Footnotes

Chapter 3 - Outline of the Bill

[1]           When the current Bill was drafted it referred to the Corporations Law. On 28 June 2001,  however, the Corporations Bill 2001 received Royal assent. References to the Corporations Law should therefore now be deemed to be references to the new Corporations Act.

Chapter 4 - Support for the Bill and process issues

[1]           Committee Hansard, p. 121.

[2]           Submission no. 29, pp. 1–2.

[3]           Submission no. 8.

[4]           Supplementary submission no. 24A, p. 1.

[5]           Submission no. 34,  p. 2.

[6]           See Submission no. 30,  p. 1

[7]           Committee Hansard, p. 27.

[8]           Submission nos 25 and 49.

[9]           Submission no. 49,  p. 1.

[10]         Submission no. 39,  p. 1.

[11]         Submission no. 16,  pp. 3, 7.

[12]         Submission no. 53,  p. 1.

[13]         Submission no. 44, p. 1,  and Submission no. 37,  p. 2.

[14]         Submission no. 46.

[15]         Submission no. 65,  pp. 2, 3.

[16]         Committee Hansard, p. 268.

[17]         Committee Hansard, p. 42.

[18]         Committee Hansard, p. 42.

[19]         Submission no. 48,  pp. 5–6.

[20]         Submission no. 48,  p. 17.

[21]         Submission no. 65,  p. 4.

[22]         Building the FSRB Administrative Framework, Policy to Implement the Financial Services Reform Bill 2001, p. 7.

[23]         Building the FSRB Administrative Framework, Policy to Implement the Financial Services Reform Bill 2001, p. 7.

[24]         See Table E, Building the FSRB Administrative Framework, Policy to Implement the Financial Services Reform Bill 2001,  p. 31.

[25]         ‘Policy Proposal and Process Papers for the FSR Bill’,  Media Release 01/ 135,  Australian Securities and Investment Commission (ASIC),  26 April 2001,  pp. 1–2.

[26]         ‘Policy Proposal and Process Papers for the FSR Bill’,  pp. 1–2.

[27]         Committee Hansard, p. 309.

[28]         Committee Hansard, pp. 311–12.

[29]         Committee Hansard, p. 312.

[30]         ‘Policy Proposal and Process Papers for the FSR Bill’, p. 1.

[31]         Committee Hansard, p. 40.

[32]         Submission no. 16,  p. 11.

[33]         Mayfair Room, Grand Hyatt Hotel, Collins Street, Melbourne.

[34]         Statutory Oversight of ASIC, Committee Hansard, p. 96.

[35]         Committee Hansard, p. 309.

[36]         Committee Hansard, p. 198.

[37]         Committee Hansard, p. 110.

[38]         Committee Hansard, p. 310.

[39]         Statutory Oversight of ASIC, Committee Hansard, p. 63.

[40]         Committee Hansard, p. 323.

[41]         Committee Hansard, p. 322.

[42]         Building the FSRB Administrative Framework, Policy to Implement the Financial Services Reform Bill 2001, p. 8.

[43]         Building the FSRB Administrative Framework, Policy to Implement the Financial Services Reform Bill 2001, p. 8.

[44]         ‘Hockey Introduces Financial Services Reform Bill’,  Minister for Financial Services and Regulation, Press Release no.SR/025, 5 April 2001.

[45]         Submission nos 16, 24, 18 and 35.

[46]         Submission no. 16,  p. 9.

[47]         Submission no. 16,  p. 10.

[48]         Submission no. 24,  p. 1.

[49]         Submission no. 18,  p. 3.

[50]         Submission no. 35,  p. 2.

[51]         Committee Hansard, p. 59.

[52]         Financial Services Reform (Consequential Provisions) Bill 2001, Explanatory Memorandum, Commonwealth of the Parliament, House of Representatives.

[53]         Committee Hansard, p. 191.

[54]         Committee Hansard, p. 233.

[55]         Committee Hansard, p. 157.

Chapter 5 - Policy issues raised by the Bill

[1]           Committee Hansard, p. 268.

[2]           Submission no. 62,  p. 3, and Submission no. 70,  p. 7.

[3]           Submission nos 62,  p. 2; 70,  p. 3; 80,  p. 3; 74,  p. 1.

[4]           Committee Hansard, p. 171.

[5]           See News Limited Submission no. 70, p. 5; Australian Press Council Submission no. 74, p. 1; Broadcasters Submission no. 79; and SBS Corporation Submission no. 80,  pp. 2–3.

[6]           Submission no. 71, p. 1. On request of the Committee, Fairfax tabled a copy of the wording of the exemption on 13 June 2001; see Committee Hansard, p. 172.

[7]           Committee Hansard, p. 187.

[8]           Submission no. 71,  p. 3.

[9]           Submission no. 79,  p. 4.

[10]         Submission no. 70,  p. 7.

[11]         Committee Hansard, p. 268.

[12]         Committee Hansard, p. 269.

[13]         Submission no. 71,  p. 2.

[14]         Submission  no. 70,  p. 5.

[15]         Committee Hansard, p. 176–77.

[16]         Submission no. 71, p. 2,  and see also News Limited Submission no. 70, p. 5.

[17]         See for example, News Limited Submission no. 70, pp. 6–7; Reuters Submission no. 71, p. 1; and Australian Press Council Submission no. 74,  pp. 2–3.

[18]         Submission no. 80,  p. 3.

[19]         Committee Hansard, p. 174.

[20]         Submission no.70,  p. 7, and Submission no. 79,  p. 4.

[21]         For example, see Submission no. 62,  p. 5.

[22]         Committee Hansard, p. 184.

[23]         Submission no. 79,  p. 5, and see Committee Hansard, p. 183.

[24]         Submission no. 80,  pp. 3–4.

[25]         Received and tabled on 13 and 25 June 2001, respectively.

[26]         Attachment to letter to Senator Grant Chapman, Chairman, Parliamentary Joint Committee on Corporations and Securities, dated 13 June 2001.

[27]         Letter to Senator Grant Chapman, Chairman, dated 13 June 2001, p. 2.

[28]         Letter to Senator Grant Chapman, Chairman, Parliamentary Joint Committee on Corporations and Securities, dated 25 June 2001, pp. 2–3.

[29]         Committee Hansard, p. 270.

[30]         Submissions nos 1 and 20.

[31]         Submission nos 21; 24 and 24A; 58 and 65

[32]         Committee Hansard, pp. 238–39.

[33]         Committee Hansard, p. 239, and see CDM Telemarketing Submission no. 20, p. 1, and the Securities Institute of Australia, Committee Hansard, pp. 166–67.

[34]         See for example submission nos 1,  p. 3; 20, p. 1; and 21, p. 2.

[35]         Submission no. 1,  p. 4.

[36]         Submission no. 20,  p. 1.

[37]         Committee Hansard, p. 241.

[38]         Committee Hansard, p. 241.

[39]         IBSA Submission no. 24,  p. 1.

[40]         Submission no. 21,  p. 4.

[41]         See IBSA supplementary Submission no. 24A,  p. 3.

[42]         Committee Hansard, p. 242, and see IBSA Submission no. 24A,  p. 3.

[43]         Committee Hansard, p. 240.

[44]         Submission no. 58.

[45]         Supplementary Submission no. 24B,  pp. 1–2.

[46]         Submission no. 21,  p. 3.

[47]         Submission no. 24A,  p. 4.

[48]         See Committee Hansard, p. 242.

[49]         Submission no. 20,  p. 2, and Committee Hansard, p. 242.

[50]         Committee Hansard pp. 242–43.

[51]         Committee Hansard, p. 168, and supplementary Submission no. 24B,  p. 2.

[52]         Committee Hansard, p. 243.

[53]         Submission no. 20,  p. 2.

[54]         Committee Hansard, p. 271.

[55]         Submission no. 12,  pp. 1–2.

[56]         Submission no. 12,  p. 2.

[57]         Submission no. 33,  pp. 1–2.

[58]         Submission no. 33,  p. 2.

[59]         Submission no. 33,  p. 2.

[60]         Committee Hansard, pp. 230–31.

[61]         Submission no. 93,  pp. 1–6.

[62]         Submission no. 93,  p. 7.

[63]         Committee Hansard, pp. 233–34.

[64]         Submission no. 38.

[65]         Submission nos 11, 11A and see Submission no. 32.

[66]         Supplementary Submission no. 11A,  pp. 1–4.

[67]         Supplementary Submission no. 11A,  p. 2.

[68]         Supplementary Submission no. 11A,  p. 2.

[69]         Supplementary Submission no. 11A,  p. 3.

[70]         Supplementary Submission no. 11A,  pp. 3–4.

[71]         Submission no. 18, pp. 1–3.

[72]         Submission no. 8,  pp. 1–2.

[73]         See Submission no. 4, and Committee Hansard, pp. 78–92.

[74]         Submission no. 6,  pp. 1; 4.

[75]         Submission no. 23.

[76]         Submission no. 27,  p. 1.

[77]         Supplementary Submission no. 63A,  p. 4.

[78]         Submission no. 56,  p. 1.

[79]         Submission no. 17,  p. 2.

[80]         Supplementary Submission no. 42A.

[81]         Submission no. 50,  pp.1–5.

[82]         Submission no. 50,  pp. 6–7.

[83]         Submission no. 50,  pp. 6–7.

[84]         Committee Hansard, p. 90.

[85]         Submission no. 6,  pp. 2–3.

[86]         Submission no. 6,  p. 3.

[87]         Submission no. 6,  pp. 3–4.

[88]         Submission no. 57.

[89]         Committee Hansard,  p. 111.

[90]         Submission no. 55.

[91]         Submission no. 13,  pp. 1–2.

[92]         Submission no. 42,  pp. 13–14.

[93]         Submission no. 56,  p. 6.

[94]         Submission no. 45,  p. 2.

[95]         Submission no. 60,  p. 2.

[96]         Submission no. 25,  p. 3.

[97]         Submission no. 42,  pp. 5–6.

[98]         Submission no. 49,  p. 5.

[99]         Submission no. 56,  p. 4.

[100]       Submission no. 65,  p. 5.

[101]       Submission nos 56,  p. 4; 42,  p. 5;  25,  p. 3.

[102]       Submission no. 25,  p. 2.

[103]       Submission no. 42,  pp. 14–15.

[104]       Supplementary Submission no. 63A,  p. 3.

[105]       Submission no. 52,  pp. 1–2.

[106]       Submission no. 52, pp. 4–5.

[107]       Supplementary Submission no. 42A.

[108]       Submission no. 66.

[109]       Submission no. 88.

[110]       Submission no. 64.

[111]       Submission no. 56,  p. 4.

[112]       Submission no. 94,  pp. 3–5.

[113]       Submission nos 56, p. 4; 94, p. 11.

[114]       Supplementary Submission no. 42A.

[115]       Supplementary Submission no. 7A,  pp. 2–4.

[116]       Supplementary Submission no. 7A,  p. 5.

[117]       Supplementary Submission no. 21A.

[118]       Supplementary Submission no. 21B,  pp. 1–2.

[119]       Supplementary Submission no. 21B,  pp. 3–4.

[120]       See Appendix 1, Submission no. 87 for the names of these firms.

[121]       Submission no. 87,  p. 2.

[122]       Submission no. 87,  pp. 2–5.

[123]       Submission no. 7.

[124]       Submission no. 87,  p. 1.

[125]       Submission no. 87,  pp. 3–4.

[126]       Submission no. 40,  p. 1.

[127]       Submission no. 48,  passim.

[128]       ‘Hockey Introduces Financial Services Reform Bill’, Minister for Financial Services and Regulation, Press Release no.SR/025, 5 April 2001.

[129]       Submission no. 37,  pp. 2–3.

[130]       Submission no. 37,  p. 2.

[131]       Submission no. 37,  p. 3.

[132]       Committee Hansard, p. 55.

[133]       See Financial Services Reform (Consequential Provisions) Bill 2001, Explanatory Memorandum, House of Representatives, the Parliament of the Commonwealth of Australia.

[134]       Submission  no. 44, p. 4, and Submission no. 41, pp. 1-2.

[135]       Committee Hansard, p. 63.

[136]       The letter was tabled at a public hearing in Canberra on the same day.

[137]       Committee  Hansard, p. 270.

[138]       Committee Hansard, p. 295.

[139]       Committee Hansard, pp. 354–55.

[140]       Committee Hansard, p. 58.

[141]       Report on the Draft Financial Services Reform Bill, August 2000,  pp. 15–17.

[142]       Submission no. 8.

[143]       Committee Hansard, p. 58.

[144]       Committee Hansard, p. 58.

[145]       Submission no. 72,  p. 2.

[146]       Committee Hansard, p. 307.

[147]       Committee Hansard, p. 346.

[148]       Committee Hansard, p. 348.

[149]       Committee Hansard, pp. 351–52.

[150]       Committee Hansard, p. 346.

[151]       Committee Hansard, p. 304.

[152]       Committee Hansard, p. 306.

[153]       Submission no. 37, p. 5.

[154]       Committee Hansard, p. 57.

[155]       Submission no. 41,  p. 2.

[156]       The Consumer Credit Legal Centre Submission no. 41, p. 2 recommended removal, while the FSPC Submission no. 37,  p. 5 and ACA Submission no. 44,  pp. 10–11 recommended removal or clarification.

[157]       Committee Hansard, p. 58.

[158]       Committee Hansard, pp. 296–97.

[159]       Committee Hansard, pp. 339.

[160]       Committee Hansard, pp. 339–40.

[161]       Submission no. 16, p. 18.

[162]       Submission no. 44, p. 12.

[163]       Submission no. 44, p. 12.

[164]       Submission no. 48,  p. 9.

[165]       Submission no. 44,  p. 12.

[166]       Submission  no. 48,  p. 9.

[167]       Committee Hansard, p. 66.

[168]       Submission no. 16,  p. 18.

[169]       Submission no. 44,  p. 13.

[170]       Submission no. 16,  p. 18.

[171]       Submission no. 44,  p. 13.

[172]       Committee Hansard, p. 139.

[173]       Committee Hansard, pp. 60–61

[174]       Committee Hansard, p. 70.

[175]       Committee Hansard, p. 72.

[176]       Statutory Oversight of ASIC, Committee Hansard, pp. 76–77.

[177]       Committee Hansard, p. 77.

[178]       Committee Hansard, p. 56.

[179]       Committee Hansard, p. 56.

[180]       Submission no. 41,  p. 3.

[181]       Supplementary Submission no. 29A,  pp. 2–3.

[182]       Submission no. 41, p. 3.

[183]       Supplementary Submission no. 29A,  p. 3.

[184]       Committee Hansard, p. 57.

[185]       Committee Hansard, p. 60.

[186]       Committee Hansard, p. 60.

[187]       Committee Hansard, pp. 126; 124.

[188]       Committee Hansard, p. 358.

[189]       Submission no. 44,  p. 10.

[190]       Committee Hansard, p. 75.

[191]       Committee Hansard, p. 75.

[192]       Committee Hansard, p. 75.

[193]       Committee Hansard, p. 56, and see ACA Submission no. 44,  p. 10; FSCPC Submission no. 37,  pp. 4–5.

[194]       Committee Hansard, p. 304.

[195]       See for example, Submissions nos 44, 68, and group Submission no. 69.

[196]       Submission no 22, pp. 3–4, and Committee Hansard, p. 49.

[197]       See ACF Committee Hansard, pp. 49–50, and EIA Committee Hansard, p. 245.

[198]       Submission no. 68, pp. 1–2.

[199]       Committee Hansard, pp. 46–47.

[200]       Socially Responsible Investment in Australia,  A report prepared by the Allen Consulting Group for the Ethical Investment Working Group, 2000,  p. 2.

[201]       Committee Hansard, p. 248.

[202]       Committee Hansard, p. 248.

[203]       Committee Hansard, p. 249.

[204]       CPA Committee Hansard, pp. 39–40, and AMP Submission no 49, p. 3.

[205]       Committee Hansard, p. 122.

[206]       Submission no. 49, pp. 3–4.

[207]       Submission no. 16,  pp. 7–8.

[208]       Submission no. 16,  p. 14.

[209]       Submission no. 16,  p. 16.

[210]       Submission no. 40,  p. 3.

[211]       Submission no. 60,  pp. 2–3.

[212]       Submission no. 16,  p. 7, and see Committee Hansard, p. 191.

[213]       Committee Hansard, p. 195.

[214]       Committee Hansard, p. 193.

[215]       Committee Hansard, p. 193.

[216]       Committee Hansard, pp. 272–73.

[217]       Submission no 16,  p. 12.

[218]       Submission no. 44,  p. 14.

[219]       Submission  no. 44,  pp. 14–15

[220]       Submission no. 16, p. 13 and Submission no. 40, p. 3.

[221]       Submission nos 37 and 44, and see Committee Hansard, p. 58.

[222]       Submission no. 16, p. 13.

[223]       ASFA, Institute of Chartered Accountants and CPA Australia, ACA and Financial Services Consumer Policy Centre. See submission nos 16, p. 12; 40, p. 3; 44, p. 15; and 37, p. 6.

[224]       Submission no. 16,  p. 13 and Submission no. 37, p. 6.

[225]       Submission no. 16,  p. 13.

[226]       Submission no. 16,  pp. 12–13; and Submission no. 44,  pp. 14–15.

[227]       Committee Hansard, p. 123.

[228]       Supplementary Submission no. 16A,  p. 1.

[229]       Submission no. 29,  p. 3.

[230]       Submission no. 49,  p. 2.

[231]       Submission no. 45, p. 2.

[232]       Submission nos 49, p. 2; 54, p. 6; 45, p. 2.

[233]       IFSA Submission no. 29, p. 3, supported by BT Financial Group Submission no. 45,  p. 2.

[234]       Submission no. 40, p. 3.

[235]       Submission no.  65, p. 6.

[236]       Supplementary Submission no. 16A, p. 2.

[237]       Supplementary Submission no. 16A, p. 2.

[238]       Document tabled on 25 June 2001, p. 2.

[239]       Committee Hansard, p. 298.

[240]       Committee Hansard, p. 272.

[241]       Submission no. 54, p. 2.

[242]       Submission no. 54,  p. 3

[243]       Submission nos 60, p. 1 and 54,  p. 1.

[244]       Submission no. 54,  p. 1.

[245]       Corporate funds function with employer, rather than union, support and offer members defined benefit schemes, while industry funds offer accumulation benefits. See Committee Hansard, p. 263. The SIS Act equal representation rules require that half of the trustees are elected by the employer and half are elected on behalf of members.

[246]       Submission no. 60,  p. 3.

[247]       Submission no. 60,  p. 1.

[248]       Committee Hansard, p. 254.

[249]       Committee Hansard, pp. 259; 260.

[250]       Submission no. 67,  p. 2.

[251]       Submission no. 60,  p. 3.

[252]       Committee Hansard, p. 192.

[253]       Committee Hansard, p. 256.

[254]       Submission no. 60,  p. 3.

[255]       Submission no. 40,  p. 4.

[256]       Committee Hansard, p. 192.

[257]       Submission no. 54,  p. 3.

[258]       Submission no. 67,  pp. 5; 2.

[259]       Submission no. 28,  p. 1.

[260]       Submission no. 28,  pp. 4; 1.

[261]       Committee Hansard, p. 290.

[262]       Committee Hansard, p. 290.

[263]       Committee Hansard, p. 291–92.

[264]       Committee Hansard, p. 329.

[265]       Committee Hansard, pp. 272–73.

Labor Members Minority Report

[1] Committee Hansard, pg. 266

[2] Ibid.

[3] Committee Hansard, pg. 266

[4] Committee Hansard, pg. 268

[5] Committee Hansard, pg. 244

[6] Committee Hansard, pg. 50

[7] Committee Hansard, pg. 122