About the Committee
Appointment of the committee - 42nd Parliament
The Parliamentary Joint Committee on Corporations and Financial Services
was appointed on 14 February 2008 when the Senate agreed to a resolution
from the House of Representatives, passed on 12 February 2008.
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:
(a) to inquire into, and report to both Houses on:
(i) 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
(ii) 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
(b) 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
(c) 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
242 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.
Name
changes
The Committee has had the
following name changes in recent Parliaments:
- Parliamentary Joint
Committee on Corporations and Securities-before 2002
- Parliamentary Joint
Committee on Corporations and Financial Services-2002 to the present
For further information, contact:
Committee Secretary
Parliamentary Joint Committee on Corporations and Financial Services
Department of the Senate
PO Box 6100
Parliament House
Canberra ACT 2600
Australia
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