Contents
3Definitions#
Subject to this Act, Part 1.2 (Interpretation) of the Corporations Act 2001 applies for the purposes of this Act as if the provisions of this Act were provisions of Division 4 of Part 7.5 of that Act.
Note: Part 1.2 of the Corporations Act 2001 includes the Dictionary in section 9 of that Act, so the definitions in that section that apply to Division 4 of Part 7.5 of that Act apply for the purposes of this Act unless this Act otherwise provides.
4Imposition of levies in respect of National Guarantee Fund#
The following levies are imposed by this Act:
(a)any levy that is payable under section 889J of the Corporations Act 2001;
(b)any levy that is payable under section 889K of the Corporations Act 2001.
These levies relate to the situation in which the amount in the National Guarantee Fund is less than the minimum amount referred to in section 889I of the Corporations Act 2001.
5Amount of levy#
(1)A determination referred to in subsection 889J(1) of the Corporations Act 2001 must specify, or specify a method for determining, the amount of levy that is to be payable. The amount of levy imposed by paragraph 4(a) of this Act in relation to the determination is the amount specified in, or worked out in accordance with the method specified in, the determination.
(2)A determination referred to in subsection 889K(1) of the Corporations Act 2001 must specify, or specify a method for determining, the amount of levy that is to be payable. The amount of levy imposed by paragraph 4(b) of this Act in relation to the determination is the amount specified in, or worked out in accordance with the method specified in, the determination.
(3)Different amounts or methods may be specified in the same determination (whether it is a determination referred to in subsection 889J(1) or a determination referred to in subsection 889K(1)) in relation to different classes of matters of things.
(4)A determination referred to in subsection 889J(1) of the Corporations Act 2001 must not specify an amount of levy, or a method for determining the amount of levy, that results in the total amount in levies that becomes payable to the SEGC in a financial year exceeding 150% of the minimum amount in relation to the NGF on 1 July in the financial year.
6Transitional matters—implementation of the Corporations Act 2001#
(1)If, immediately before the commencement of this Act, an amount was payable by a person to a securities exchange under section 938 of the old Corporations Law of a State or Territory in this jurisdiction, a liability to pay a levy of the same amount, in respect of the same matter, to the Commonwealth is imposed on the person by this subsection on the commencement of this Act. The levy is payable to the operator of the financial market that was that securities exchange as agent for the Commonwealth.
(2)If, immediately before the commencement of this Act, an amount was payable by a person to SEGC under section 940 of the old Corporations Law of a State or Territory in this jurisdiction, a liability to pay a levy of the same amount, in respect of the same matter, to the Commonwealth is imposed on the person by this subsection on the commencement of this Act. The levy is payable to SEGC as agent for the Commonwealth.
(3)If, immediately before the commencement of this Act, an amount was payable by a person to a securities exchange under section 941 of the old Corporations Law of a State or Territory in this jurisdiction, a liability to pay a levy of the same amount, in respect of the same matter, to the Commonwealth is imposed on the person by this subsection on the commencement of this Act. The levy is payable to the operator of the financial market that was that securities exchange as agent for the Commonwealth.
7Transitional matters—implementation of the Financial Services Reform Act 2001#
A determination that, immediately before the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001, had effect (including because of subsection 6(4) of this Act as then in force) for the purposes of subsection 5(1), (2) or (3) of this Act as then in force continues to have effect (and may be dealt with) after that commencement as if it were:
(a)if the determination had effect for the purposes of subsection 5(1) or (2) of this Act as then in force—a determination for the purposes of subsection 5(1) of this Act as in force after that commencement; or
(b)if the determination had effect for the purposes of subsection 5(3) of this Act as then in force—a determination for the purposes of subsection 5(2) of this Act as in force after the commencement.
Sourced from the Federal Register of Legislation at legislation.gov.au, © Commonwealth of Australia, licensed under CC BY 4.0. Compilations may have been reformatted.