Source: https://www.legislation.gov.au/Details/C2007A00074
Timestamp: 2020-04-01 10:22:30
Document Index: 226807445

Matched Legal Cases: ['art 1', 'art 2', 'art 3', 'art 1', 'art 2', 'art 3', 'art 4', 'art 1', 'art 8', 'art 8', 'art 15', 'art 29', 'art 2', 'art 9', 'art 3', 'art 4', 'art 4', 'art 4', 'art 15', 'art 29']

Governance Review Implementation (Treasury Portfolio Agencies) Act 2007
Details: C2007A00074
- C2007A00074
Act No. 74 of 2007 as made
An Act to amend the law relating to statutory agencies in the Treasury portfolio, and for related purposes
Originating Bill: Governance Review Implementation (Treasury Portfolio Agencies) Bill 2007
Registered 07 Jun 2007
Date of Assent 05 Jun 2007
C2007A00074
Part 1—ASIC 3
Australian Securities and Investments Commission Act 2001 3
Part 2—CAMAC 14
Part 3—APRA 17
Australian Prudential Regulation Authority Act 1998 17
Australian Securities and Investments Commission Act 2001 24
Financial Institutions Supervisory Levies Collection Act 1998 24
Schedule 2—Application and transitional provisions 25
Part 1—Definitions 25
Part 2—Application and transitional provisions for ASIC and CAMAC 27
Division 1—Application provision for ASIC and CAMAC 27
Division 2—Transitional provisions for ASIC 27
Division 3—Transitional provision for CAMAC 30
Part 3—Application and transitional provisions for APRA 31
Part 4—Transitional provisions for ASIC, CAMAC and APRA 33
Schedule 3—Technical amendments relating to legislative instruments 36
Australian Prudential Regulation Authority Act 1998 36
[Assented to 5 June 2007]
This Act may be cited as the Governance Review Implementation (Treasury Portfolio Agencies) Act 2007.
Part 1—ASIC
1 Subsection 5(1) (definition of trust money)
Before “ASIC:”, insert “(1)”.
3 Paragraph 8(c)
After “may”, insert “, subject to subsection (5),”.
4 After paragraph 8(c)
(ca) may enter into contracts; and
5 Section 8 (note 1)
6 Section 8 (note 2)
7 At the end of section 8
(2) ASIC may enter into contracts in its own right.
Note: The Chairperson of ASIC may also enter into contracts on behalf of the Commonwealth. See section 44 of the Financial Management and Accountability Act 1997.
(3) Any real or personal property held by ASIC is held for and on behalf of the Commonwealth.
(4) Any money received by ASIC is received for and on behalf of the Commonwealth.
(5) ASIC cannot hold real or personal property or money on trust.
Note: Any real or personal property or money that ASIC would otherwise hold on trust is held by the Commonwealth on trust.
(6) Despite any rule of equity, ASIC may, for and on behalf of the Commonwealth, perform all the duties and exercise all the powers of the Commonwealth as trustee in relation to any real or personal property or money held on trust by the Commonwealth.
(7) To avoid doubt, a right to sue is taken not to be personal property for the purposes of subsection (3).
8A ASIC’s liabilities are Commonwealth liabilities
(1) Any financial liabilities of ASIC are taken to be liabilities of the Commonwealth.
10A Chairperson not subject to direction by ASIC on certain matters
The Chairperson of ASIC is not subject to direction by ASIC in relation to the Chairperson’s performance of functions, or exercise of powers, under:
in relation to ASIC.
10 Section 94
Omit “section 12”, substitute “sections 10A and 12”.
11 Subsection 124(7)
12 Part 8
Part 8—Finance and reporting requirements
Division 1—Companies and Unclaimed Moneys Special Account
133 Companies and Unclaimed Moneys Special Account
(1) The Companies and Unclaimed Moneys Special Account is established by this section.
134 Credits to the Account
(b) amounts referred to in paragraphs 1339(2)(a) and (b) of the Corporations Act 2001;
(c) interest received by ASIC from the investment of amounts debited from the Account;
(d) money received by ASIC in relation to property paid for with amounts debited from the Account.
135 Purpose of the Account
(a) the purpose of subsection 1341(1) of the Corporations Act 2001;
(b) in payment to a person under paragraph 1341(2)(c) of the Corporations Act 2001;
(c) to meet the expenses of administering the Account;
(d) in respect of amounts credited under paragraph 134(c) of this Act—in payment in relation to proposals determined by the Minister to reduce business costs and improve regulation in one or more of the following areas:
(i) corporate governance of managed investment schemes and bodies corporate;
(ii) securities;
(iii) financial products;
(iv) winding up and external administration of managed investment schemes and bodies corporate.
136 Annual reports
(1) The Chairperson must, as soon as practicable after 30 June in each financial year, prepare and give to the Minister a report on ASIC’s operations during that financial year.
Note: Section 34C of the Acts Interpretation Act 1901 contains provisions relating to annual reports.
(a) a description of the specific goals ASIC has pursued, and the priorities it has followed, during the year, in performing its functions, exercising its powers and pursuing the objects referred to in subsection 1(2) of this Act;
(b) a description of the progress ASIC has made during that year towards achieving those goals;
(c) a description of any matters that, during that year, have adversely affected ASIC’s effectiveness or have hindered ASIC in pursuing any of those goals and objectives;
(d) a description of the performance indicators used by ASIC, and ASIC’s performance against those indicators;
(e) information about the exercise during the year of ASIC’s powers under Part 15 of the Retirement Savings Accounts Act 1997 and under Part 29 of the Superannuation Industry (Supervision) Act 1993;
(f) information about ASIC’s monitoring and promotion of market integrity and consumer protection in relation to:
(i) the Australian financial system; and
(ii) the provision of financial services;
(g) in relation to ASIC’s functions under subsection 11(14), in relation to each agreement or arrangement entered into by ASIC under that subsection, information about the activities that ASIC has undertaken during the reporting period in accordance with that agreement or arrangement;
(h) the financial statements required by section 49 of the Financial Management and Accountability Act 1997;
(i) an audit report on those statements under section 57 of the Financial Management and Accountability Act 1997.
(3) The Minister must cause a copy of each annual report to be tabled in each House within 15 sitting days of that House after the day on which the Minister receives the report.
Division 3—Liability to taxation
137 Liability to taxation
(1) ASIC is not subject to taxation under the laws of the Commonwealth or of a State or Territory.
(2) The regulations may provide that subsection (1) does not apply in relation to a specified law.
Note: Despite subsection (1), ASIC may be subject to taxation under certain laws. See, for example, section 177‑5 of the A New Tax System (Goods and Services Tax) Act 1999.
Companies and Unclaimed Moneys Special Account means the Account established under section 133 of the Australian Securities and Investments Commission Act 2001.
14 Section 9 (definition of unclaimed money account)
15 Section 9 (definition of unclaimed property)
(d) an accretion to, or substitution for, property that is unclaimed property because of any other application or applications of this definition; or
(e) without limiting paragraph (d), amounts credited to the Companies and Unclaimed Moneys Special Account under paragraph 1339(2)(b).
16 Paragraph 588(2)(b)
(b) if paragraph (a) does not apply and the property was held by the body or liquidator on trust—the Commonwealth; or
(c) otherwise—ASIC.
17 Subsection 588(3)
After “person,”, insert “the Commonwealth or”.
18 Subsection 588(4)
(4) Section 601AE applies to:
(a) property that vests in the Commonwealth under paragraph (2)(b) of this section as if the property were vested in the Commonwealth under subsection 601AD(1A); and
(b) property that vests in ASIC under paragraph (2)(c) of this section as if the property were vested in ASIC under subsection 601AD(2).
19 After subsection 601AD(1)
(1A) On deregistration, all property that the company held on trust immediately before deregistration vests in the Commonwealth. If property is vested in a liquidator on trust immediately before deregistration, that property vests in the Commonwealth. This subsection extends to property situated outside this jurisdiction.
20 Subsection 601AD(2)
(2) On deregistration, all the company’s property (other than any property held by the company on trust) vests in ASIC. If company property is vested in a liquidator (other than any company property vested in a liquidator on trust) immediately before deregistration, that property vests in ASIC. This subsection extends to property situated outside this jurisdiction.
21 Subsection 601AD(3)
Omit “subsection (2), ASIC”, insert “subsection (1A) or (2), the Commonwealth or ASIC”.
Note: The following heading to subsection 601AD(3) is inserted “Rights and powers in respect of property”.
22 Subsection 601AD(3)
Omit “ASIC takes” (second occurring), substitute “the Commonwealth or ASIC takes”.
23 After subsection 601AD(3)
(3A) The Commonwealth has, subject to its obligations as trustee of the trust, all the powers of an owner over property vested in it under subsection (1A).
24 Subsection 601AE(1)
Trust property vested in the Commonwealth
(1) If property vests in the Commonwealth under subsection 601AD(1A), the Commonwealth may:
(1A) If the Commonwealth continues to act as trustee in respect of the property, subject to its obligations as trustee, the Commonwealth:
(a) in the case of money—must credit the amount of the money to a Special Account (within the meaning of section 5 of the Financial Management and Accountability Act 1997); or
(ii) if the Commonwealth does so—must credit the amount of the proceeds to a Special Account (within the meaning of section 5 of the Financial Management and Accountability Act 1997).
Note: The heading to section 601AE is altered by inserting “the Commonwealth or” after “What”.
25 Subsection 601AE(2)
Omit “If the company did not hold the property on trust,”, substitute “If property vests in ASIC under subsection 601AD(2),”.
Note: The following heading to subsection 601AE(2) is inserted “Property vested in ASIC”.
26 After subsection 601AE(2)
Obligations attaching to property vested in the Commonwealth
(2A) For the purposes of subsection (3), if any liability is imposed on property under a law of the Commonwealth immediately before the property vests in the Commonwealth under subsection 601AD(1A), then:
27 Subsection 601AE(3)
Omit “The property”, substitute “Any property that vests in the Commonwealth or ASIC under subsection 601AD(1A) or (2)”.
28 Subsection 601AE(3)
After “vested in”, insert “the Commonwealth or”.
29 Subsection 601AE(4)
Omit “ASIC’s obligation under subsection (3)”, insert “The Commonwealth’s or ASIC’s obligation under subsection (2A) or (3)”.
Note: The following heading to subsection 601AE(4) is inserted “Extent of Commonwealth’s and ASIC’s obligation”.
30 Subsection 601AE(5)
Omit “ASIC”, substitute “The Commonwealth or ASIC (as the case requires)”.
31 Section 601AF
Before “ASIC may”, insert “The Commonwealth or”.
Note: The heading to section 601AF is altered by inserting “The Commonwealth’s and” before “ASIC’s”.
32 Section 601AF
After “its liquidator if”, insert “the Commonwealth or”.
33 Section 601AF (note)
Note: This power is a general one and is not limited to acts in relation to property vested in the Commonwealth under subsection 601AD(1A), or ASIC under subsection 601AD(2). The Commonwealth or ASIC has all the powers that automatically flow from the vesting of property under that subsection (see subsections 601AD(3A) and (4)) and may exercise those powers whether or not the company was bound to do so.
34 Subsection 601AH(5)
35 Section 1339
1339 ASIC to deal with unclaimed property
(1) Unclaimed property held by ASIC is to be dealt with in accordance with this Part.
Note: Unclaimed property is held by ASIC for and on behalf of the Commonwealth (see subsections 8(3) and (4) of the ASIC Act).
(2) If property becomes unclaimed property, ASIC must:
(a) in the case of money—credit the amount of the money to the Companies and Unclaimed Moneys Special Account; or
(b) otherwise—sell or dispose of the property as it thinks fit and credit the amount of the proceeds to the Companies and Unclaimed Moneys Special Account.
36 Section 1340
Omit “ASIC is not”, substitute “neither the Commonwealth nor ASIC is”.
Note: The heading to section 1340 is altered by omitting “ASIC not liable” and substituting “No liability”.
37 Subsections 1341(1) and (2)
(1) If an amount is not debited from the Companies and Unclaimed Moneys Special Account in accordance with this section within 6 years after that amount was originally credited to the Account under subsection 1339(2), that amount must be debited from the Account.
Note: Despite being debited from the Companies and Unclaimed Moneys Special Account, the amount remains part of the Consolidated Revenue Fund.
(a) a person claims to be entitled to an amount credited to the Companies and Unclaimed Moneys Special Account under subsection 1339(2); and
(b) ASIC is satisfied that the person is entitled to that amount;
(c) unless paragraph (d) applies—pay the amount to the person and debit that amount from the Account; or
(d) if the amount has already been debited from the Account under subsection (1)—pay the amount to the person out of money appropriated by the Parliament for the purpose.
Note: The heading to section 1341 is replaced with the following heading “Entitlement to unclaimed property”.
38 Subsection 1341(4)
39 Subsection 1341(5)
Part 2—CAMAC
40 Section 146
Before “CAMAC”, insert “(1)”.
41 Section 146 (note 2)
Note 2: The Convenor of CAMAC may enter into contracts on behalf of the Commonwealth. See section 44 of the Financial Management and Accountability Act 1997.
42 At the end of section 146
(2) Any real or personal property held by CAMAC is held for and on behalf of the Commonwealth.
(3) Any money received by CAMAC is received for and on behalf of the Commonwealth.
(4) To avoid doubt, a right to sue is taken not to be personal property for the purposes of subsection (2).
43 After section 146
146A CAMAC’s liabilities are Commonwealth liabilities
(1) Any financial liabilities of CAMAC are taken to be liabilities of the Commonwealth.
44 After section 147
147A Convenor not subject to direction by CAMAC on certain matters
The Convenor of CAMAC is not subject to direction by CAMAC in relation to the Convenor’s performance of functions, or exercise of powers, under:
in relation to CAMAC.
45 Division 2 of Part 9 (heading)
46 Sections 159 to 168
159 Liability to taxation
(1) CAMAC is not subject to taxation under the laws of the Commonwealth or of a State or Territory.
Note: Despite subsection (1), CAMAC may be subject to taxation under certain laws. See, for example, section 177‑5 of the A New Tax System (Goods and Services Tax) Act 1999.
162 Annual report
(1) The Convenor must, as soon as practicable after 30 June in each financial year, prepare and give to the Minister a report on CAMAC’s operations during that financial year.
(a) the financial statements required by section 49 of the Financial Management and Accountability Act 1997; and
Part 3—APRA
Account means the Australian Prudential Regulation Authority Special Account established under section 52.
48 Section 7 (note)
49 At the end of section 11
(3) APRA may enter into contracts in its own right.
Note: The Chair of APRA may also enter into contracts on behalf of the Commonwealth. See section 44 of the Financial Management and Accountability Act 1997.
(4) Any real or personal property held by APRA is held for and on behalf of the Commonwealth.
(5) Any money received by APRA is received for and on behalf of the Commonwealth.
50 After section 11
11A APRA’s liabilities are Commonwealth liabilities
(1) Any financial liabilities of APRA are taken to be liabilities of the Commonwealth.
51 After section 12
12A Chair not subject to direction by APRA on certain matters
To avoid doubt, the Chair is not subject to direction by APRA in relation to the Chair’s performance of functions, or exercise of powers, under:
(b) Part 4 or 4A of this Act;
in relation to APRA.
52 Section 14
53 Subsection 45(1)
(1) The Chair may, on behalf of APRA, appoint such permanent, temporary or casual staff as he or she considers necessary for the performance of APRA’s functions.
54 Subsection 45(2)
Omit “APRA”, substitute “the Chair”.
55 Subsection 47(1)
(1) The Chair may, on behalf of APRA, engage consultants or other people to provide advice to APRA or perform services for APRA.
56 Subsection 47(2)
57 Paragraphs 48(a) and (c)
58 At the end of Part 4
48AA Delegation by Chair
(1) The Chair may, in writing, delegate any functions or powers conferred on the Chair by this Part or Part 4A to an APRA member (other than the Chair) or to an APRA staff member.
(2) In performing or exercising functions or powers delegated under subsection (1), the delegate must comply with any directions given by the Chair.
Note: For information about delegations, see sections 34AA to 34A of the Acts Interpretation Act 1901.
48AB APRA Values
(1) The Chair must determine, in writing, the APRA Values.
(2) The Chair must uphold and promote the APRA Values.
(3) APRA members (other than the Chair) and staff appointed under section 45 must uphold the APRA Values.
(4) To avoid doubt, an instrument under subsection (1) is not a legislative instrument.
48AC APRA Code of Conduct
(1) The Chair must determine, in writing, the APRA Code of Conduct.
(2) The APRA Code of Conduct applies to APRA members and staff appointed under section 45.
(3) To avoid doubt, an instrument under subsection (1) is not a legislative instrument.
59 Section 48C
60 Section 48D
Omit “APRA must”, substitute “The Chair must”.
Note: The heading to section 48D is altered by omitting “APRA to ensure” and substituting “The Chair to ensure”.
61 At the end of section 48D
Note: Under section 48AA, the Chair can delegate the power conferred on him or her by this section.
62 Sections 49 and 50
50 APRA’s share of levy money
(a) a determination specifying the amount of the levy money payable to the Commonwealth, in respect of levy for that financial year, to cover the costs to the Commonwealth of providing market integrity and consumer protection functions for prudentially regulated institutions;
(b) a determination, in respect of each class of levy for that financial year, specifying the amount of the levy money payable to the Commonwealth in respect of that class of levy for that financial year, to cover the costs to the Commonwealth of providing market integrity and consumer protection functions for prudentially regulated institutions.
Crediting to Account
(2) An amount determined under paragraph (1)(a) or (b) is not to be credited to the Account.
(3) The amount of levy money paid to APRA, on behalf of the Commonwealth, for a financial year that exceeds the amount determined under paragraph (1)(a), or the total of the amounts determined under paragraph (1)(b), for that financial year is to be credited to the Account.
Note: The annual financial statements of APRA, in respect of the Account, must be prepared in accordance with the Finance Minister’s Orders (see section 49 of the Financial Management and Accountability Act 1997).
(a) the Commonwealth refunds any levy money that has been paid to APRA; and
(b) apart from this subsection an amount equal to that levy money would otherwise be credited to the Account;
that amount is not to be credited to the Account.
(b) that levy money has already been credited to the Account;
that amount is to be debited from the Account.
levy means levy paid or payable under the Financial Institutions Supervisory Levies Collection Act 1998, other than levy imposed by the Superannuation (Financial Assistance Funding) Levy Act 1993.
(a) in relation to levy, means any amount paid or payable to the Commonwealth in respect of levy; or
(b) in relation to a particular class of levy, means any amount paid or payable to the Commonwealth in respect of that class of levy.
63 Sections 52 to 54
52 Australian Prudential Regulation Authority Special Account
(1) The Australian Prudential Regulation Authority Special Account is established by this section.
53 Credits to the Account
(b) amounts received under an agreement or contract entered into under section 9A or 11;
(c) amounts required to be credited to the Account in accordance with section 50;
(d) amounts of any fees, charges or penalties paid to APRA, on behalf of the Commonwealth, under section 51 or any other law of the Commonwealth.
54 Purposes of the Account
(a) in payment or discharge of the costs, expenses and other obligations incurred by APRA in the performance of its functions or the exercise of its powers;
(b) in payment of any remuneration or allowances payable to persons appointed or engaged under this Act;
(c) in making any other payments which APRA is authorised or required to make under this Act or any other law of the Commonwealth.
64 Subsection 55(1A)
65 At the end of subsection 55(2)
Note: Despite subsection (1), APRA may be subject to taxation under certain laws (see, for example, section 177‑5 of the A New Tax System (Goods and Services Tax) Act 1999).
66 Section 59
59 Annual reports
(1) The Chair must, as soon as practicable after 30 June in each financial year, prepare and give to the Minister a report on APRA’s operations during that financial year.
(a) information on the following matters under the Banking Act 1959:
(i) the activities of ADI statutory managers (within the meaning of the Banking Act 1959), and persons conducting investigations, under Division 2 of Part II of the Banking Act 1959;
(ii) the activities of persons conducting investigations under section 61 of the Banking Act 1959;
(b) information on the exercise during the year of APRA’s powers under Part 15 of the Retirement Savings Accounts Act 1997 and under Part 29 of the Superannuation Industry (Supervision) Act 1993;
(c) information on any other matters required by the regulations;
(d) the financial statements required by section 49 of the Financial Management and Accountability Act 1997;
(e) an audit report on those statements under section 57 of the Financial Management and Accountability Act 1997.
(3) Paragraph (2)(a) does not authorise the inclusion in the annual report of information with respect to the affairs of a particular ADI or authorised NOHC, a particular subsidiary of an ADI or authorised NOHC, or a particular customer of an ADI.
(4) The Minister must cause a copy of each annual report to be tabled in each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.
67 Paragraph 102(2)(d)
After “appointed by”, insert “the Chair of”.
68 Subsection 11(1)
69 Subsection 11(2)
70 Subsection 13(3)
2 Pre‑existing property, money and financial liabilities
(3) If an amount of money (the original amount) that is held by ASIC immediately before the commencement time is held by ASIC for and on behalf of the Commonwealth immediately after the commencement time, an amount equal to the original amount may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, for the purposes of ASIC.
(4) If an amount of money (the original amount) that is held by CAMAC immediately before the commencement time is held by CAMAC for and on behalf of the Commonwealth immediately after the commencement time, an amount equal to the original amount may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, for the purposes of CAMAC.
Note: ASIC may, for and on behalf of the Commonwealth, perform all the duties and exercise all the powers of the Commonwealth as trustee in relation to assets held on trust by the Commonwealth (see subsection 8(6) of the Australian Securities and Investments Commission Act 2001).
11 Pre‑existing property, money and financial liabilities
(3) To avoid doubt, the amendments made by items 53 to 56 of Schedule 1 do not constitute a transmission of business for the purposes of the Workplace Relations Act 1996.
15 New annual report requirements to apply from 2007‑2008 and later financial years
Sections 136 and 162 of the Australian Securities and Investments Commission Act 2001 (as inserted by items 12 and 46 of Schedule 1 to this Act), and item 66 of Schedule 1 to this Act, apply to the 2007‑2008 financial year and later financial years.
If, immediately before this item commences, an Agency has kept accounting records under subsection 20(1) of the Commonwealth Authorities and Companies Act 1997, then, after this item commences, section 20 of that Act (as in force from time to time), continues to apply, in respect of those records, as if the Agency continued to be subject to that Act.
3 Subsection 57(1)
4 Subsection 57(1)
5 Subsection 57(2)
House of Representatives on 1 March 2007
Senate on 29 March 2007]