House of Representatives

Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009

Corporations Legislation Amendment (Financial Services Modernisation) Act 2009

Explanatory Memorandum

Circulated By the Authority of the Minister for Human Services Minister for Financial Services, Superannuation and Corporate Law the Hon Chris Bowen Mp

Index

Schedule 1: Margin loans

Bill reference Paragraph number
Item 1 1.33
Items 2 to 7 1.34
Item 8 1.37
Item 9 1.39
Item 9, subsection 761EA(1) 1.40
Item 9, subsection 761EA(2) 1.43
Item 9, paragraph 761EA(2)(a) 1.43
Item 9, subparagraph 761EA(2)(b)(i) 1.43
Item 9, subparagraph 761EA(2)(b)(ii) 1.43
Item 9, paragraphs 761EA(2)(c) and (d) 1.43
Item 9, paragraph 761EA(2)(e) 1.43
Item 9, subsection 761EA(3) 1.44
Item 9, subsection 761EA(4) 1.45
Item 9, subparagraph 761EA(2)(b)(i) 1.48
Item 9, subsection 761EA(5) 1.54
Item 9, paragraph 761EA(5)(a) 1.54
Item 9, paragraph 761EA(5)(b 1.54
Item 9, paragraph 761EA(5)(c) 1.54
Item 9, paragraph 761EA(5)(e) 1.54
Item 9, subsection 761EA(7) 1.55
Item 9, subsection 761EA(6) 1.55
Item 9, subsections 761EA(8) to (10) 1.58
Item 9, subsection 761EA(11) 1.60
Item 10 1.35
Item 11 1.36
Item 12, section 985E 1.62
Item 12, subsection 985E(1) 1.63
Item 12, subsection 985E(2) 1.64
Item 12, subsection 985E(3) 1.65
Item 12, section 985F 1.66
Item 12, paragraphs 985G(1)(a) and (b) 1.67
Item 12, paragraphs 985G(1(c) and (d) 1.67
Item 12, subsection 985G(2) 1.67
Item 12, subsection 985G(3) 1.77
Item 12, section 985H 1.81
Item 12, subsection 985H(1) 1.81
Item 12, paragraph 985H(2)(a) 1.82
Item 12, paragraph 985H(2)(b) 1.82
Item 12, subsection 985H(3) 1.84
Item 12, section 985J 1.86
Item 12, subsection 985J(1) 1.87
Item 12, subsection 985J(1), note 3 1.88
Item 12, subsection 985H(2) 1.89
Item 12, subsection 985J(3) 1.90
Item 12, subsection 985J(4) 1.91
Item 12, subsection 985J(5) 1.92
Item 12, section 985K 1.93
Item 12, subsection 985K(1) 1.93
Item 12, subsections 985K(2) to (6) 1.94
Item 12, subsection 985K(4) 1.95
Item 12, subsection 985M(1) 1.96
Item 12, subsection 985M(2) 1.99
Item 12, subsection 985M(3) 1.101
Item 12, subsection 985M(4) 1.102
Item 12, subsections 985M(5) and (6) 1.104
Item 12, section 985L 1.105
Items 13 and 14 1.106
Item 14, subsection 766A(1A) and (1B) 2.70
Item 15 1.107
Item 16 1.108

Schedule 2: Regulation of trustee companies

Bill reference Paragraph number
Items 1 and 2, subsection 12BA(1) 2.226
Item 2, item 3 in the table 2.228
Item 3, subsections 12BAB(1A) and (1B) 2.227
Items 3 and 4, subsection 490(1), paragraph 490(1)(c) and subsection 490(2) 2.217
Item 4, subsection 5A(4) 2.216
Item 6, paragraph 283AC(1)(aa) 2.222
Item 9, subsection 601RAC(3 2.25
Item 9, section 601RAA and subsection 601RAB(3) 2.26
Item 9, section 601RAD 2.28
Item 9, section 601RAA 2.30
Item 9, subsection 601RAE(2) 2.35
Item 9, subsection 601RAE(3) 2.36
Item 9, subsection 601RAE(4) 2.37
Item 9, subsection 601RAE(6) 2.38
Item 9, Part 5D.2, Division 1 2.39
Item 9, Part 5D.2, Divisions 2 and 3 2.39
Item 9, section 601SAA 2.41
Item 9, section 601SAB 2.42
Item 9, section 601SAC 2.43
Item 9, section 601SBA 2.45
Item 9, subsection 601SBB(1) 2.47
Item 9, subsection 601SBB(2) 2.49
Item 9, subsection 601SBB(3) 2.50
Item 9, subsection 601SBB(4) 2.51
Item 9, subsection 601SBC(1) 2.52
Item 9, subsection 601SBC(2) 2.53
Item 9, subsections 601SCA(1) and (2) 2.56
Item 9, subsections 601SCA(1) and (3) 2.57
Item 9, subsection 601SCB(1); item 28, item 173C in the table 2.59
Item 9, subsection 601SCB(2); item 28, item 173D in the table 2.60
Item 9, subsection 601SCB(3) 2.61
Item 9, section 601SCC 2.62
Item 9, subsection 601SCA(4) 2.63
Item 9, section 601TAA 2.68
Item 9, paragraph 601RAB(1)(a) 2.18
Item 9, paragraph 601TAB(1)(a) 2.73
Item 9, paragraph 601TAB(1)(b) 2.73
Item 9, paragraphs 601TAB(2)(a) and (b) 2.75
Item 9, subsection 601TBA(1) 2.78
Item 9, subsection 601TBA(2); item 28, item 173H in the table and section 601XAA 2.79
Item 9, subsection 601TBB(1) 2.80
Item 9, subsection 601TBB(2) 2.80
Item 9, section 601TBC 2.81
Item 9, section 601TBD 2.82
Item 9, subsection 601TBE(2) 2.83
Item 9, paragraphs 601TBE(3)(a) and (b) 2.84
Item 9, section 601TCA 2.86
Item 9, paragraph 601TDB(1)(a) 2.96
Item 9, paragraph 601TDB(1)(b) 2.96
Item 9, paragraph 601TDB(1)(c) 2.96
Item 9, section 601TDC 2.99
Item 9, subsections 601TDC(1) and (2) 2.100
Item 9, subsection 601TDC(3) 2.101
Item 9, subsection 601TDC(4) 2.102
Item 9, subsection 601TDC(5) 2.103
Item 9, subsection 601TDD(1) 2.104
Item 9, subsection 601TDD(2) 2.105
Item 9, subsection 601TDE(1) 2.106
Item 9, subsection 601TDE(2) 2.107
Item 9, section 601TDF 2.108
Item 9, section 601TDG 2.109
Item 9, section 601TDH 2.111
Item 9, section 601TDI 2.112
Item 9, section 601TDJ 2.113
Item 9, subsection 601TEA(1) 2.115
Item 9, subsection 601TEA(2) 2.116
Item 9, subsection 601TEA(3) 2.117
Item 9, subsection 601TEA(4) 2.118
Item 9, subsections 601TEA(5) and (6) 2.119
Item 9, subsection 601TEB(1) 2.120
Item 9, subsections 601TEB(2) and (3) 2.121
Item 9, section 601UAA 2.124
Item 9, paragraph 601UAA(1)(a) 2.125
Item 9, paragraphs 601UAA(1)(c) and (d) 2.126
Item 9, paragraph 601UAA(1)(b) 2.127
Item 9, paragraph 601UAA(1)(e) 2.127
Item 9, subsections 601UAA(1); item 27, paragraph 1317E(1)(jaaa) 2.128
Item 9, subsections 601UAA(1) and (2); item 28, item 173J in the table 2.128
Item 9, subsection 601UAA(3) 2.129
Item 9, subsection 601UAA(4) 2.130
Item 9, subsection 601UAB(1) 2.131
Item 9, subsection 601UAB(2); item 27, paragraph 1317E(1)(jaab) 2.132
Item 9, subsection 601UAB(1); item 28, item 173K in the table 2.132
Item 9, subsection 601UAB(3) 2.133
Item 9, subsection 601UAB(4) 2.134
Item 9, section 601VAA and Division 2 of Part 5D.5 2.136
Item 9, Division 2 of Part 5D.5 2.136
Item 9, sections 601VAC and 601VAD 2.136
Item 9, section 601VCA 2.136, 2.155
Item 9, section 601VCC 2.136
Item 9, section 601VAA 2.138
Item 9, section 601VAB 2.139
Item 9, section 601VBA 2.142
Item 9, section 601VBB 2.142
Item 9, section 601VBF 2.142
Item 9, section 601VBC 2.142
Item 9, section 601VBD 2.142
Item 9, section 601VBE 2.142
Item 9, section 601VBG 2.142
Item 9, section 601VBH 2.142
Item 9, section 601VCB 2.143
Item 9, subsections 601VBI(1) and (2) 2.144
Item 9, subsection 601VBI(4 2.145
Item 9, subsection 601VBI(3) 2.146
Item 9, subsection 601VBI(5) 2.146
Item 9, subsection 601VBD(8) 2.147
Item 9, paragraph 601VBF(1)(c) 2.147
Item 9, subsection 601VAC(1) 2.148
Item 9, subsection 601VAC(3) 2.149
Item 9, subsection 601VAC(2) 2.150
Item 9, subsection 601VAC(6) 2.151
Item 9, subsections 601VAD(1) and (2) 2.152
Item 9, subsection 601VAD(3) 2.153
Item 9, subsection 601VAD(4) 2.154
Item 9, subsections 601VCC(1) and (2) 2.156
Item 9, subsection 601VCC(1) 2.157
Item 9, subsection 601VCC(2) 2.158
Item 9, subsection 601VCC(3) 2.159
Item 9, subsection 601VCC(4) 2.160
Item 9, subsection 601WAA(1) 2.164
Item 9, subsection 601WAA(1) 2.164
Item 9, subsection 601WAA(2) and definition of authorised ASIC officer in section 601WAA 2.166
Item 9, paragraph 601WBA(2)(a) 2.168
Item 9, paragraph 601WBA(2)(a) 2.168
Item 9, section 601WCH 2.168
Item 9, section 601WBB 2.168
Item 9, paragraph 601WBA(2(b)(iv) and section 601WBC 2.168
Item 9, subsections 601WBA(3) and (4) 2.169
Item 9, subsection 601WBA(5) 2.170
Item 9, subsections 601WBD(1) and (2) 2.171
Item 9, subsections 601WBD(3) and (4) 2.172
Item 9, subsection 601WBE(1) 2.173
Item 9, subsections 601WBE(2) and (3) 2.174
Item 9, subsection 601WBE(5); item 28, item 173P in the table 2.175
Item 9, subsection 601WBE(6) 2.176
Item 9, section 601WBF 2.177
Item 9, subsection 601WBG(1) 2.178
Item 9, subsection 601WBG(2) 2.179
Item 9, subsection 601WBG(4) 2.179
Item 9, subsection 601WBG(3) 2.180
Item 9, subsection 601WBG(5) 2.181
Item 9, section 601WBH 2.182
Item 9, section 601WBI 2.183
Item 9, section 601WBJ 2.184
Item 9, subsection 601WBK(1) 2.185
Item 9, subsection 601WBK(2) 2.186
Item 9, section 601WCA 2.187
Item 9, sections 601WCB and 601WCC 2.187
Item 9, section 601WCD 2.187
Item 9, section 601WCE 2.187
Item 9, section 601WCF; item 28, item 173Q in the table 2.187
Item 9, section 601WCG; item 28, item 173R in the table 2.187
Item 9, section 601WCH 2.187
Item 9, subsection 601WDA(1) 2.190
Item 9, paragraph 601WDA(1)(b) 2.191
Item 9, subsection 601WDA(2) 2.192
Item 9, subsections 601XAA(1) and 601XAA(3) 2.194
Item 9, subsection 601XAA(2) 2.195
Item 9, subsection 601XAA(4) 2.196
Item 9, subsection 601YAA(1) 2.198
Item 9, subsection 601YAA(2) 2.199
Item 9, subsection 601YAA(3) 2.200
Item 9, subsections 601YAA(4) 2.200
Item 9, subsection 601YAA(5) 2.201
Item 9, subsection 601YAA(6) 2.202
Item 9, subsection 601YAB(1) 2.203
Item 9, subsection 601YAB(2) 2.205
Item 9, paragraph 601RAB(1)(b) 2.18
Item 9, paragraph 601RAB(2(a) 2.19
Item 9, paragraph 601RAB(2)(b) 2.19
Item 9, section 601RAA 2.20, 2.29, 2.31, 2.32
Item 9, subsection 601RAC(1) 2.22
Item 9, subsection 601RAC(2) 2.22
Items 10 and 11, section 761A and paragraph 761A(e) 2.215
Items 12 to 14, section 761A 2.221
Items 15 and 16, subsection 761G(6A) 2.71, 2.207
Items 17 and 18, subsection 761G(7) and section 761GA 2.209
Item 19, subsection 766A(1A) 2.210
Item 19, subsection 766A(1B) 2.211
Item 20, subsection 911A(4) 2.212
Items 21 to 23, subparagraphs 912D(1)(a)(iii) and 912D(1)(a)(iv) 2.214
Item 24, paragraph 915B(3)(ca) 2.213
Item 25, paragraph 981A(2)(ca) 2.218
Item 26, paragraph 1311(1A)(daa) 2.223
Item 26, paragraph 1311(1A)(daa) 2.219
Item 27, paragraphs 1317E(1)(jaaa) and (jaab) 2.224
Item 27, paragraph 1317(1)(jaaa) and (jab) 2.220
Item 28, item 173B in the table 2.54
Item 28, item 173F in the table 2.69
Item 28, item 173A in the table 2.48
Item 28, item 173M in the table 2.147
Item 28, item 173L in the table 2.140
Item 28, item 173G in the table 2.74
Section 601TDA 2.91
Section 1493 2.232
Section 1494 2.233
Paragraph 1495(2)(a) 2.234
Paragraph 1495(2)(b) 2.235
Paragraph 1495(2)(c) 2.236
Subsection 1495(3) 2.237
Section 1496 2.238

Schedule 3: Regulation of debentures

Bill reference Paragraph number
Item 1, section 9, paragraph (d), of definition of debenture 3.18
Item 2, section 283BC 3.22
Item 3, section 283BCA 3.24

Schedule 4: Technical amendment relating to jurisdiction of courts

Bill reference Paragraph number
Item 1, subsection 1338B(8) 4.4

Schedule 5: Application and transitional provisions

Bill reference Paragraph number
Division 1, subsections 1489(1) to (3) 1.113
Division 1, section 1490 1.114
Division 1, section 1491 1.115
Division 1, section 1492 1.116
Division 1, section 1487 1.110
Division 1, section 1488 1.111
Division 1, subsection 1489(1) 1.112
Section 1498 3.28, 3.29

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