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Corporations (Review Fees) Amendment Bill 2018

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2016-2017-2018

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

 

 

HOUSE OF REPRESENTATIVES

 

 

 

Corporations (Review Fees) Amendment Bill 2018

 

 

 

 

EXPLANATORY MEMORANDUM

 

 

 

(Circulated by authority of the

Minister for Revenue and Financial Services, Minister for Women and Minister Assisting the Prime Minister for the Public Service the Hon Kelly O’Dwyer MP)

 

 



Table of contents

Glossary............................................................................................................. 1

General outline and financial impact........................................................... 3

Chapter 1 ........... Corporations (Review Fees) Amendment Bill 2018..... 5

Chapter 2 ........... Statement of Compatibility with Human Rights............ 7

 

 



The following abbreviations and acronyms are used throughout this explanatory memorandum.

Abbreviation

Definition

Asia Region Funds Passport Act

Corporations Amendment (Asia Region Funds Passport) Act 2018

Bill

Corporations (Review Fees) Amendment Bill 2018

 

 



Corporations (Review Fees) Amendment Bill 2018

The Corporations (Review Fees) Amendment Bill 2018 (the Bill) makes amendments to the Corporations (Review Fees) Act 2003 which are consequential to the Corporations Amendment (Asia Region Funds Passport) Act 2018 .

Date of effect :  The later of the day after Royal Assent or Schedule 2A of the Corporations Amendment (Asia Region Funds Passport) Act 2018 commencing.

Proposal announced This Bill partially implements the Government’s commitment to the Asia Region Funds Passport Memorandum of Cooperation, which the Government signed on 28 April 2016.

Financial impact The Bill has no financial impact.

Human rights implications :  This Bill does not raise any human rights issue. See Statement of Compatibility with Human Rights — Chapter 2.

Compliance cost impact :  Nil

 

 

 



Outline of chapter

1.1                   The Bill makes consequential amendments to the Corporations Amendment (Asia Region Funds Passport) Act 2018 (the Asia Region Funds Passport Act).

Context of amendments

1.2                   The Asia Region Funds Passport Act introduces into Australian law a multilateral framework that allows eligible funds to be marketed across economies participating in the Asia Region Funds Passport with limited additional regulatory requirements.

1.3                   Foreign passport funds that have submitted a notice to offer interest in Australia and have not been rejected are referred to as notified foreign passport funds.

Summary of new law

1.4                   The amendments allow the regulations to prescribe fees in relation to the review dates for notified foreign passport funds.

Comparison of key features of new law and current law

New law

Current law

The regulations may prescribe fees in relation to companies, registered schemes, notified foreign passport funds and various other entities.

The regulations may prescribe fees in relation to companies, registered schemes and various other entities.

Detailed explanation of new law

1.5                   The Bill amends the definition of ‘review date’ in the Corporations (Review Fees) Act 2003 so that it reflects the definition of review date inserted into the Corporations Act by the Asia Region Funds Passport Act. This Act provides that a review date for a notified foreign passport fund is the anniversary of the day on which the fund first became a notified foreign passport fund, unless the operator obtains ASIC’s approval to use a different date. [Schedule 1, item 1, subsection 4(1) of the Corporations (Review Fees) Act 2003, paragraphs (a) and (b) of the definition of ‘review date’]

1.6                   Notified foreign passport funds are also included in the list of entities that are required to pay any fee in relation to the review date that is prescribed by regulations. The operator is the person responsible for paying the fee. [Schedule 1, items 2 and 3, section 5 and item 2A in the table at subsection 7(1) of the Corporations (Review Fees) Act 2003]

Application and transitional provisions

1.7                   The amendments in the Bill commence at the later of the day after Royal Assent and the commencement of Schedule 2A to the Asia Region Funds Passport Act (which will be set by proclamation). This guards against the retrospective commencement of the amendments in the Bill and ensures that all aspects of the new framework for the Asia Region Funds Passport commence at the same time. [Clause 2]

1.8                   Any regulations relating to the fees payable under section 5 of the Corporations (Review Fees) Act 2003 that were in force immediately before the commencement of the Bill are saved and remain in force. [Schedule 1, item 4]

 



Chapter 2          

Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

Corporations (Review Fees) Amendment Bill 2018

2.1                   This Bill is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011 .

Overview

2.2                   The Bill makes amendments to the Corporations (Review Fees) Act 2003 which are consequential to the Corporations Amendment (Asia Region Funds Passport) Act 2018 (Asia Region Funds Passport Act).

Human rights implications

2.3                   This Bill does not engage any of the applicable rights or freedoms. It makes minor amendments which are consequential to the amendments made by the Asia Region Funds Passport Act.

2.4                    For a discussion of the human rights implications of the Asia Region Funds Passport Act, please refer to the Statement of Compatibility with Human Rights attached to that Act.

Conclusion

2.5                   This Bill is compatible with human rights as it does not raise any human rights issues.