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This is a Bill, not an Act. For current law, see the Acts databases.
1998-1999-2000-2001
The
Parliament of the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Corporations
(Securities Exchanges Levies) Bill 2001
No.
, 2001
(Treasury)
A
Bill for an Act to impose levies in respect of securities exchange fidelity
funds, and for related matters
ISBN: 0642
458014
Contents
A Bill for an Act to impose levies in respect of
securities exchange fidelity funds, and for related matters
The Parliament of Australia enacts:
This Act may be cited as the Corporations (Securities Exchanges
Levies) Act 2001.
This Act commences at the same time as the Corporations Act
2001.
(1) In this Act:
old Corporations Law, in relation to a State or Territory,
has the same meaning as it has in Part 10.1 of the Corporations Act
2001.
(2) Other expressions used in this Act that are defined in a provision of
the Corporations Act 2001 that applies for the purposes of Part 7.9
of that Act (whether it also applies for other purposes) have the same meanings
in this Act as they are given by that provision.
The following levies are imposed by this Act:
(a) the levy by the name of securities exchange (application for
membership) fidelity fund contribution that is payable under subsection 902(1)
of the Corporations Act 2001 by a person who wishes to be admitted to
membership of a securities exchange, or to a partnership in a member firm
recognised by a securities exchange, as mentioned in that subsection;
(b) the levy by the name of securities exchange (annual membership)
fidelity fund contribution that is payable under subsection 902(2) of the
Corporations Act 2001 by a member of a securities exchange referred to in
that subsection;
(c) any levy by the name of securities exchange additional fidelity fund
contribution that is payable under subsection 904(1) of the Corporations Act
2001 by a member of a securities exchange referred to in that
subsection.
(1) The amount of levy imposed by paragraph 4(a) is such amount, not being
less than $500, as is determined by the securities exchange in relation to the
person, or in relation to a class of persons that includes the person.
(2) The amount of levy imposed by paragraph 4(b) is such amount, not being
less than $100, as is determined by the securities exchange in relation to the
person, or in relation to a class of persons that includes the person.
(3) Subject to subsections (4) and (5), the amount of levy imposed by
paragraph 4(c) is such amount as is determined by the securities exchange in
relation to the person, or in relation to a class of persons that includes the
person.
(4) Subsection (3) has effect subject to the following
limitations:
(a) if, apart from this section, the making of a determination (the
new determination) of an amount of levy for the purposes of
subsection (3) would take the total of all amounts of levy determined in
relation to a person under that subsection to more than $5,000, the new
determination has effect in relation to the person only to the extent to which
it would take that total to $5,000;
(b) if, apart from this section, the making of a determination (the
new determination) of an amount of levy for the purposes of
subsection (3) would take the total of all amounts of levy determined in
relation to a person under that subsection in a period of 12 months (which may
be a period some of which occurred before the commencement of this Act) to more
than $1,000, the new determination has effect in relation to the person only to
the extent to which it would take that total to $1,000.
(5) A reference in subsection (4) to an amount of levy determined in
relation to a person under subsection (3) is taken to include a reference
to:
(a) in the case of paragraph (4)(a)—any amount that counted for
the purpose of the $5,000 limit in subsection 904(3) of the old Corporations Law
of a State or Territory as it applied in relation to the person and the
securities exchange immediately before the commencement of this Act;
and
(b) in the case of paragraph (4)(b)—any amount that counted for
the purpose of the $1,000 limit in subsection 904(3) of the old Corporations Law
of a State or Territory as it applied in relation to the person and the
securities exchange immediately before the commencement of this Act in respect
of so much of the 12 month period referred to in paragraph (4)(b) as
occurred before that commencement.
(1) In this section:
high point means $2,000,000, or such lesser amount as is
prescribed for the purposes of this definition.
low point means
$1,000,000, or such lesser
amount as is prescribed for the purposes of this definition.
relevant person, in relation to a
securities exchange, has the same meaning as in section 903 of the
Corporations Act 2001.
(2) If the amount in a fidelity fund of a securities exchange exceeds the
high point, a relevant person is, subject to subsection (3), exempt from
making further payments of the levy imposed by paragraph 4(b) in respect of that
fund.
(3) If:
(a) the amount in a fidelity fund of a securities exchange is, because of
payments made out of the fund, less than the low point; and
(b) the securities exchange determines that a person who, because of
subsection (2), is exempt from making further payments of the levy imposed
by paragraph 4(b) in respect of the fund should again be required to make annual
payments of that levy;
the person is liable to make payments of that levy accordingly.
The Governor-General may make regulations for the purposes of
section 6.
(1) Regulations prescribing an amount for the purposes of subsection
903(2) of the old Corporations Law that were in force immediately before the
commencement of this Act continue to have effect, and may be amended or
repealed, as if they were made under section 7 of this Act for the purposes
of the definition of high point in subsection 6(1) of this
Act.
(2) Regulations prescribing an amount for the purposes of subsection
903(8) of the old Corporations Law that were in force immediately before the
commencement of this Act continue to have effect, and may be amended or
repealed, as if they were made under section 7 of this Act for the purposes
of the definition of low point in subsection 6(1) of this
Act.
(3) If, immediately before the commencement of this Act, an amount was
payable by a person to a securities exchange under subsection 902(2) of the old
Corporations Law of a State or Territory in this jurisdiction, a liability to
pay a levy of the same amount, in respect of the same matter, to the
Commonwealth is imposed on the person by this subsection on the commencement of
this Act. The levy is payable to the securities exchange as agent for the
Commonwealth.
(4) If, immediately before the commencement of this Act, an amount was
payable by a person to a securities exchange under subsection 904(1) of the old
Corporations Law of a State or Territory in this jurisdiction, a liability to
pay a levy of the same amount, in respect of the same matter, to the
Commonwealth is imposed on the person by this subsection on the commencement of
this Act. The levy is payable to the securities exchange as agent for the
Commonwealth.
(5) A determination of an amount in force immediately before the
commencement for the purposes of subsection 902(1), 902(2) or 904(1) of the old
Corporations Law of a State or Territory in this jurisdiction continues to have
effect (and may be dealt with) after the commencement of this Act as if it
were:
(a) in the case of a determination for the purposes of subsection
902(1)—a determination for the purposes of subsection 5(1) of this Act;
or
(b) in the case of a determination for the purposes of subsection
902(2)—a determination for the purposes of subsection 5(2) of this Act;
or
(c) in the case of a determination for the purposes of subsection
904(1)—a determination for the purposes of subsection 5(3) of this
Act.