Explanatory Memorandum
(Circulated by authority of the Minister for Revenue and Financial Services, Minister for Women and Minister Assisting the Prime Minister for the Public Service, the Hon Kelly O'Dwyer MP)General outline and financial impact
Enhancing ASIC's Capabilities
Amendments relating to competition in the financial system
Schedule 1 of this Bill amends the Australian Securities and Investments Commission Act 2001 (ASIC Act) to require ASIC to consider the effects that the performance of its functions and the exercise of its powers will have on competition in the financial systems.
Date of effect: The day after Royal Assent.
Proposal announced: Schedule 1 implements the recommendation made by the Financial System Inquiry to add competition to ASIC's mandate. The Government accepted this recommendation in October 2015.
Financial impact: None.
Human rights implications: This Schedule does not raise any human rights issue. See Statement of Compatibility with Human Rights - Chapter 3, paragraphs 3.1 to 3.4.
Compliance cost impact: None.
Amendments relating to engagement of ASIC staff
Schedule 2 of this Bill amends the ASIC Act to allow ASIC to employ staff outside of the Public Service Act 1999 (PSA).
Date of effect: 1 July 2019.
Proposal announced: Schedule 2 implements the recommendation made by the ASIC Capability Review that ASIC should no longer be required to employ staff under the PSA. The Government accepted this recommendation on 20 April 2016.
Financial impact: None.
Human rights implications: This Schedule does not raise any human rights issue. See Statement of Compatibility with Human Rights - Chapter 3, paragraphs 3.5 to 3.8.
Compliance cost impact: None.