Treasury Laws Amendment (2021 Measures No. 1) Act 2021 (82 of 2021)

Schedule 2   Continuous disclosure obligations

Part 3   Application provisions

Corporations Act 2001

55   In the appropriate position in Chapter 10

Insert:

Part 10.56 - Application and transitional provisions relating to the Treasury Laws Amendment (2021 Measures No. 1) Act 2021

1683 Definitions

In this Part:

amending Act means the Treasury Laws Amendment (2021 Measures No. 1) Act 2021.

1683A Application

The amendments made by Parts 1 and 2 of Schedule 2 to the amending Act to apply in relation to conduct that is engaged in on or after the commencement of those Parts.

1683B Review of operation of laws

(1) The Minister must cause a review of the operation of the amendments made by Parts 1 and 2 of Schedule 2 to the amending Act to be conducted by an independent expert within 6 months after the second anniversary of the commencement of this section.

(2) The person who conducts the review must give the Minister a written report of the review.

(3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.

Recommendations

(4) The report may set out recommendations to the Commonwealth Government.

(5) If the report sets out one or more recommendations to the Commonwealth Government, the report must set out the reasons for those recommendations.

Government response to recommendations

(6) If the report sets out one or more recommendations to the Commonwealth Government, as soon as practicable, and in any event within 3 months, after the report is first tabled in a House of the Parliament, the Minister must cause:

(a) a statement setting out the Commonwealth Government's response to each of the recommendations to be prepared; and

(b) the statement to be published on the Department's website.

1683C Amendments made by Schedule 2 to the amending Act cease to have effect if review of operation of laws is not conducted

(1) This section applies if the Minister:

(a) fails to cause a review to be conducted in accordance with subsection 1683B(1) within the period required by that subsection; or

(b) is given a written report of a review conducted in accordance with subsection 1683B(1), but fails to cause a copy of the report to be tabled in each House of the Parliament within the period required by subsection 1683B(3); or

(c) is given a written report of a review conducted in accordance with subsection 1683B(1) that sets out one or more recommendations to the Commonwealth Government, but fails to cause a statement to be published on the Department's website within the period required by subsection 1683B(6).

(2) This Act and the ASIC Act have effect, on or after the day mentioned in subsection (3), as if the amendments made by Parts 1, 2 and 4 of Schedule 2 to the amending Act had not been made.

(3) The day (the sunsetting day ) is:

(a) the day after the end of the period referred to in the applicable paragraph of subsection (1), unless paragraph (b) of this subsection applies; or

(b) if there is more than one applicable paragraph in subsection (1) - the earliest day determined under paragraph (a) of this subsection for each of those paragraphs.

(4) To avoid doubt, nothing in this section affects the validity of anything that is done, or not done, in reliance on this Act or the ASIC Act as in force before the sunsetting day.