Corporations and Financial Sector Legislation Amendment Bill 2013

Summary

Amends the: Payments Systems and Netting Act 1998 to provide that client positions and associated collateral of a defaulting participant in a clearing facility may be ported to another solvent participant despite legislative impediments; Corporations Act 2001 to: enable the Australian Securities Investments Commission (ASIC) and the Reserve Bank of Australia (RBA) to determine how often they assess compliance by particular Australian market licence and clearing and settlement facility licence holders with their legal obligations; and make consequential amendments; Australian Securities and Investments Commission Act 2001 to: extend the powers of the Parliamentary Joint Committee on Corporations and Financial Services to inquire into and report on the operation of any foreign business law which may affect the operation of the corporations law; require ASIC to report annually on the use of its information gathering powers and on additional information if required by the minister; and make consequential amendments; Australian Securities and Investments Commission Act 2001 and Mutual Assistance in Business Regulation Act 1992 to authorise ASIC to disclose protected information to international business regulators; Reserve Bank 1959 to enable the RBA to disclose protected information to external persons and bodies; and Carbon Credits (Carbon Farming Initiative) Act 2011 and Clean Energy Regulator Act 2011 to enable the Clean Energy Regulator to share protected information with licensed and prescribed trade repositories.

Progress

House of Representatives
Introduced and read a first time	20 Mar 2013
Second reading moved	20 Mar 2013
Referred to Federation Chamber	28 May 2013
Second reading debate	28 May 2013
Second reading agreed to	28 May 2013
Reported from Federation Chamber	28 May 2013
Third reading agreed to	28 May 2013

Senate
Introduced and read a first time	17 Jun 2013
Second reading moved	17 Jun 2013
Second reading debate	20 Jun 2013
Second reading agreed to	20 Jun 2013
Third reading agreed to	20 Jun 2013


Text of bill as passed both Houses	20 Jun 2013
Assent Act no.: 59 Year: 2013	21 Jun 2013

Documents and transcripts

Text of bill

First reading

As passed by both Houses

Explanatory memoranda

Explanatory memorandum

Transcript of speeches

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Bills digest

Bills Digest

Notes

Referred to Committee (21/03/2013): Joint Committee on Corporations and Financial Services; Committee report (15/05/2013)
An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)

Helpful information

Text of bill

First reading: Text of the bill as introduced into the Parliament
Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.