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2002 — 2003
THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA
HOUSE OF
REPRESENTATIVES
Corporations (Fees) Amendment Bill (No. 2) 2003
EXPLANATORY MEMORANDUM
(Circulated by authority of the Treasurer,
the Hon Peter
Costello, MP)
Table of Contents
1.1 The Corporations (Fees) Amendment Bill (No. 2) 2003 is a Bill to complement the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Bill 2003 (CLERP Bill).
1.2 The object of the CLERP Bill is to put in place a corporate regulatory framework which promotes transparency, accountability and shareholder rights. It will enhance auditor independence, achieve better disclosure outcomes and improve enforcement arrangements for corporate misbehaviour, while fostering innovation and wealth creation.
1.3 Further background on these reforms is included in the explanatory memorandum to the CLERP Bill.
1.4 The purpose of the Corporations (Fees) Amendment Bill (No. 2) 2003 is to amend the Corporations (Fees) Act 2001 to provide for companies to be charged a fee for referring a matter to the newly established Financial Reporting Panel.
2.1 The Corporations (Fees) Amendment Bill (No. 2) 2003 is needed as a consequence of provisions included in the CLERP (Audit Reform and Corporate Disclosure) Bill 2003.
2.2 This Bill will allow an offsetting of costs in relation to the operations of the Financial Reporting Panel
3.1 This Bill complements measures contained in the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Bill 2003.
3.2 Section 1 of the Bill notes the title of the Bill.
3.3 Section 2 of the Bill specifies that the Act commences on 1 July 2004.
3.4 Section 3 of the Bill notes the Schedules of the Act.
3.5 Schedule 1 contains amendments to the Corporations (Fees) Act 2001. It provides that a referral of a financial report to the Financial Reporting Panel or the doing of any act by the Financial Reporting Panel in dealing with a referral is a chargeable matter within the definition of subsection 4(1) under that Act.