Senate

Supplementary explanatory memorandum relating to sheet PG150

(Circulated by authority of the Treasurer, the Hon Josh Frydenberg MP)

General outline and financial impact

Corporate Meetings - Parliamentary Amendments

The Parliamentary Amendments to the Bill:

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extend the relief provided by Schedule 1 to the Bill from 15 September 2021 to 31 March 2022;

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remove the requirements for companies and registered schemes to notify members of their right to elect to receive documents in hard copy within two months of the Bill commencing and within two months of a person becoming a member;

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give ASIC power to grant short-term relief from the requirement to hold a meeting at a physical location or extend the timeframe for holding a meeting if it may not be reasonable to expect compliance with the meeting requirements due to circumstances that are beyond the control of the entity or class of entities (such as those related to COVID-19); and

•

give ASIC power to grant short-term relief from requirements to give documents in hard copy if ASIC is satisfied that it may not be reasonable to expect the entity or class of entities to comply with the requirement due to circumstances beyond the control of the entity or class of entities (such as those related to COVID-19).

Date of effect: The amendments commence on the day after the Bill receives the Royal Assent.

Proposal announced: The amendments have not been previously announced.

Financial impact: Nil.

Human rights implications: The amendments do not raise any human rights issue.

Compliance cost impact: A Regulation Impact Statement was not prepared, as Schedule 1 to the Bill falls under an exemption from regulatory impact analysis requirements as it extends an urgent and unforeseen measure made in response to COVID-19.