Second Reading Speeches

Corporations and Other Legislation Amendment (Trustee Companies and Other Measures) Bill 2011

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
43

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Summary

Amends the:

Corporations (Aboriginal and Torres Strait Islander) Act 2006
and
Corporations Act 2001
in relation to: Australian Securities and Investments Commission approved (compulsory and voluntary) transfers of estate assets and liabilities; ‘compulsory’ transfers of business to a public trustee; ministerial approval for listing a trustee company; holding out as a licensed trustee company; the term ‘authorised trustee corporation’; common funds and registered schemes; arm’s length transactions; fee regulation; drawing down of fees from income or capital; and reasonable fees being charged for tax return preparation; and
Payment Systems (Regulation) Act 1998
to provide that anything done by a payment system participant when complying with an ATM access regime as determined by the Reserve Bank of Australia is exempt from Part IV of the
Competition and Consumer Act 2010
.