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

[1]
Reserve Bank of Australia.

[2]
Australian Mortgage Industry - Volume 7, Fujitsu and JPMorgan, March 2008.

[3]
Complexity to be Tackled in Financial Services Working Group to Start Immediately, Joint press release by Ministers Sherry and Tanner, 5 February 2008.

[4]
This data was provided by the TCA. It covers TCA member trustee companies and State Trustees Ltd.

[5]
This figure includes State Trustees Ltd.

[6]
Trustee Companies Act 1947 (ACT); Trustee Companies Act 1964 (NSW); Companies (Trustee and Personal Representatives) Act 1981 (NT); Trustee Companies Act 1968 (QLD); Trustee Companies Act 1988 (SA); Trustee Companies Act 1953 (TAS); Trustee Companies Act 1984 (VIC); and Trustee Companies Act 1987 (WA)

[7]
Trustee Act 1925 (ACT); Trustee Act 1925 (NSW); Trustee Act 1979 (NT); Trusts Act 1973 (QLD); Trustee Act 1936 (SA); Trustee Act 1898 (TAS); Trustee Act 1958 (VIC); Trustees Act 1962 (WA)

[8]
ANZ Trustees; Elders Trustees Ltd; National Australia Trustees; State Trustees Limited

[9]
There are two jurisdictions with over seven operators, three jurisdictions with between five and six operators, the Australian Capital Territory has one operator, with three other operators conducting business in the territory without a permanent office, Tasmania has only one operator and the Northern Territory has only one operator conducting business in the territory without a permanent office.

[10]
The ACT did not respond to the question.

[11]
Information Sheet 30, Fees for commonly lodged documents, ASIC, 6 August 2008.

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