Explanatory Memorandum
(Circulated by authority of the Minister for Justice and Customs, Senator the Honourable Chris Ellison)Schedule 5 - Mutual Assistance in Business Regulation
Mutual Assistance in Business Regulation Act 1992
The Mutual Assistance in Business Regulation Act 1992 sets out a scheme by which Commonwealth regulators can assist foreign regulators in their administration or enforcement of foreign business law. This is done by obtaining information, documents and evidence, and transmitting that material to the foreign regulator.
Consideration of foreign requests occurs in two stages. First, the Commonwealth regulator determines whether it refuses the request or accepts the foreign regulator's request, or accepts the request subject to conditions. The Commonwealth regulator must inform the Attorney-General of its decision to enable a second-stage consideration of rendering assistance by the Attorney-General.
Proposed items 1 to 6 substitutes references in the Act to "the Attorney-General" with "Minister". This is to allow the second-stage consideration to be undertaken by any Minister with portfolio responsibility for business regulation.
Under this amendment, Commonwealth regulators are to inform the Minister whether they do not oppose the foreign request, do not oppose the foreign request subject to conditions, or refuse the request.
This amendment allows the Minister to authorise action in compliance with the request or to refuse the request.
This amendment sets out the matters the Minister must take into account in considering whether the foreign request is not opposed, is not opposed subject to conditions, or is rejected. Proposed item 3 also sets out the matters the Minister must take into account in imposing conditions on compliance with the request, requiring undertakings of foreign regulators, or omitting or varying any conditions or undertaking.
Proposed Items 4 and 5
These are consequential amendments to reflect the transfer of responsibility for the second-stage consideration of foreign requests to the Minister.
This amendment allows the Minister to delegate the Minister's powers under the Act.