Footnotes
[1] See Senate Economics Legislation Committee, Estimates Hansard (Additional
Estimates), 16 February 2005, p. 99; ASIC
Media Release, IR 04-71, 21 December 2004.
[2] Committee
Hansard, 15 March 2005, pp. 8–9.
[3] Committee
Hansard, 15 March 2005, p. 9.
[4] Committee
Hansard, 15 March 2005, p. 10.
[5] Committee
Hansard, 15 March 2005, p.11.
[6] Committee
Hansard, 15 March 2005, p.11.
[7] Australian
Financial Review (AFR), 24 February 2005, pp.1, 10.
[8] Committee
Hansard, 15 March 2005, p. 10.
[9] Parliamentary
Secretary to the Treasurer, Press Release No. 012, 2 May 2005. Responses
invited by 3 June 2005. See the proposals paper at Department of the Treasury
website: www.treasury.gov.au/contentitem.asp?NavId=037&ContentID=973
[10] ASIC Media
Release, 05–110, 2 May 2005, pp. 1–2.
[11] ASIC Media
Release, 05–110, 2 May 2005, p. 1.
[12] AFR, 14
February 2005, p. 62.
[13] AFR, 16
February 2005, p. 50.
[14] Committee
Hansard, 15 March 2005, p. 7.
[15] Committee
Hansard, 15 March 2005, p. 7.
[16] Committee
Hansard, 15 March 2005, pp. 7‑8.
[17] Committee
Hansard, 15 March 2005, p. 7.
[18] Committee
Hansard, 15 March 2005, p. 8.
[19] AFR, 24
August 2000.
[20] Committee
Hansard, 15 March 2005, pp. 6; 7; 8.
[21] Judgement 14 April 2005, quoted in ASIC
Media Release No. 05-91, 14 April 2005, p.1.
[22] ASIC Media
Release No. 05-94, 15 April 2005, p.1.
[23] See Senate Economics Legislation Committee, Estimates Hansard (Additional Estimates), 16 February 2005, p.87.
[24] AFR Feb
19-20, 2005 pp. 20, 21.
[25] Committee
Hansard, 15 March 2005, p. 21.
[26] Committee
Hansard, 15 March 2005, pp. 22; 23.
[27] Committee
Hansard, 15 March 2005, p. 22.
[28] Committee
Hansard, 15 March 2005, p. 21.
[29] Committee
Hansard, 15 March 2005, p. 24.
[30] Committee
Hansard, 15 March 2005, pp.20; 33.
[31] ASIC is examined by the Senate Economics
Legislation Committee during Estimates. A number of members of the
Parliamentary Joint Committee on Corporations and Financial Services are also
members of the Economics Legislation Committee.
[32] Senate Economics
Legislation Committee, Estimates Hansard (Additional
Estimates), 16 February 2005, p. 87.
[33] Statement by Mr Jeffrey Lucy, Chairman, ASIC, 15
April 2005.
[34] See Special Commission of Inquiry into Medical
Research and Compensation, Report, (D.F Jackson, QC Commissioner) New
South Wales Cabinet, September 2004.
[35] ASIC Media
Release 04–305, 22 September 2004.
[36] Following the introduction of NSW state and
federal legislation which gave ASIC access, respectively, to Special Commission
records and to relevant documentation from James Hardy. See Bills Digest No. 74 2004–05 and AFR, 15 February 2005, p. 15.
[37] The Offset Alpine matter was commenced in 1995,
see ASC Media Release 95–65, 4 May 1995. The case history is available on the ASIC website. ASIC
commenced its investigation into One.Tel in May 2001. See ASIC Media Release 01/179, 30 May 2001.
[38] Committee Hansard, 15
March 2005, p. 30.
[39] Committee
Hansard, 15 March 2005, p. 26.
[40] Committee
Hansard, 15 March 2005, pp. 32; 33.
[41] Committee
Hansard, 15 March 2005, p. 31.
[42] Committee
Hansard, 15 March 2005, p. 28.
[43] Committee
Hansard, 15 March 2005, p. 34.
[44] AFR, 15
February 2005.
[45] Committee
Hansard, 15 March 2005, p. 34.
[46] Committee
Hansard, 15 March 2005, p. 30.
[47] See Kennedy v
Australian Securities & Investments Commission & Ors [2005] FCAFC 32
(10 March 2005); ASIC Media Release 05–56,
10 March 2005; and Committee Hansard, 15 March 2005, p. 16.
[48] The Queen v
Hughes (2000) 171ALR 155 and Re
Wakim; Ex parte McNally (1999) 163 ALR 270.
[49] Committee
Hansard, 15 March 2005, p. 16.
[50] Committee
Hansard, 15 March 2005, p. 17.
[51] Committee
Hansard, 15 March 2005, p. 17.
[52] Committee
Hansard, 15 March 2005, p. 18.
[53] Committee
Hansard, 15 March 2005, p. 19.
[54] Committee
Hansard, 15 March 2005, p. 19.
[55] Committee
Hansard, 15 March 2005, p. 35.
[56] AFR, 17
February 2005, p. 9.
[57] Committee
Hansard, 15 March 2005, p. 35.
[58] These comprised: development of a real-time
framework for fee disclosure; transparency in all electronic and telephone
banking; and, the abolition of fees applied by banks to foreign automatic
teller machine transactions. Report on
Fees of Electronic and Telephone Banking, February 2001.
[59] Committee
Hansard, 15 March 2005, p. 1.
[60] Senator Chapman cited Reserve Bank research
showing that foreign ATM transaction fees had continued to rise, with four
major Australian Banks now charging $1.45 on each transaction, up five cents
since 2001 from a low 40c in 1995. Approximately 40 percent of all ATM
transactions are conducted via foreign ATMs. See Committee Hansard, 15 March 2005, p. 4.
[61] Committee
Hansard, 15 March 2005, pp.2–3.
[62] Committee
Hansard, 15 March 2005, p. 3.
[63] CLERP (Audit Reform and Corporate
Disclosure) Bill 2003, Part 1: Enforcement, Executive Remuneration, Continuous
Disclosure, Shareholder Participation and Related Matters, July
2004.
[64] Recommendation 25
[65] See ASIC Media
Release IR04–42, 30 August 2004.
[66] Committee
Hansard, 15 March 2005, p. 12.
[67] Committee
Hansard, 15 March 2005, p. 13.
[68] Committee
Hansard, 15 March 2005, p. 14.
[69] Recommendation 2, CLERP (Audit
Reform and Corporate Disclosure) Bill 2003, Part 1.
[70] CLERP (Audit Reform and Corporate
Disclosure) Bill 2003, Part 1.
[71] Committee
Hansard, 15 March 2005, pp. 14–15.
[72] Recommendation 18, CLERP (Audit
Reform and Corporate Disclosure) Bill 2003, Part 2: Financial
Reporting and Audit Reform, June 2004; Committee Hansard, 15 March 2005, p. 16.
[73] Recommendation 1, Inquiry into the Australian Accounting Standards tabled in compliance
with the Corporations Act 2001 on 30 August
and 16 November 2004, 10 February 2005.
[74] Committee
Hansard, 15 March 2005, p. 35.
[75] Committee
Hansard, 15 March 2005, pp. 3–4.
[76] Committee
Hansard, 15 March 2005, p. 4.
[77] See Australian Accounting Standard 1047 Disclosing the Impacts of Adopting
Australian Equivalents to International Financial Reporting Standards
[78] Committee
Hansard, 15 March 2005, pp. 3–5.
[79] Committee
Hansard, 15 March 2005, p. 5.
[80] ASIC Information Release IR 05–16, 26
April 2005.
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