Source: https://www.legislation.gov.au/Details/C2013B00074
Timestamp: 2018-01-23 07:40:54
Document Index: 761096109

Matched Legal Cases: ['art 1', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 7', 'art 1', 'art 2', 'art 7']

Details: C2013B00074
- C2013B00074
A Bill for an Act to amend the law relating to corporations and the financial sector, and for other purposes
C2013B00074
Part 1—Payment systems and netting 3
Payment Systems and Netting Act 1998 3
Part 2—Review of licences 6
Part 3—International business regulators 8
Australian Securities and Investments Commission Act 2001 8
Mutual Assistance in Business Regulation Act 1992 9
Part 4—Reporting on ASIC’s information gathering powers 11
Part 5—Disclosure of information by the Reserve Bank 12
Part 6—Consequential amendments relating to derivative trade repositories 14
Carbon Credits (Carbon Farming Initiative) Act 2011 14
Clean Energy Regulator Act 2011 14
Part 7—Other amendments 16
This Act may be cited as the Corporations and Financial Sector Legislation Amendment Act 2013.
Part 1—Payment systems and netting
1 After paragraph 16(1)(c)
2 Paragraph 16(1)(d)
Omit “paragraph (c) applies”, substitute “paragraphs (c), (ca), (cb) and (cc) apply”.
3 After subparagraph 16(1)(d)(i)
4 Subparagraphs 16(1)(d)(ii) and (iii)
After “those rights”, insert “or that property”.
5 After paragraph 16(2)(f)
6 At the end of paragraph 16(2)(g) (before the note)
; (iv) the enforcement of a security in accordance with the contract;
(v) a transfer of, or dealing with, rights, obligations or property in accordance with the contract.
7 At the end of section 16 (after the note)
start time means the commencement of this Part.
(2) The amendments made by this Part apply in relation to market netting contracts entered into after the start time, or that are in existence immediately before the start time.
(3) The amendments made by this Part do not apply in relation to an external administration that commenced before the start time.
(4) The amendments made by this Part apply in relation to the enforcement of a security after the start time, even if the security was given before the start time.
(5) The amendments made by this Part apply in relation to a transfer of, or dealing with, rights, obligations or property after the start time, even if those rights, obligations or property arose or were acquired before the start time.
(6) The amendments made by items 2, 3 and 4 do not apply to disposals of rights or property, or the creation or operation of encumbrances or interests, before the start time.
(7) This item has effect subject to item 9.
9 Amended provisions do not have effect to extent they result in an acquisition of property
(2) This item applies if, because of an amendment made by this Part, the operation of a provision of the Payment Systems and Netting Act 1998 would (but for this item) result in an acquisition of property otherwise than on just terms.
(3) That provision of the Payment Systems and Netting Act 1998 does not apply to the extent that its operation would otherwise so result in that acquisition of property.
Part 2—Review of licences
10 Section 794C (heading)
794C ASIC assessment of licensee’s compliance
11 Subsection 794C(2)
(2) If the market licensee is prescribed by the regulations for the purpose of this subsection, ASIC must, in respect of the obligation in paragraph 792A(c), do such an assessment at least once a year.
12 Section 823C (heading)
823C ASIC assessment of licensee’s compliance
13 Subsection 823C(2)
(2) If the CS facility licensee is prescribed by the regulations for the purpose of this subsection, ASIC must, in respect of the obligation in paragraph 821A(c), do such an assessment at least once a year.
14 Section 823CA (heading)
823CA Reserve Bank assessment of licensee’s compliance
15 Subsection 823CA(1)
(1) The Reserve Bank of Australia (the Reserve Bank) may do an assessment of how well a CS facility licensee is complying with its obligation under paragraph 821A(aa). In doing the assessment, the Reserve Bank may take account of any information and reports that it thinks appropriate, including information and reports from an overseas regulatory authority.
foreign business law means:
(a) a law of a foreign country that regulates, or relates to the regulation of, business or persons engaged in business; or
(b) a law, or rules or regulations (however described), that an international business regulator administers or enforces.
international business regulator means a body that satisfies the following conditions:
(a) the body has functions relating to the regulation, in 2 or more countries, of business, or persons engaged in business;
(b) those functions are conferred on the body by:
(i) a law or laws in force in those countries; or
(ii) a treaty, or other international agreement, to which those countries are parties; or
(iii) without limiting subparagraphs (i) and (ii)—a parliament or other body established by or under a treaty, or other international agreement, to which those countries are parties.
18 After paragraph 127(4)(ca)
(cb) will enable or assist an international business regulator to perform its functions or exercise its powers; or
19 Subsection 127(4)
Omit “the agency, government, foreign body or disciplinary body”, substitute “the agency, government, officer or body”.
20 Subparagraphs 127(4B)(a)(ia) and (4FA)(b)(iii)
Omit “the business law of a foreign country”, substitute “a foreign business law”.
21 Subparagraph 243(a)(ii)
(ii) the operation of the corporations legislation (other than the excluded provisions); or
(iii) the operation of any other law of the Commonwealth, or any law of a State or Territory, that appears to the Parliamentary Committee to affect significantly the operation of the corporations legislation (other than the excluded provisions); or
(iv) the operation of any foreign business law, or of any other law of a foreign country, that appears to the Parliamentary Committee to affect significantly the operation of the corporations legislation (other than the excluded provisions); and
22 Subsection 3(1) (definition of foreign business law)
(a) a business law of a foreign country; or
23 Subsection 3(1) (at the end of the definition of foreign regulator)
; or (d) an international business regulator.
25 At the end of subsection 136(2)
; (k) information required to be included in the report by regulations under subsection (2A).
26 After subsection 136(2)
(2A) The regulations may require a report under subsection (1) to include prescribed information relating to the exercise, by ASIC, members of ASIC, or staff members, of prescribed information gathering powers. For this purpose, information gathering powers includes (but is not limited to) powers to require:
(a) the provision of information (however described, including by answering questions or giving evidence); or
(b) the production of documents; or
(c) the provision of assistance.
Note: The information gathering powers that are prescribed may be powers conferred by this Act, or by other laws.
27 Subsection 79A(1) (paragraph (e) of the definition of officer)
After “employment” (wherever occurring), insert “or engagement”.
28 At the end of paragraph 79A(4)(b)
29 After paragraph 79A(4)(b)
30 Subsection 79A(4)
Omit all the words from and including “if the person” to and including “its powers”, substitute “if the first person is satisfied that disclosure of the information, or the production of the document, will assist that agency or bank, or that other person or body, to perform its functions or exercise its powers”.
31 After subsection 79A(4)
32 After subsection 79A(7)
33 Subparagraph 277(1)(a)(ii)
After “Australian CS facility licence”, insert “or an Australian derivative trade repository licence, or that operates a prescribed derivative trade repository”.
34 After paragraph 277(9)(a)
35 At the end of subsection 277(9)
; (e) prescribed derivative trade repository.
36 Subparagraph 50(1)(a)(ii)
37 After paragraph 50(8)(a)
38 At the end of subsection 50(8)
39 Section 9
prescribed derivative trade repository, when used in a provision outside Chapter 7, has the same meaning as it has in Chapter 7.
40 Section 1317DA
1317DA Definitions
corporation/scheme civil penalty provision means a provision specified in column 1 of any of the following items of the table in subsection 1317E(1):
(a) items 1 to 13;
(b) item 46.
financial services civil penalty provision means a provision specified in column 1 of any of the following items of the table in subsection 1317E(1):
(a) item 14;
(b) items 23 to 45.
41 Subsection 1317E(1)
(1) If a Court is satisfied that a person has contravened a civil penalty provision, it must make a declaration of contravention. The provisions specified in column 1 of the following table are civil penalty provisions.
provisions that are civil penalty provisions
brief description of what the provisions are about
subsections 180(1), 181(1) and (2), 182(1) and (2) and 183(1) and (2)
subsections 188(1) and (2)
responsibilities of secretaries etc. for corporate contraventions
subsection 209(2)
related parties rules
subsections 254L(2), 256D(3), 259F(2) and 260D(2)
subsection 588G(2)
subsection 601FC(5)
subsection 601FD(3)
subsection 601FE(3)
subsection 601FG(2)
subsection 601JD(3)
subsection 601UAA(2)
subsection 601UAB(2)
subsections 674(2), 674(2A), 675(2) and 675(2A)
subsection 798H(1)
complying with market integrity rules
complying with derivative transaction rules
complying with derivative trade repository rules
subsections 961K(1) and (2)
financial services licensee responsible for breach of certain best interests duties
financial services licensee to ensure compliance with certain best interests duties
subsection 961Q(1)
authorised representative responsible for breach of certain best interests duties
section 962P
charging ongoing fee after termination of ongoing fee arrangement
subsection 962S(1)
fee recipient must give fee disclosure statement
subsections 963E(1) and (2)
financial services licensee responsible for breach of ban on conflicted remuneration
section 963F
financial services licensee must ensure representatives do not accept conflicted remuneration
subsection 963G(1)
authorised representative must not accept conflicted remuneration
section 963J
employer must not pay employees conflicted remuneration
section 963K
financial product issuer or seller must not give conflicted remuneration to financial services licensee or representative
subsection 964A(1)
platform operator must not accept volume‑based shelf‑space fees
subsections 964D(1) and (2)
financial services licensee responsible for breach of asset‑based fees on borrowed amounts
subsection 964E(1)
authorised representative must not charge asset‑based fees on borrowed amounts
anti‑avoidance of Part 7.7A provisions
subsection 985E(1)
issuing or increasing limit of margin lending facility without having made assessment etc.
subsection 985H(1)
failure to assess a margin lending facility as unsuitable
failure to give assessment to retail client if requested before issue of facility or increase in limit
failure to give assessment to retail client if requested after issue of facility or increase in limit
demanding payment to give assessment to retail client
issuing or increasing limit of margin lending facility if unsuitable
section 985L
making issue of margin lending facility conditional on retail client agreeing to receive communications through agent
subsection 985M(1)
failure to notify of margin call where there is no agent
subsection 985M(2)
failure to notify of margin call where there is an agent
false trading and market rigging—creating a false or misleading appearance of active trading etc.
false trading and market rigging—artificially maintaining etc. market price
subsections 1043A(1) and (2)
subclause 29(6) of Schedule 4
disclosure for proposed demutualisation
Note 1: Once a declaration has been made ASIC can then seek a pecuniary penalty order (section 1317G) or (in the case of a corporation/scheme civil penalty provision) a disqualification order (section 206C).