Commonwealth of Australia Explanatory Memoranda Commonwealth of Australia Explanatory Memoranda[Index] [Search] [Download] [Bill] [Help]
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
Glossary
The following abbreviations and acronyms are used throughout this
explanatory memorandum.
Abbreviation Definition
Asia Region Funds Passport Corporations Amendment (Asia Region
Act Funds Passport) Act 2018
Bill Corporations (Review Fees) Amendment Bill
2018
1
General outline and financial impact
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
3
Chapter 1
Corporations (Review Fees) Amendment
Bill 2018
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 The regulations may prescribe fees in
relation to companies, registered relation to companies, registered
schemes, notified foreign passport schemes and various other entities.
funds 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
5
Corporations (Review Fees) Amendment Bill 2018
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]
6
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.
7