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Chapter 1 - Regulation 7.1.29 of Corporations Amendment Regulations 2003 (No. 3)

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 by 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 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.

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.

1.5        The Committee held a public hearing on 16 June 2003. The transcript of the hearing is available at the web site address above. Details of witnesses who appeared at the hearing are in Appendix 2.

1.6        The Committee’s report on Corporations Amendment Regulations 2003 (No. 1) was tabled on 24 June 2003. However, the Committee decided to defer the reporting date for regulation 7.1.29 to 26 June 2003 because of the breadth of issues raised about this regulation. Submissions and the Hansard transcript were tabled with the first report.

1.7        In the next chapter, the Committee examines the history and content of regulation 7.1.29. In chapter 3 the Committee reviews the evidence and makes its recommendations.

1.8        The Committee thanks those who made submissions to this inquiry or appeared as witnesses at the hearing.

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