Chapter 1 - Corporations Amendment Regulations 2003

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Chapter 1 - Corporations Amendment Regulations 2003

Background

1.1        On 14 May 2003, the Parliamentary Joint Committee on Corporations and Financial Services resolved to inquire into and report on the following regulations before 24 June 2003:

  • Corporations Amendment Regulations 2003 (No. 1), Statutory Rules 2003, No. 31 effective from 11 March 2003; and
  • regulation 7.1.29 of the Corporations Amendment Regulations 2003 (No. 3), Statutory Rules 2003 No. 85.

1.2        The above regulations were made under section 1364 of the Corporations Act 2001.

1.3        The Committee advertised the inquiry on its web site and, on 21 May 2003, in the Australian. Invitations to participate in the inquiry were also sent to several financial sector industry associations and individual stakeholders.

Submissions

1.4        The Committee received 11 submissions which are listed in Appendix 1 of this report. Copies are published on the Committee’s web site at http://www.aph.gov.au/senate/committee/corporations_ctte/inquire.htm.

Hearing and evidence

1.5        The Committee held a public hearing in Parliament House, Canberra, on 16 June 2003. It took evidence from those in the accountancy and legal profession and from officers from the Department of the Treasury. The transcript of the hearing is available at the web site address above.

Structure of the report

1.6        Submissions to the inquiry were concerned mainly with regulation 7.1.29. The submissions that did comment on the regulations contained in Corporations Amendment Regulations 2003 (No. 1) did not raise any objections to the regulations but rather endorsed specific ones. Because of the different approach taken by submissions to the two sets of regulations, the Committee decided to present two separate reports. The Committee’s discussion of the Corporations Amendment Regulations 2003 (No. 1) is contained in this report. The report on regulation 7.1.29 is in a separate report to be tabled shortly after the presentation of this report.

Acknowledgment

1.7        The Committee is grateful to, and wishes to thank, all those who assisted with its inquiry.

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