Explanatory Memorandum
(Circulated by authority of the Treasurer, the Honourable Peter Costello MP)10 Schedule 6: Amendment of the Corporations Law 1989 to take account of the Managed Investments Act 1998
The purpose of Schedule 6 is to amend the Corporations Law taking into account the changes in the proposed Managed Investments Act 1998 to reflect the change of name of the Australian Securities Commission (ASC) to 'Australian Securities and Investments Commission' (ASIC).
Commencement
10.1 In the event that the proposed Managed Investments Act 1998 commences before the proposed Australian Prudential Regulation Authority Act commences, Schedule 6 comes into effect at the time of the commencement of the proposed Australian Prudential Regulation Authority Act.
10.2 In the event that the proposed Managed Investments Act commences after or at the same time as the proposed Australian Prudential Regulation Authority Act, Schedule 6 comes into effect immediately after the commencement of the proposed Managed Investments Act.
Change of name of regulator
10.3 The following items in Parts 1 and 2 of Schedule 6 omit references to the ASC in the Corporations Law taking into account the changes in Schedule 1 of the proposed Managed Investments Act (the new managed investments provisions and transitional provisions) and substitute references to ASIC: 1 - 55.
10.4 The following items in Parts 3 and 4 of Schedule 6 omit references to the ASC in the Corporations Law taking into account the changes in Schedule 2 of the proposed Managed Investments Act (the consequential amendments) and substitute references to ASIC: 56 - 59.
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