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Introduced into the House of
Representatives on 12 September 2012
Portfolio: Treasury
Response received: 3 October 2012
Committee view
1.2
The committee thanks the Minister for Financial Services and
Superannuation for his detailed and prompt response to the committee's request
for clarification on the bill's engagement with the right against
self-incrimination.
1.3
Having considered the response in conjunction with the statement of
compatibility, the committee is satisfied that the bill does not appear to
raise any concerns with regard to the right against self-incrimination in
article 14(3)(g) of the International Covenant on Civil and Political Rights
(ICCPR).
1.4
The committee also notes that article 14(3)Ig) of ICCPR is relevant to
situations where the compelled information is subsequently used in criminal
proceedings against the person or is used to gather other evidence against the
person. The requirement to provide information on pain of a criminal penalty
does not of itself infringe the right against self-incrimination in article
14(3)(g) of ICCPR.
Purpose of the bill
1.5
This bill amends various related Acts to provide a
legislative framework to implement Australia’s G-20 commitments in relation to
over-the-counter (OTC) derivatives reforms to improve transparency and risk
management in the OTC derivatives market. In particular, the bill:
- introduces new restrictions on the trading of
over-the-counter derivatives (OTC derivatives);
- allows the Minister for Financial Services to
prescribe classes of derivatives in relation to certain mandatory obligations.
Subject to a class of derivatives being prescribed for one or more mandatory
obligations (trade reporting, central clearing or on platform execution), the
Australian Securities and Investments Commission (ASIC) may make related
derivatives transaction rules, with the Minister’s consent; and
- introduces a licensing regime for trade
repositories, a new type of financial market infrastructure.
1.6
The Minister's response can be found in Appendix 1.
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