Inquiry into Agribusiness Managed Investment Schemes
Information about the Inquiry
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Terms of reference
Inquiry into agribusiness managed investment schemes
Having regard to the recent collapses of Timbercorp and Great Southern,
the Committee will inquire into and report by 7 September 2009 on
agribusiness managed investment schemes (MIS), with particular reference
to:
- business models and scheme structures of MIS;
- the impact of past and present taxation treatments and rulings
related to MIS;
- any conflicts of interest for the board members and other
directors;
- commissions,
fees and other remuneration paid to marketers, distributors, related
entities and sellers of MIS to investors (including accountants and
financial advisers);
- the accuracy of
promotional material for MIS, particularly information relating to claimed
benefits and returns (including carbon offsets);
- the range of
individuals and organisations involved with the schemes, including the
holders of the relevant Australian Financial Services Licence;
- the level of consumer education and understanding of these
schemes;
- the performance of the schemes;
- the factors underlying the recent scheme collapses;
- the projected returns and supporting information, including
assumptions on
product price and demand;
- the impact of MIS on other related markets; and
- the need for any legislative or regulatory change.
Making a submission
The Committee will report its findings to Parliament by 7 September
2009. Written submissions to the inquiry close on
26 June 2009.
Please send written submissions to
corporations.joint@aph.gov.au
or by post to:
Committee Secretary, Parliamentary Joint Committee on Corporations and
Financial Services
Department of the Senate
PO Box 6100 Parliament House
Canberra ACT 2600
Emailed submissions should include full name, address and phone contact
details so we can contact you if necessary. Similarly, please include your
full contact details with any hard copy submission that you send in. It
assists the Secretariat greatly if you include these contact details on a
separate cover sheet, rather than in the body of the submission which will
be published.
There is no set format for submissions. The only requirement is that your
submission is relevant to, and addresses at least one of, the inquiry's
terms of reference. The committee may decide not to receive a submission
if it does not meet this requirement.
Please do not release your submission elsewhere until you have received a
formal acknowledgment letter from the Secretariat. Once the
Committee receives your submission, it becomes a Committee document and is
protected by Parliamentary privilege. However, if you release your
submission without the Committee's permission and/or before the Committee
has formally received it, you will not be protected by Parliamentary
privilege. For more information about Parliamentary privilege, see
http://www.aph.gov.au/senate/pubs/briefs/brief11.htm
Publication of submissions
The Committee routinely makes submissions public during the inquiry,
including by posting them on the internet. However, the Committee will
consider requests to keep a submission confidential. Please indicate
very clearly on your submission if you want it to be kept
confidential. It is helpful to the Committee's considerations if you
also provide a brief reason for this request.
Adverse comment in submissions
Please be aware that,
if your submission reflects adversely on another person (for example,
accusing them of lying or corrupt behaviour) or organisation, the
committee will send the comment to the other person so they can reply.
This may apply even if the committee agrees to keep your submission
confidential.
Further information about making submissions is at
http://www.aph.gov.au/Senate/committee/wit_sub/index.htm
Public hearings
Information about public hearing dates and venues will be posted on the
inquiry web site as it becomes available. Hansard transcripts of completed
hearings will also be available after the event.
The committee currently intends to hold a public hearing for this inquiry
in Canberra on 15 July 2009.
The committee, through the Secretariat, will issue invitations to
prospective witnesses on the basis of written submissions received.
Although only invited witnesses will have the opportunity to make verbal
presentations to the committee and answer the committee's questions,
anyone with an interest in the inquiry can attend and observe the
hearings.
The reporting process
As specified in the inquiry terms of reference, the Committee will report
to Parliament by 7 September 2009. A written report, including any
recommendations that arise out of the committee's inquiry and findings,
will be presented ('tabled') in both houses of Parliament. The report will
be made available to the public via the inquiry web site on the same day
that it is tabled. It will then be a matter for the Government to respond
to. Any written response from the Government will be linked to the inquiry
web site once it becomes available.
Further information
If you have questions about the inquiry that are not addressed by the above material, please contact the Secretariat:
Shona Batge (Committee Secretary)
Parliamentary Joint Committee on Corporations and Financial Services
PO Box 6100
Parliament House
Canberra ACT 2600
Australia
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