House of Representatives

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)

Chapter 3 Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

Consideration of competition

3.1 Schedule 1 is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Overview

3.2 Schedule 1 amends the Australian Securities and Investments Commission Act 2001 to require ASIC to consider competition in the financial system when performing its functions and exercising its powers.

Human rights implications

3.3 The amendments in Schedule 1 do not engage any of the applicable rights or freedoms.

Conclusion

3.4 Schedule 1 is compatible with human rights as it does not raise any human rights issues.

Removing ASIC from the Public Service Act 1999

3.5 Schedule 2 is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Overview

3.6 Schedule 2 amends the Australian Securities and Investments Commission Act 2001, Corporations Act 2001, Business Names Registration Act 2011 and Mutual Assistance in Business Regulation Act 1992 to allow the Australian Securities and Investments Commission to employ staff outside of the Public Service Act 1999.

Human rights implications

3.7 The amendments in Schedule 2 do not engage any of the applicable rights or freedoms.

Conclusion

3.8 Schedule 2 is compatible with human rights as it does not raise any human rights issues.