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About the Committee
Appointment of the committee - 43rd Parliament
The Parliamentary Joint Committee on Corporations and Financial Services
was appointed on 30 September 2010 when the Senate agreed to a
resolution
from the House of Representatives, passed on 29 September 2010.
Role of the committee
The committee is established by the Australian Securities and
Investments Commission Act 2001. Section 243 sets out the duties of
the committee as follows:
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to inquire into, and report to both Houses on:
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activities of ASIC or the Panel, or matters
connected with such activities, to which, in the Parliamentary
Committee's opinion, the Parliament's attention should be directed; or
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the operation of the corporations
legislation (other than the excluded provisions), or of any other law of
the Commonwealth, of a State or Territory or of a foreign country that
appears to the Parliamentary Committee to affect significantly the
operation of the corporations legislation (other than the excluded
provisions); and
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to examine each annual report that is prepared by a
body established by this Act and of which a copy has been laid before a
House, and to report to both Houses on matters that appear in, or arise
out of, that annual report and to which, in the Parliamentary Committee's
opinion, the Parliament's attention should be directed; and
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to inquire into any question in connection with its
duties that is referred to it by a House, and to report to that House on
that question.
Composition of the committee
Section
241 of the Australian Securities and Investments Commission Act 2001
provides that the committee should have ten senators and members, with
membership divided equally between the two Houses.
Three members of the House of Representatives are to be nominated by the
Government Whip or Whips, and two members by the Opposition Whip or Whips,
or by an Independent member. The Leader of the Government in the Senate
and the Leader of the Opposition in the Senate are to nominate two
senators each, and one senator is to be nominated by any minority groups
or Independent senators.
The chair of the committee is to be elected from among the Government
nominations.
Name
changes
The Committee has had the
following name changes in recent Parliaments:
For further information, contact:
Committee Secretary
Parliamentary Joint Committee on Corporations and Financial Services
PO Box 6100
Parliament House
Canberra ACT 2600
Australia
Website feedback: web.senate@aph.gov.au
Last reviewed 6 December 2010 by the Senate Web Administrator
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