Role of the Committee
Appointment of the committee - 43rd Parliament
The Parliamentary Joint Committee on Corporations and Financial Services was appointed on 30 September 2010 when the Senate agreed to a resolution from the House of Representatives, passed on 29 September 2010.
Role of the committee
The committee is established by the Australian Securities and Investments Commission Act 2001. Section 243 sets out the duties of the committee as follows:
to inquire into, and report to both Houses on:
activities of ASIC or the Panel, or matters connected with such activities, to which, in the Parliamentary Committee's opinion, the Parliament's attention should be directed; or
the operation of the corporations legislation (other than the excluded provisions), or of any other law of the Commonwealth, of a State or Territory or of a foreign country that appears to the Parliamentary Committee to affect significantly the operation of the corporations legislation (other than the excluded provisions); and
to examine each annual report that is prepared by a body established by this Act and of which a copy has been laid before a House, and to report to both Houses on matters that appear in, or arise out of, that annual report and to which, in the Parliamentary Committee's opinion, the Parliament's attention should be directed; and
to inquire into any question in connection with its duties that is referred to it by a House, and to report to that House on that question.
Composition of the committee
Section 241 of the Australian Securities and Investments Commission Act 2001 provides that the committee should have ten senators and members, with membership divided equally between the two Houses.
Three members of the House of Representatives are to be nominated by the Government Whip or Whips, and two members by the Opposition Whip or Whips, or by an Independent member. The Leader of the Government in the Senate and the Leader of the Opposition in the Senate are to nominate two senators each, and one senator is to be nominated by any minority groups or Independent senators.
The chair of the committee is to be elected from among the Government nominations.
The Committee has had the following name changes in recent Parliaments: