Explanatory Memorandum
(Circulated by authority of the Treasurer, the Honourable Peter Costello MP)8 Schedule 4: Amendment of the Corporations Law 1989
The purpose of Schedule 4 is to amend the Corporations Law to reflect the change of name of the Australian Securities Commission (ASC) to 'Australian Securities and Investments Commission' (ASIC).
Commencement
8.1 Schedule 4 will commence on the commencement of the proposed Australian Prudential Regulation Authority Act 1998.
Change of name of regulator
8.2 Item 1 of Schedule 4 amends the definitions section of the Corporations Law (section 9) by repealing the definition of the 'ASC' and inserting a definition of 'ASIC'.
8.3 Items 2; 3; 5 and 6 of Schedule 4 amend references to the Australian Securities Commission Act 1989 in the definitions of 'Advisory Committee'; 'Board'; 'Commission Act' and 'unclaimed money account' in section 9 to refer to the Australian Securities and Investments Commission Act 1989.
8.4 Item 4 amends the definition of 'Commission' in section 9 to refer to the Australian Securities and Investments Commission.
8.5 Items 7 and 8 of Schedule 4 replace the words 'Australian Securities Commission' with the words 'Australian Securities and Investments Commission' in 2 places in the Small Business Guide.
8.6 Items 9 12 amend 4 references to the Australian Securities Commission Act 1989 to refer to the Australian Securities and Investments Commission Act 1989.
8.7 The following items omit references to the ASC in the Corporations Law and substitute references to ASIC: 13 - 47.