Explanatory Memorandum
(Circulated by authority of the Acting Minister for Revenue and Financial Services, Senator the Hon Mathias Cormann)General outline and financial impact
Validation of agreements to employ staff or engage consultants
This Bill amends the Australian Securities and Investments Commission Act 2001 (ASIC Act 2001) and the Corporations Act 2001 in order to validate certain agreements to employ or engage Australian Securities and Investments Commission (ASIC) staff that were purportedly made before the end of 9 March 2017.
Date of effect: When enacted, the Bill will be taken to have commenced immediately after the commencement of the ASIC Act 2001 on 15 July 2001.
Proposal announced: This measure has not been previously announced.
Financial impact: This Bill has no financial impact.
Human rights implications: This Bill does not raise any human rights issue. See Statement of Compatibility with Human Rights - paragraphs 1.48 to 1.51.
Compliance cost impact: Nil.