Explanatory Memorandum
Circulated By the Authority of the Minister for Human Services Minister for Financial Services, Superannuation and Corporate Law the Hon Chris Bowen MpChapter 4 - Technical amendment relating to jurisdiction of courts
Outline of chapter
4.1 Schedule 4 to the Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009 amends the Corporations Act 2001 (Corporations Act) to correct a technical error in Chapter 9, subsection 1338B(8).
Context of amendments
4.2 Chapter 9, Part 9.6A, Division 2 of the Corporations Act deals with the jurisdiction of courts in relation to criminal matters. Subsection 1338B provides that State and Territory courts have equivalent jurisdiction with respect to certain offences. The amendment corrects an omission in paragraph (8) to include a court of 'the Capital Territory'.
Summary of new law
4.3 The amendment corrects an omission so that the courts of all Australian States and Territories are included within the provision.
Comparison of key features of new law and current law
| New law | Current law |
| Includes a reference to a court of the Capital Territory to ensure that all Australian States and Territories are included correctly in the provision. | Reference to the Capital Territory was omitted. |
Detailed explanation of new law
4.4 Schedule 4, item 1 is a technical amendment only and inserts a reference to a court of the Capital Territory, which had been incorrectly omitted . [Schedule 4, item 1, subsection 1338B(8)]
Application and transitional provisions
4.5 The amendment commences on the day on which this Bill receives Royal Assent.