Footnotes

Chapter 1 - Scrutiny of annual reports

[1]        ASIC Act 2001, s. 243 (b).

[2]        The Financial Reporting Panel was previously established under the ASIC Act, however it ceased operation on 1 October 2012 following amendments to the Corporations Act and ASIC Act.

[3]        The Hon Lionel Bowen MP, Attorney-General, House of Representatives Hansard, Second Reading Speech, Australian Securities Commission Bill 1988, 25 May 1988, p. 2991. The ASIC Act predominantly replicates the administrative structure established in the Australian Securities and Investments Commission Act 1989. Section 261 of the ASIC Act 2001 directs that bodies established under the Australian Securities Commission Act continue in existence as if they had been established under the ASIC Act 2001.

[4]        ASIC Act 2001, s. 235J.

[5]        ASIC Act 2001, s. 236DG.

[6]        The 2011–12 annual report forecasted staffing levels as zero for the 2012–13 year.

[7]        Parliamentary Joint Committee on Corporations and Financial Services, Report on the 2011–12 annual reports of bodies established under the ASIC Act, February 2013, p. 12.

 

[8]        The Senate, Standing Orders and other orders of the Senate, June 2009, p. 28.

Chapter 2 - Bodies established under Parts 9–11 the ASIC Act

[1]        Corporations Act 2001, Part 9.2, Division 3.

[2]        CALDB, Annual report: 2012–13, p. 2.

[3]        ASIC Act 2001, s. 214.

[4]        CALDB, Annual report: 2012–13, p. 7.

[5]        CALDB, Annual report: 2012–13, pp 7–8.

[6]        Parliamentary Joint Committee on Corporations and Financial Services, Report on the 2011–12 annual reports of bodies established under the ASIC Act, February 2013, p. 6.

[7]        Corporations Act 2001, s, 1317B; Administrative Decisions (Judicial Review) Act 1977, s. 5.

[8]        Economics Legislation Committee, Annual Reports (No. 1 of 2013), March 2013, p. 28.

[9]        Prior to 2001, CAMAC existed as the Companies and Securities Advisory Committee. Section 261 of the ASIC Act directs that bodies established under the Australian Securities Commission Act 1989 continue in existence as if they had been established under the ASIC Act.

[10]      ASIC Act 2001, s. 1(1)(c).

[11]      ASIC Act 2001, s. 148.

[12]      CAMAC, Annual report: 2012–13, p. 16.

[13]      CAMAC, Annual report: 2012–13, p. 23.

[14]      CAMAC, Annual report: 2012–13, p. 2.

[15]      CAMAC, Annual report: 2012–13, p. 16.

[16]      CAMAC, Annual report: 2012–13, p. 26.

[17]      CAMAC, Annual report: 2012–13, p. 2.

[18]      CAMAC, Annual report: 2012–13, pp 7–8.

[19]      CAMAC, Administration of Charitable Trusts Report, May 2013, p. 12.

[20]      CAMAC, Administration of Charitable Trusts Report, May 2013, p. 18.

[21]      CAMAC, Administration of Charitable Trusts Report, May 2013, p. 13.

[22]      CAMAC, Administration of Charitable Trusts Report, May 2013, p. 13.

[23]      CAMAC, Administration of Charitable Trusts Report, May 2013, p. 13.

[24]      CAMAC, Annual report: 2012–13, p. 9.

[25]      CAMAC, Annual report: 2012–13, p. 59.

[26]      Senate Economics Legislation Committee, Annual Reports (No. 1 of 2013), March 2013, p. 29.          

[27]      Corporations Act 2001, s. 657A.

[28]      Corporations Act 2001, Part 6.10, Division 2.

[29]      Corporations Act 2001, s. 658C.

[30]      Takeovers Panel, Annual Report 2012–13, p. 7.

[31]      Australian Securities and Investments Commission Act 2001, s. 172.

[32]      Takeovers Panel, Annual Report 2012–13, p. 17.

[33]      Takeovers Panel, Annual Report 2012–13, p. 3.

[34]      Ian Ramsay, The Takeovers Panel and Takeovers Regulation in Australia, Melbourne University Publishing Ltd, December 2010, p. 25.

[35]      Takeovers Panel, Annual Report 2012–13, Table: 'Types of Applications Received by the Panel in 2012–13', p. 20.

[36]      One application dealt with two issues, lock-up devices and a section 606 breach. The annual report counted 0.5 for each type of issue.

[37]      One application dealt with two issues, lock-up devices and a section 606 breach. The annual report counted 0.5 for each type of issue.

[38]      Takeovers Panel, Annual Report 2012–13, p. 22.

[39]      Takeovers Panel, Annual Report 2012–13, p. 8.

[40]      Takeovers Panel, Annual Report 2012–13, p. 8.

[41]      Takeovers Panel, Annual Report 2012–13, p. 23.

[42]      Takeovers Panel, Annual Report 2012–13, p. 23.

[43]      Takeovers Panel, Annual Report 2012–13, p. 29.

[44]      Australian Securities and Investments Commission, Media Release 13–148MR, 21 June 2013.

[45]      Takeovers Panel, Annual Report 2012–13, p. 4.

[46]      Takeovers Panel, Annual Report 2012–13, p. 4.

[47]      Takeovers Panel, Annual Report 2012–13, p. 5.

[48]      Takeovers Panel, Annual Report 2012–13, p. 5.

[49]      Takeovers Panel, Annual Report 2012–13, p. 3.

[50]      Takeovers Panel, Annual Report 2012–13, p. 3.

[51]      Economics Legislation Committee, Annual Reports (No. 1 of 2013), March 2013, p. 36.

Chapter 3

[1]        ASIC Act 2001, s. 224.

[2]        ASIC Act 2001, s. 225, s. 227, s. 227B.

[3]        ASIC Act 2001, s. 235B.

[4]        ASIC Act 2001, s. 235J, s. 236DG.

[5]        Corporations Legislation Amendment (Audit Enhancement) Act 2012, Schedule 2.

[6]        ASIC, Annual report 2012-13, p. 153.

[7]        ASIC Act 2001, ss. 225(2–2D).

[8]        FRC, Annual report: 2012–13, pp 1, 3; ASIC Act 2001, s. 235G, s. 236AA, s. 236DE,  s. 236EA.

[9]        ASIC Act 2001, ss. 225(5–8).

[10]      AASB, Annual report: 2012–13, p. 51; AUASB, Annual report: 2012–13, p. 40.

[11]      Section 261 of the ASIC Act directs that bodies established under the Australian Securities and Investments Commission Act 1989 continue in existence as if they had been established under the ASIC Act 2001.

[12]      Corporations Legislation Amendment (Audit Enhancement) Act 2012, schedule 2.

[13]      Explanatory Memorandum, Corporations Legislation Amendment (Audit Enhancement) Bill 2012, p. 8.

[14]      ASIC Act 2001, ss. 225(1).

[15]      Corporations Legislation Amendment (Audit Enhancement) Act 2012, schedule 2.

[16]      FRC, Annual report: 2012–13, p. 11.

[17]      ASIC Act 2001, ss. 225 (2B –C).

[18]      FRC, Annual report: 2012–13, transmittal letter.

[19]      FRC, Annual report: 2012–13, chapter 2.

[20]      FRC, Annual report: 2012–13, p. 3.

[21]      FRC, Annual report: 2012–13, p. 11.

[22]      ASIC, ASIC audit inspection program report for 2011-12, December 2012, p. 5.

[23]      Parliamentary Joint Committee on Corporations and Financial Service, Statutory Oversight of the Australian Securities and Investments Commission, Number 2, May 2013, pp 5–23.

[24]      ASIC Act 2001, ss. 225(2), ss. 225(2A).

[25]      ASIC Act 2001, paragraph 224(b)(ii).

[26]      ASIC Act 2001, ss. 225(2), ss. 225(2A).

[27]      FRC, Annual report: 2012–13, p. 7.

[28]      FRC Annual report: 2012–13, p. 39.

[29]      Financial Reporting Council, Strengths, weaknesses, opportunities, and threats analysis, received 20 December 2013.

[30]      FRC, Annual report: 2012–13, p. 1.

[31]      FRC Media Release, Managing Complexity in Financial reporting Finding from the Consultation process, 3 October 2012, http://www.frc.gov.au/press_releases/2012/02.asp, (accessed 4 December 2013).

[32]      FRC, Annual report: 2012–13, p. 3.

[33]      FRC, Annual report: 2012–13, p. 26.

[34]      FRC, Results of Survey on the Financial Literacy of Australian Directors, September 2012, pp 20–21.

[35]      FRC, Annual report: 2012–13, p. 58.

[36]      ASIC Act 2001, s. 224, s. 227A, s. 227B.

[37]      ASIC Act 2001, s. 227B; Corporations Act 2001, s. 336.

[38]      ASIC Act 2001, s. 227B.

[39]      ASIC Act 2001, s. 227AB.

[40]      AUASB, Annual report: 2012–13, p. 18.

[41]      AUASB, Annual report: 2012–13, p. 3.

[42]      Parliamentary Joint Committee on Corporations and Financial Services, Statutory Oversight of the Australian Securities and Investments Commission, Number 2, May 2013, pp 7–11; FRC, Annual report: 2012–13, p. 4; see also paragraphs 3.11 to 3.13 of this report.

[43]      AUASB, Annual report: 2012–13, pp 5–8.

[44]      Parliamentary Joint Committee on Corporations and Financial Services, Report on the 2009–10 annual reports of bodies established under the ASIC Act, February 2011, p. 3.

[45]      AUUSB, ASA redrafting in Clarity Format, http://www.auasb.gov.au/ASA-Redrafting-in-Clarity-Format.aspx, (accessed 19 December 2013).

[46]      AUASB, Annual report: 2012–13, p. 12; AUASB, Annual report: 2011–12, p. 12.

[47]      Parliamentary Joint Committee on Corporations and Financial Service, Report on the 2011–12 annual reports of bodies established under the ASIC Act, February 2013, p. 26.

[48]      AUASB, Clarity Standards in the 2012–13 Annual Report, Additional Information, received 31 January 2014.

[49]      Parliamentary Joint Committee on Corporations and Financial Service, Report on the 2011–12 annual reports of bodies established under the ASIC Act, February 2013, p. 26.

[50]      AUASB, Annual report: 2012–13, p. 39.

[51]      Senate Economics Legislation Committee, Annual reports¸ No. 1 of 2013, March 2013,
pp 21–22.

[52]      Section 261 of the ASIC Act directs that bodies established under the Australian Securities and Investments Commission Act 1989 continue in existence as if they had been established under the ASIC Act 2001.

[53]      ASIC Act 2001, s. 227.

[54]      ASIC Act 2001, s. 226A.

[55]      AASB, Annual report: 2011–12, p. 16.

[56]      AASB, Annual report: 2012–13, p. 3.

[57]      AASB, Annual report: 2012–13, p. 8.

[58]      AASB, Annual report: 2012–13, p. 21.

[59]      AASB, Annual report: 2012–13, p. 3.

[60]      AASB, Annual report: 2012–13, pp 23–24.

[61]      AASB, Annual report: 2012–13, p. 4.

[62]      AASB, Annual report: 2012–13, p. 3.

[63]      AASB, Annual report: 2012–13, p. 3.

[64]      AASB, Annual report: 2012–13, p. 3.

[65]      AASB, Annual report: 2012–13, p. 8.

[66]      AASB, Annual report: 2012–13, p. 38.

[67]      AASB, Annual report: 2012–13, p. 3.

[68]      AASB, Annual report: 2012–13, p. 38.

[69]      AASB, Reasons for additional project in the 2012–13 work program, Additional Information, received 19 December 2013.

[70]      Parliamentary Joint Committee on Corporations and Financial Service, Report on the 2011–12 annual reports of bodies established under the ASIC Act, February 2013, p. 29.

[71]      AASB, Annual report: 2012–13, p. 50.

[72]      Senate Economics Legislation Committee, Annual reports¸ No. 1 of 2013, March 2013,
pp 22–23.