House of Representatives

Explanatory Memorandum

(Circulated by authority of the Minister for Financial Services and Regulation, the Honourable J.B. Hockey MP and the Attorney-General, the Honourable Daryl Williams AM QC MP)

Chapter 4 - Schedule 1 - Repeals

Part 1 - The applied laws

4.1. The following items wholly repeal the Australian Securities and Investments Commission Act 1989 and the Corporations Act 1989 :

Item 1: Australian Securities and Investments Commission Act 1989

Item 2: Corporations Act 1989

Part 2 - The former co-operative Acts

4.2. The items in Part 2 repeal the whole of the former co-operative scheme Commonwealth Acts.

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Companies Act 1981

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Companies (Fees: Taxation Component) Act 1989

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Companies (Acquisition of Shares) Act 1980

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Companies (Acquisition of Shares - Fees: Taxation Component) Act 1989

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Companies and Securities (Interpretation and Miscellaneous Provisions) Act 1980

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Companies (Transitional Provisions) Act 1981

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Securities Industry Act 1980

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Securities Industry (Fees: Taxation Component) Act 1980

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Futures Industry Act 1980

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Futures Industry (Fees: Taxation Component) Act 1980

4.3. As noted, it is expected that the States will retain their co-operative scheme legislation for the time being. Clause 272 of the ASIC Bill enables ASIC to continue to carry out the functions and exercise the powers of the National Companies and Securities Commission in relation to that legislation.