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
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