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Corporations (Compensation Arrangements Levies) Bill 2001

 

 

 

 

Corporations (Compensation Arrangements Levies) Act 2001

 

No. 106, 2001



 

 

 

 

Corporations (Compensation Arrangements Levies) Act 2001

 

No. 106, 2001

 

 

 

 

An Act to impose levies in respect of compensation arrangements for financial services markets, and for related purposes

   

   

   



Contents

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 1

3............ Definitions.......................................................................................... 2

4............ Imposition of levies in respect of compensation arrangements for financial services markets                2

5............ Amount of levy.................................................................................. 2

6............ Transitional matters—implementation of the Corporations Act 2001 2

 



Corporations (Compensation Arrangements Levies) Act 2001

No. 106, 2001

 

 

 

An Act to impose levies in respect of compensation arrangements for financial services markets, and for related purposes

[ Assented to 17 September 2001 ]

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Corporations (Compensation Arrangements Levies) Act 2001 .

2   Commencement

                   This Act commences on the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001 .

3   Definitions

                   Expressions used in this Act that are defined in a provision of the Corporations Act 2001 that applies for the purposes of Division 3 of Part 7.5 of that Act (whether or not it also applies for other purposes) have the same meanings in this Act as they are given by that provision.

4   Imposition of levies in respect of compensation arrangements for financial services markets

                   Any levy that is payable under section 883D of the Corporations Act 2001 is imposed by this Act.

5   Amount of levy

                   Compensation rules referred to in subsection 883D(1) of the Corporations Act 2001 must specify, or specify a method for determining, the amount of levy that is to be payable. The amount of levy imposed by section 4 of this Act in a particular situation is the amount specified in, or worked out in accordance with the method specified in, the compensation rules.

6   Transitional matters—implementation of the Corporations Act 2001

                   If, immediately before the commencement of this Act:

                     (a)  an amount of levy was payable to a securities exchange as agent for the Commonwealth under subsection 8(3) or (4) of the Corporations (Securities Exchanges Levies) Act 2001 ; or

                     (b)  an amount of levy was payable to a futures organisation as agent for the Commonwealth under subsection 6(1) or (2) of the Corporations (Futures Organisations Levies) Act 2001 ;

then, on the commencement of this Act, that levy becomes payable, by force of this section, to the operator of the financial market that was that securities exchange or futures organisation (as the case may be), as agent for the Commonwealth.

 

 

[ Minister’s second reading speech made in—

House of Representatives on 7 June 2001

Senate on 9 August 2001 ]

 

 

 

(101/01)