Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Schedule 6   Minor and technical amendments

Part 1   Amendments commencing day after Royal Assent

Division 2   Measures relating to the Companies Auditors Disciplinary Board

Australian Securities and Investments Commission Act 2001

4   Subsections 210A(3) to (5)

Repeal the subsections, substitute:

(3) Without limiting subsection (2), the Chairperson may constitute the Panel in a particular manner to hear matters of a specified kind, or matters that satisfy specified criteria.

(3A) The Chairperson must, under subsection (2), constitute the Panel so that one of the following members is the Panel Chairperson of the Panel:

(a) the Chairperson;

(b) the Deputy Chairperson;

(c) another member who:

(i) is enrolled as a barrister, as a solicitor, as a barrister and solicitor or as a legal practitioner of the High Court, of any federal court or of the Supreme Court of a State or Territory; and

(ii) has been so enrolled for a period of at least 5 years.

(4) The Chairperson must, under subsection (2), constitute the Panel:

(a) if the Chairperson is satisfied that it is practicable and appropriate to do so - as a 5 person Panel consisting of:

(i) the Panel Chairperson; and

(ii) 2 accounting members; and

(iii) 2 business members; or

(b) otherwise - as a 3 person Panel consisting of:

(i) the Panel Chairperson; and

(ii) 1 accounting member; and

(iii) 1 business member.