendment to insert the words `about corporations' in regard to the Companies and Securities Advisory Committee. Clause 3 (1) states:

The objects of this Act are:

(a) to establish an Australian Securities Commission to administer the laws of the Commonwealth relating to companies, securities and the futures industry.

The functions and powers of the Commission ought to amplify the objectives of the Act. When one looks at the Committee's report one realises that there was a general understanding that what we were seeking to do with regard to these markets was to bring all those items together. I cannot imagine that this is an item of great contention at law. The drafting would be somewhat more elegant if we had the same resonance in the phrases used throughout clause 3. At a later stage, presumably, we will deal with the Government's amendment with regard to corporations and the Advisory Committee. On that basis I move:

(1) Page 2, paragraph 3 (2) (a), lines 17 and 18, leave out `the securities markets and futures markets', insert `companies, and of the securities markets and futures markets,'.

Amendment agreed to.