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CORPORATIONS (COMPENSATION ARRANGEMENTS LEVIES) BILL 2001

1998-1999-2000-2001

The Parliament of the
Commonwealth of Australia

HOUSE OF REPRESENTATIVES




Presented and read a first time









Corporations (Compensation Arrangements Levies) Bill 2001

No. , 2001

(Treasury)



A Bill for an Act to impose levies in respect of compensation arrangements for financial services markets, and for related purposes



ISBN: 0642 458731

Contents

A Bill for an Act to impose levies in respect of compensation arrangements for financial services markets, and for related purposes

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Corporations (Compensation Arrangements Levies) Act 2001.

2 Commencement

This Act commences on the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001.

3 Definitions

Expressions used in this Act that are defined in a provision of the Corporations Act 2001 that applies for the purposes of Division 3 of Part 7.5 of that Act (whether or not it also applies for other purposes) have the same meanings in this Act as they are given by that provision.

4 Imposition of levies in respect of compensation arrangements for financial services markets

Any levy that is payable under section 883D of the Corporations Act 2001 is imposed by this Act.

5 Amount of levy

Compensation rules referred to in subsection 883D(1) of the Corporations Act 2001 must specify, or specify a method for determining, the amount of levy that is to be payable. The amount of levy imposed by section 4 of this Act in a particular situation is the amount specified in, or worked out in accordance with the method specified in, the compensation rules.

6 Transitional matters—implementation of the Corporations Act 2001

If, immediately before the commencement of this Act:

(a) an amount of levy was payable to a securities exchange as agent for the Commonwealth under subsection 8(3) or (4) of the Corporations (Securities Exchanges Levies) Act 2001; or

(b) an amount of levy was payable to a futures organisation as agent for the Commonwealth under subsection 6(1) or (2) of the Corporations (Futures Organisations Levies) Act 2001;

then, on the commencement of this Act, that levy becomes payable, by force of this section, to the operator of the financial market that was that securities exchange or futures organisation (as the case may be), as agent for the Commonwealth.

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