Explanatory Memorandum
(Circulated by the authority of the Parliamentary Secretary to the Treasurer, the Hon Bernie Ripoll MP)General outline and financial impact
Closure of the Financial Reporting Panel
The Bill amends the Australian Securities and Investments Commission Act 2001 , the Corporations Act 2001 and the Corporations ( Fees ) Act 2001 to repeal the functions and powers of the Financial Reporting Panel (FRP). The FRP was established to resolve contested issues between the Australian Securities and Investments Commission (ASIC) and reporting entities over the application of the accounting standards to financial reports. However, it is being closed because of a low number of referrals.
The Bill also contains a transitional provision so that courts may continue to have regard to reports previously issued by the FRP despite its closure.
Date of effect : The amendments will commence on a day to be fixed by Proclamation. However, if the amendments do not commence within the period of six months beginning on the day the Act receives Royal Assent, they will commence on the day after the end of that period.
Proposal announced : This measure was announced in the Media Release of the then Parliamentary Secretary to the Treasurer, the Hon David Bradbury MP, No. 003 of 7 February 2012.
Financial impact : Nil.
Human rights implications : This Bill does not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 2, paragraph 2.3.
Compliance cost impact : The compliance cost impact of these amendments is low.