{"id":"C2007A00074","name":"Governance Review Implementation (Treasury Portfolio Agencies) Act 2007","slug":"governance-review-implementation-treasury-portfolio-agencies-act-2007","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"74 of 2007","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":7991,"registerId":"commonwealth-C2007A00074-current","compilationNumber":null,"startDate":"2026-03-30","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Governance Review Implementation (Treasury Portfolio Agencies) Act 2007","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![](image.001.png)\n\n \n\n \n\n \n\n \n\n \n\n \n\nGovernance Review Implementation (Treasury Portfolio Agencies) Act 2007\n\n \n\nNo. 74, 2007\n\n \n\n \n\n \n\n \n\n \n\nAn Act to amend the law relating to statutory agencies in the Treasury portfolio, and for related purposes\n\n \n\n \n\nContents\n\n1 Short title\n\n2 Commencement\n\n3 Schedule(s)\n\nSchedule 1—Amendments\n\nPart 1—ASIC\n\nAustralian Securities and Investments Commission Act 2001\n\nCorporations Act 2001\n\nPart 2—CAMAC\n\nAustralian Securities and Investments Commission Act 2001\n\nPart 3—APRA\n\nAustralian Prudential Regulation Authority Act 1998\n\nAustralian Securities and Investments Commission Act 2001\n\nFinancial Institutions Supervisory Levies Collection Act 1998\n\nSchedule 2—Application and transitional provisions\n\nPart 1—Definitions\n\nPart 2—Application and transitional provisions for ASIC and CAMAC\n\nDivision 1—Application provision for ASIC and CAMAC\n\nDivision 2—Transitional provisions for ASIC\n\nDivision 3—Transitional provision for CAMAC\n\nPart 3—Application and transitional provisions for APRA\n\nPart 4—Transitional provisions for ASIC, CAMAC and APRA\n\nSchedule 3—Technical amendments relating to legislative instruments\n\nAustralian Prudential Regulation Authority Act 1998\n\n \n\n![](image.001.png)\n\n \n\n \n\nGovernance Review Implementation (Treasury Portfolio Agencies) Act 2007\n\nNo. 74, 2007\n\n \n\n \n\n \n\nAn Act to amend the law relating to statutory agencies in the Treasury portfolio, and for related purposes\n\n[Assented to 5 June 2007]\n\nThe Parliament of Australia enacts:\n\n1  Short title\n\n  This Act may be cited as the Governance Review Implementation (Treasury Portfolio Agencies) Act 2007.\n\n2  Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n \n\n- Commencement information\n- Column 1 Column 2 Column 3\n- Provision(s) Commencement Date/Details\n- 1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table The day on which this Act receives the Royal Assent. 5 June 2007\n- 2. Schedules 1 and 2 1 July 2007. 1 July 2007\n- 3. Schedule 3 The day on which this Act receives the Royal Assent. 5 June 2007\n\n\nNote: This table relates only to the provisions of this Act as originally passed by both Houses of the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent.\n\n (2) Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act.\n\n3  Schedule(s)\n\n  Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.\n\n\n\n\nSchedule 1—Amendments\n\nPart 1—ASIC\n\nAustralian Securities and Investments Commission Act 2001\n\n1  Subsection 5(1) (definition of trust money)\n\nRepeal the definition.\n\n2  Section 8\n\nBefore “ASIC:”, insert “(1)”.\n\n3  Paragraph 8(c)\n\nAfter “may”, insert “, subject to subsection (5),”.\n\n4  After paragraph 8(c)\n\nInsert:\n\n (ca) may enter into contracts; and\n\n5  Section 8 (note 1)\n\nOmit “Note 1”, substitute “Note”.\n\n6  Section 8 (note 2)\n\nRepeal the note.\n\n7  At the end of section 8\n\nAdd:\n\n (2) ASIC may enter into contracts in its own right.\n\nNote: The Chairperson of ASIC may also enter into contracts on behalf of the Commonwealth. See section 44 of the Financial Management and Accountability Act 1997.\n\n (3) Any real or personal property held by ASIC is held for and on behalf of the Commonwealth.\n\n (4) Any money received by ASIC is received for and on behalf of the Commonwealth.\n\n (5) ASIC cannot hold real or personal property or money on trust.\n\nNote: Any real or personal property or money that ASIC would otherwise hold on trust is held by the Commonwealth on trust.\n\n (6) Despite any rule of equity, ASIC may, for and on behalf of the Commonwealth, perform all the duties and exercise all the powers of the Commonwealth as trustee in relation to any real or personal property or money held on trust by the Commonwealth.\n\n (7) To avoid doubt, a right to sue is taken not to be personal property for the purposes of subsection (3).\n\n8  After section 8\n\nInsert:\n\n8A  ASIC’s liabilities are Commonwealth liabilities\n\n (1) Any financial liabilities of ASIC are taken to be liabilities of the Commonwealth.\n\n (2) For the purposes of this section:\n\nfinancial liability means a liability to pay a person an amount where the amount, or the method for working out the amount, has been determined.\n\n9  After section 10\n\nInsert:\n\n10A  Chairperson not subject to direction by ASIC on certain matters\n\n  The Chairperson of ASIC is not subject to direction by ASIC in relation to the Chairperson’s performance of functions, or exercise of powers, under:\n\n (a) the Financial Management and Accountability Act 1997; or\n\n (b) the Public Service Act 1999;\n\nin relation to ASIC.\n\n10  Section 94\n\nOmit “section 12”, substitute “sections 10A and 12”.\n\n11  Subsection 124(7)\n\nRepeal the subsection.\n\n12  Part 8\n\nRepeal the Part, substitute:\n\nPart 8—Finance and reporting requirements\n\nDivision 1—Companies and Unclaimed Moneys Special Account\n\n133  Companies and Unclaimed Moneys Special Account\n\n (1) The Companies and Unclaimed Moneys Special Account is established by this section.\n\n (2) The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997.\n\n134  Credits to the Account\n\n  There must be credited to the Account amounts equal to the following:\n\n (a) all money appropriated by the Parliament for the purposes of the Account;\n\n (b) amounts referred to in paragraphs 1339(2)(a) and (b) of the Corporations Act 2001;\n\n (c) interest received by ASIC from the investment of amounts debited from the Account;\n\n (d) money received by ASIC in relation to property paid for with amounts debited from the Account.\n\nNote: An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act.\n\n135  Purpose of the Account\n\n (1) This section sets out the purposes of the Account.\n\n (2) Amounts standing to the credit of the Account may be debited for the following purposes:\n\n (a) the purpose of subsection 1341(1) of the Corporations Act 2001;\n\n (b) in payment to a person under paragraph 1341(2)(c) of the Corporations Act 2001;\n\n (c) to meet the expenses of administering the Account;\n\n (d) in respect of amounts credited under paragraph 134(c) of this Act—in payment in relation to proposals determined by the Minister to reduce business costs and improve regulation in one or more of the following areas:\n\n (i) corporate governance of managed investment schemes and bodies corporate;\n\n (ii) securities;\n\n (iii) financial products;\n\n (iv) winding up and external administration of managed investment schemes and bodies corporate.\n\nNote: See section 21 of the Financial Management and Accountability Act 1997.\n\nDivision 2—Reporting requirements\n\n136  Annual reports\n\nAnnual report to be given to Minister\n\n (1) The Chairperson must, as soon as practicable after 30 June in each financial year, prepare and give to the Minister a report on ASIC’s operations during that financial year.\n\nNote: Section 34C of the Acts Interpretation Act 1901 contains provisions relating to annual reports.\n\nContents of annual report\n\n (2) A report under subsection (1) must include the following:\n\n (a) a description of the specific goals ASIC has pursued, and the priorities it has followed, during the year, in performing its functions, exercising its powers and pursuing the objects referred to in subsection 1(2) of this Act;\n\n (b) a description of the progress ASIC has made during that year towards achieving those goals;\n\n (c) a description of any matters that, during that year, have adversely affected ASIC’s effectiveness or have hindered ASIC in pursuing any of those goals and objectives;\n\n (d) a description of the performance indicators used by ASIC, and ASIC’s performance against those indicators;\n\n (e) information about the exercise during the year of ASIC’s powers under Part 15 of the Retirement Savings Accounts Act 1997 and under Part 29 of the Superannuation Industry (Supervision) Act 1993;\n\n (f) information about ASIC’s monitoring and promotion of market integrity and consumer protection in relation to:\n\n (i) the Australian financial system; and\n\n (ii) the provision of financial services;\n\n (g) in relation to ASIC’s functions under subsection 11(14), in relation to each agreement or arrangement entered into by ASIC under that subsection, information about the activities that ASIC has undertaken during the reporting period in accordance with that agreement or arrangement;\n\n (h) the financial statements required by section 49 of the Financial Management and Accountability Act 1997;\n\n (i) an audit report on those statements under section 57 of the Financial Management and Accountability Act 1997.\n\nAnnual report to be tabled in Parliament\n\n (3) The Minister must cause a copy of each annual report to be tabled in each House within 15 sitting days of that House after the day on which the Minister receives the report.\n\nDivision 3—Liability to taxation\n\n137  Liability to taxation\n\n (1) ASIC is not subject to taxation under the laws of the Commonwealth or of a State or Territory.\n\n (2) The regulations may provide that subsection (1) does not apply in relation to a specified law.\n\nNote: Despite subsection (1), ASIC may be subject to taxation under certain laws. See, for example, section 177‑5 of the A New Tax System (Goods and Services Tax) Act 1999.\n\nCorporations Act 2001\n\n13  Section 9\n\nInsert:\n\nCompanies and Unclaimed Moneys Special Account means the Account established under section 133 of the Australian Securities and Investments Commission Act 2001.\n\n14  Section 9 (definition of unclaimed money account)\n\nRepeal the definition.\n\n15  Section 9 (definition of unclaimed property)\n\nRepeal the definition, substitute:\n\nunclaimed property means:\n\n (a) property paid or transferred to ASIC under a provision of this Act that provides for property to be transferred, or for the Court to direct that property be transferred, to ASIC to be dealt with under Part 9.7; or\n\n (b) any other property that a provision of this Act provides for ASIC to deal with under Part 9.7; or\n\n (c) property that vests in ASIC under section 1404; or\n\n (d) an accretion to, or substitution for, property that is unclaimed property because of any other application or applications of this definition; or\n\n (e) without limiting paragraph (d), amounts credited to the Companies and Unclaimed Moneys Special Account under paragraph 1339(2)(b).\n\n16  Paragraph 588(2)(b)\n\nRepeal the paragraph, substitute:\n\n (b) if paragraph (a) does not apply and the property was held by the body or liquidator on trust—the Commonwealth; or\n\n (c) otherwise—ASIC.\n\n17  Subsection 588(3)\n\nAfter “person,”, insert “the Commonwealth or”.\n\n18  Subsection 588(4)\n\nRepeal the subsection, substitute:\n\n (4) Section 601AE applies to:\n\n (a) property that vests in the Commonwealth under paragraph (2)(b) of this section as if the property were vested in the Commonwealth under subsection 601AD(1A); and\n\n (b) property that vests in ASIC under paragraph (2)(c) of this section as if the property were vested in ASIC under subsection 601AD(2).\n\n19  After subsection 601AD(1)\n\nInsert:\n\nTrust property vests in the Commonwealth\n\n (1A) On deregistration, all property that the company held on trust immediately before deregistration vests in the Commonwealth. If property is vested in a liquidator on trust immediately before deregistration, that property vests in the Commonwealth. This subsection extends to property situated outside this jurisdiction.\n\n20  Subsection 601AD(2)\n\nRepeal the subsection, substitute:\n\nOther company property vests in ASIC\n\n (2) On deregistration, all the company’s property (other than any property held by the company on trust) vests in ASIC. If company property is vested in a liquidator (other than any company property vested in a liquidator on trust) immediately before deregistration, that property vests in ASIC. This subsection extends to property situated outside this jurisdiction.\n\n21  Subsection 601AD(3)\n\nOmit “subsection (2), ASIC”, insert “subsection (1A) or (2), the Commonwealth or ASIC”.\n\nNote: The following heading to subsection 601AD(3) is inserted “Rights and powers in respect of property”.\n\n22  Subsection 601AD(3)\n\nOmit “ASIC takes” (second occurring), substitute “the Commonwealth or ASIC takes”.\n\n23  After subsection 601AD(3)\n\nInsert:\n\n (3A) The Commonwealth has, subject to its obligations as trustee of the trust, all the powers of an owner over property vested in it under subsection (1A).\n\nNote: Section 601AF confers additional powers on the Commonwealth to fulfil outstanding obligations of the deregistered company.\n\n24  Subsection 601AE(1)\n\nRepeal the subsection, substitute:\n\nTrust property vested in the Commonwealth\n\n (1) If property vests in the Commonwealth under subsection 601AD(1A), the Commonwealth may:\n\n (a) continue to act as trustee; or\n\n (b) apply to a court for the appointment of a new trustee.\n\nNote: Under paragraph (1)(a), the Commonwealth may be able to transfer the property to a new trustee chosen in accordance with the trust instrument.\n\n (1A) If the Commonwealth continues to act as trustee in respect of the property, subject to its obligations as trustee, the Commonwealth:\n\n (a) in the case of money—must credit the amount of the money to a Special Account (within the meaning of section 5 of the Financial Management and Accountability Act 1997); or\n\n (b) otherwise:\n\n (i) may sell or dispose of the property as it thinks fit; and\n\n (ii) if the Commonwealth does so—must credit the amount of the proceeds to a Special Account (within the meaning of section 5 of the Financial Management and Accountability Act 1997).\n\nNote: ASIC may, for and on behalf of the Commonwealth, perform all the duties and exercise all the powers of the Commonwealth as trustee in relation to property held on trust by the Commonwealth (see subsection 8(6) of the ASIC Act).\n\n \n\nNote: The heading to section 601AE is altered by inserting “the Commonwealth or” after “What”.\n\n25  Subsection 601AE(2)\n\nOmit “If the company did not hold the property on trust,”, substitute “If property vests in ASIC under subsection 601AD(2),”.\n\nNote: The following heading to subsection 601AE(2) is inserted “Property vested in ASIC”.\n\n26  After subsection 601AE(2)\n\nInsert:\n\nObligations attaching to property vested in the Commonwealth\n\n (2A) For the purposes of subsection (3), if any liability is imposed on property under a law of the Commonwealth immediately before the property vests in the Commonwealth under subsection 601AD(1A), then:\n\n (a) immediately after that time, the liability applies to the Commonwealth as if the Commonwealth were a body corporate; and\n\n (b) the Commonwealth is liable to make notional payments to discharge that liability.\n\n27  Subsection 601AE(3)\n\nOmit “The property”, substitute “Any property that vests in the Commonwealth or ASIC under subsection 601AD(1A) or (2)”.\n\n28  Subsection 601AE(3)\n\nAfter “vested in”, insert “the Commonwealth or”.\n\n29  Subsection 601AE(4)\n\nOmit “ASIC’s obligation under subsection (3)”, insert “The Commonwealth’s or ASIC’s obligation under subsection (2A) or (3)”.\n\nNote: The following heading to subsection 601AE(4) is inserted “Extent of Commonwealth’s and ASIC’s obligation”.\n\n30  Subsection 601AE(5)\n\nOmit “ASIC”, substitute “The Commonwealth or ASIC (as the case requires)”.\n\n31  Section 601AF\n\nBefore “ASIC may”, insert “The Commonwealth or”.\n\nNote: The heading to section 601AF is altered by inserting “The Commonwealth’s and” before “ASIC’s”.\n\n32  Section 601AF\n\nAfter “its liquidator if”, insert “the Commonwealth or”.\n\n33  Section 601AF (note)\n\nRepeal the note, substitute:\n\nNote: This power is a general one and is not limited to acts in relation to property vested in the Commonwealth under subsection 601AD(1A), or ASIC under subsection 601AD(2). The Commonwealth or ASIC has all the powers that automatically flow from the vesting of property under that subsection (see subsections 601AD(3A) and (4)) and may exercise those powers whether or not the company was bound to do so.\n\n34  Subsection 601AH(5)\n\nAfter “vested in”, insert “the Commonwealth or”.\n\n35  Section 1339\n\nRepeal the section, substitute:\n\n1339  ASIC to deal with unclaimed property\n\n (1) Unclaimed property held by ASIC is to be dealt with in accordance with this Part.\n\nNote: Unclaimed property is held by ASIC for and on behalf of the Commonwealth (see subsections 8(3) and (4) of the ASIC Act).\n\n (2) If property becomes unclaimed property, ASIC must:\n\n (a) in the case of money—credit the amount of the money to the Companies and Unclaimed Moneys Special Account; or\n\n (b) otherwise—sell or dispose of the property as it thinks fit and credit the amount of the proceeds to the Companies and Unclaimed Moneys Special Account.\n\n36  Section 1340\n\nOmit “ASIC is not”, substitute “neither the Commonwealth nor ASIC is”.\n\nNote: The heading to section 1340 is altered by omitting “ASIC not liable” and substituting “No liability”.\n\n37  Subsections 1341(1) and (2)\n\nRepeal the subsections, substitute:\n\n (1) If an amount is not debited from the Companies and Unclaimed Moneys Special Account in accordance with this section within 6 years after that amount was originally credited to the Account under subsection 1339(2), that amount must be debited from the Account.\n\nNote: Despite being debited from the Companies and Unclaimed Moneys Special Account, the amount remains part of the Consolidated Revenue Fund.\n\n (2) If:\n\n (a) a person claims to be entitled to an amount credited to the Companies and Unclaimed Moneys Special Account under subsection 1339(2); and\n\n (b) ASIC is satisfied that the person is entitled to that amount;\n\nASIC must:\n\n (c) unless paragraph (d) applies—pay the amount to the person and debit that amount from the Account; or\n\n (d) if the amount has already been debited from the Account under subsection (1)—pay the amount to the person out of money appropriated by the Parliament for the purpose.\n\nNote: The heading to section 1341 is replaced with the following heading “Entitlement to unclaimed property”.\n\n38  Subsection 1341(4)\n\nOmit “ASIC is not”, substitute “neither the Commonwealth nor ASIC is”.\n\n39  Subsection 1341(5)\n\nRepeal the subsection.\n\n\n\n\nPart 2—CAMAC\n\nAustralian Securities and Investments Commission Act 2001\n\n40  Section 146\n\nBefore “CAMAC”, insert “(1)”.\n\n41  Section 146 (note 2)\n\nRepeal the note, substitute:\n\nNote 2: The Convenor of CAMAC may enter into contracts on behalf of the Commonwealth. See section 44 of the Financial Management and Accountability Act 1997.\n\n42  At the end of section 146\n\nAdd:\n\n (2) Any real or personal property held by CAMAC is held for and on behalf of the Commonwealth.\n\n (3) Any money received by CAMAC is received for and on behalf of the Commonwealth.\n\n (4) To avoid doubt, a right to sue is taken not to be personal property for the purposes of subsection (2).\n\n43  After section 146\n\nInsert:\n\n146A  CAMAC’s liabilities are Commonwealth liabilities\n\n (1) Any financial liabilities of CAMAC are taken to be liabilities of the Commonwealth.\n\n (2) For the purposes of this section:\n\nfinancial liability means a liability to pay a person an amount where the amount, or the method for working out the amount, has been determined.\n\n44  After section 147\n\nInsert:\n\n147A  Convenor not subject to direction by CAMAC on certain matters\n\n  The Convenor of CAMAC is not subject to direction by CAMAC in relation to the Convenor’s performance of functions, or exercise of powers, under:\n\n (a) the Financial Management and Accountability Act 1997; or\n\n (b) the Public Service Act 1999;\n\nin relation to CAMAC.\n\n45  Division 2 of Part 9 (heading)\n\nRepeal the heading, substitute:\n\nDivision 2—Staff\n\n46  Sections 159 to 168\n\nRepeal the sections, substitute:\n\nDivision 3—Liability to taxation\n\n159  Liability to taxation\n\n (1) CAMAC is not subject to taxation under the laws of the Commonwealth or of a State or Territory.\n\n (2) The regulations may provide that subsection (1) does not apply in relation to a specified law.\n\nNote: Despite subsection (1), CAMAC may be subject to taxation under certain laws. See, for example, section 177‑5 of the A New Tax System (Goods and Services Tax) Act 1999.\n\nDivision 4—Reporting requirements\n\n162  Annual report\n\nAnnual report to be given to Minister\n\n (1) The Convenor must, as soon as practicable after 30 June in each financial year, prepare and give to the Minister a report on CAMAC’s operations during that financial year.\n\nNote: Section 34C of the Acts Interpretation Act 1901 contains provisions relating to annual reports.\n\nContents of annual report\n\n (2) A report under subsection (1) must include the following:\n\n (a) the financial statements required by section 49 of the Financial Management and Accountability Act 1997; and\n\n (b) an audit report on those statements under section 57 of the Financial Management and Accountability Act 1997.\n\nAnnual report to be tabled in Parliament\n\n (3) The Minister must cause a copy of each annual report to be tabled in each House within 15 sitting days of that House after the day on which the Minister receives the report.\n\n\n\n\nPart 3—APRA\n\nAustralian Prudential Regulation Authority Act 1998\n\n47  Subsection 3(1)\n\nInsert:\n\nAccount means the Australian Prudential Regulation Authority Special Account established under section 52.\n\n48  Section 7 (note)\n\nRepeal the note.\n\n49  At the end of section 11\n\nAdd:\n\n (3) APRA may enter into contracts in its own right.\n\nNote: The Chair of APRA may also enter into contracts on behalf of the Commonwealth. See section 44 of the Financial Management and Accountability Act 1997.\n\n (4) Any real or personal property held by APRA is held for and on behalf of the Commonwealth.\n\n (5) Any money received by APRA is received for and on behalf of the Commonwealth.\n\n (6) To avoid doubt, a right to sue is taken not to be personal property for the purposes of subsection (4).\n\n50  After section 11\n\nInsert:\n\n11A  APRA’s liabilities are Commonwealth liabilities\n\n (1) Any financial liabilities of APRA are taken to be liabilities of the Commonwealth.\n\n (2) For the purposes of this section:\n\nfinancial liability means a liability to pay a person an amount where the amount, or the method for working out the amount, has been determined.\n\n51  After section 12\n\nInsert:\n\n12A  Chair not subject to direction by APRA on certain matters\n\n  To avoid doubt, the Chair is not subject to direction by APRA in relation to the Chair’s performance of functions, or exercise of powers, under:\n\n (a) the Financial Management and Accountability Act 1997; or\n\n (b) Part 4 or 4A of this Act;\n\nin relation to APRA.\n\n52  Section 14\n\nRepeal the section.\n\n53  Subsection 45(1)\n\nRepeal the subsection, substitute:\n\n (1) The Chair may, on behalf of APRA, appoint such permanent, temporary or casual staff as he or she considers necessary for the performance of APRA’s functions.\n\n54  Subsection 45(2)\n\nOmit “APRA”, substitute “the Chair”.\n\n55  Subsection 47(1)\n\nRepeal the subsection, substitute:\n\n (1) The Chair may, on behalf of APRA, engage consultants or other people to provide advice to APRA or perform services for APRA.\n\n56  Subsection 47(2)\n\nOmit “APRA”, substitute “the Chair”.\n\n57  Paragraphs 48(a) and (c)\n\nOmit “APRA”, substitute “the Chair”.\n\n58  At the end of Part 4\n\nAdd:\n\n48AA  Delegation by Chair\n\n (1) The Chair may, in writing, delegate any functions or powers conferred on the Chair by this Part or Part 4A to an APRA member (other than the Chair) or to an APRA staff member.\n\n (2) In performing or exercising functions or powers delegated under subsection (1), the delegate must comply with any directions given by the Chair.\n\nNote: For information about delegations, see sections 34AA to 34A of the Acts Interpretation Act 1901.\n\n48AB  APRA Values\n\n (1) The Chair must determine, in writing, the APRA Values.\n\nNote: Subsection 33(3) of the Acts Interpretation Act 1901 provides for the repeal, variation etc. of instruments.\n\n (2) The Chair must uphold and promote the APRA Values.\n\n (3) APRA members (other than the Chair) and staff appointed under section 45 must uphold the APRA Values.\n\n (4) To avoid doubt, an instrument under subsection (1) is not a legislative instrument.\n\n48AC  APRA Code of Conduct\n\n (1) The Chair must determine, in writing, the APRA Code of Conduct.\n\nNote: Subsection 33(3) of the Acts Interpretation Act 1901 provides for the repeal, variation etc. of instruments.\n\n (2) The APRA Code of Conduct applies to APRA members and staff appointed under section 45.\n\n (3) To avoid doubt, an instrument under subsection (1) is not a legislative instrument.\n\n59  Section 48C\n\nRepeal the section.\n\n60  Section 48D\n\nOmit “APRA must”, substitute “The Chair must”.\n\nNote: The heading to section 48D is altered by omitting “APRA to ensure” and substituting “The Chair to ensure”.\n\n61  At the end of section 48D\n\nAdd:\n\nNote: Under section 48AA, the Chair can delegate the power conferred on him or her by this section.\n\n62  Sections 49 and 50\n\nRepeal the sections, substitute:\n\n50  APRA’s share of levy money\n\nDetermination of Commonwealth costs\n\n (1) The Minister is to make, by legislative instrument, for each financial year, either of the following determinations:\n\n (a) a determination specifying the amount of the levy money payable to the Commonwealth, in respect of levy for that financial year, to cover the costs to the Commonwealth of providing market integrity and consumer protection functions for prudentially regulated institutions;\n\n (b) a determination, in respect of each class of levy for that financial year, specifying the amount of the levy money payable to the Commonwealth in respect of that class of levy for that financial year, to cover the costs to the Commonwealth of providing market integrity and consumer protection functions for prudentially regulated institutions.\n\nCrediting to Account\n\n (2) An amount determined under paragraph (1)(a) or (b) is not to be credited to the Account.\n\n (3) The amount of levy money paid to APRA, on behalf of the Commonwealth, for a financial year that exceeds the amount determined under paragraph (1)(a), or the total of the amounts determined under paragraph (1)(b), for that financial year is to be credited to the Account.\n\nNote: The annual financial statements of APRA, in respect of the Account, must be prepared in accordance with the Finance Minister’s Orders (see section 49 of the Financial Management and Accountability Act 1997).\n\n (4) If:\n\n (a) the Commonwealth refunds any levy money that has been paid to APRA; and\n\n (b) apart from this subsection an amount equal to that levy money would otherwise be credited to the Account;\n\nthat amount is not to be credited to the Account.\n\n (5) If:\n\n (a) the Commonwealth refunds any levy money that has been paid to APRA; and\n\n (b) that levy money has already been credited to the Account;\n\nthat amount is to be debited from the Account.\n\nDefinitions\n\n (6) In this section:\n\nlevy means levy paid or payable under the Financial Institutions Supervisory Levies Collection Act 1998, other than levy imposed by the Superannuation (Financial Assistance Funding) Levy Act 1993.\n\nlevy money:\n\n (a) in relation to levy, means any amount paid or payable to the Commonwealth in respect of levy; or\n\n (b) in relation to a particular class of levy, means any amount paid or payable to the Commonwealth in respect of that class of levy.\n\n63  Sections 52 to 54\n\nRepeal the sections, substitute:\n\n52  Australian Prudential Regulation Authority Special Account\n\n (1) The Australian Prudential Regulation Authority Special Account is established by this section.\n\n (2) The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997.\n\n53  Credits to the Account\n\n  There must be credited to the Account amounts equal to the following:\n\n (a) all money appropriated by the Parliament for the purposes of the Account;\n\n (b) amounts received under an agreement or contract entered into under section 9A or 11;\n\n (c) amounts required to be credited to the Account in accordance with section 50;\n\n (d) amounts of any fees, charges or penalties paid to APRA, on behalf of the Commonwealth, under section 51 or any other law of the Commonwealth.\n\nNote: An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act.\n\n54  Purposes of the Account\n\n (1) This section sets out the purposes of the Account.\n\n (2) Amounts standing to the credit of the Account may be debited for the following purposes:\n\n (a) in payment or discharge of the costs, expenses and other obligations incurred by APRA in the performance of its functions or the exercise of its powers;\n\n (b) in payment of any remuneration or allowances payable to persons appointed or engaged under this Act;\n\n (c) in making any other payments which APRA is authorised or required to make under this Act or any other law of the Commonwealth.\n\nNote: See section 21 of the Financial Management and Accountability Act 1997.\n\n64  Subsection 55(1A)\n\nRepeal the subsection.\n\n65  At the end of subsection 55(2)\n\nAdd:\n\nNote: Despite subsection (1), APRA may be subject to taxation under certain laws (see, for example, section 177‑5 of the A New Tax System (Goods and Services Tax) Act 1999).\n\n66  Section 59\n\nRepeal the section, substitute:\n\n59  Annual reports\n\nAnnual report to be given to Minister\n\n (1) The Chair must, as soon as practicable after 30 June in each financial year, prepare and give to the Minister a report on APRA’s operations during that financial year.\n\nNote: Section 34C of the Acts Interpretation Act 1901 contains provisions relating to annual reports.\n\nContents of annual report\n\n (2) A report under subsection (1) must include the following:\n\n (a) information on the following matters under the Banking Act 1959:\n\n (i) the activities of ADI statutory managers (within the meaning of the Banking Act 1959), and persons conducting investigations, under Division 2 of Part II of the Banking Act 1959;\n\n (ii) the activities of persons conducting investigations under section 61 of the Banking Act 1959;\n\n (b) information on the exercise during the year of APRA’s powers under Part 15 of the Retirement Savings Accounts Act 1997 and under Part 29 of the Superannuation Industry (Supervision) Act 1993;\n\n (c) information on any other matters required by the regulations;\n\n (d) the financial statements required by section 49 of the Financial Management and Accountability Act 1997;\n\n (e) an audit report on those statements under section 57 of the Financial Management and Accountability Act 1997.\n\n (3) Paragraph (2)(a) does not authorise the inclusion in the annual report of information with respect to the affairs of a particular ADI or authorised NOHC, a particular subsidiary of an ADI or authorised NOHC, or a particular customer of an ADI.\n\nAnnual report to be tabled in Parliament\n\n (4) The Minister must cause a copy of each annual report to be tabled in each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.\n\n (5) In this section:\n\nADI has the same meaning as in the Banking Act 1959.\n\nauthorised NOHC has the same meaning as in the Banking Act 1959.\n\nAustralian Securities and Investments Commission Act 2001\n\n67  Paragraph 102(2)(d)\n\nAfter “appointed by”, insert “the Chair of”.\n\nFinancial Institutions Supervisory Levies Collection Act 1998\n\n68  Subsection 11(1)\n\nOmit “(1)”.\n\n69  Subsection 11(2)\n\nRepeal the subsection (not including the note).\n\n70  Subsection 13(3)\n\nRepeal the subsection.\n\n\n\n\nSchedule 2—Application and transitional provisions\n\nPart 1—Definitions\n\n1  Definitions\n\nIn this Schedule:\n\nacquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\nAgency means:\n\n (a) ASIC as established under the Australian Securities and Investments Commission Act 2001 immediately before the commencement time; or\n\n (b) CAMAC as established under the Australian Securities and Investments Commission Act 2001 immediately before the commencement time; or\n\n (c) APRA as established under the Australian Prudential Regulation Authority Act 1998 immediately before the commencement time.\n\nAgency head means:\n\n (a) in relation to ASIC—the Chairperson of ASIC; or\n\n (b) in relation to CAMAC—the Convenor of CAMAC; or\n\n (c) in relation to APRA—the Chair of APRA.\n\nasset means:\n\n (a) any legal or equitable estate or interest in real or personal property, whether actual, contingent or prospective; and\n\n (b) any right, power, privilege or immunity, whether actual, contingent or prospective.\n\nassets official, in relation to an asset other than land, means the person or authority who, under a law of the Commonwealth, a State or a Territory, under a trust instrument or otherwise, has responsibility for keeping a register in relation to assets of the kind concerned.\n\ncommencement time means the time when this Schedule commences.\n\nfinancial liability means a liability to pay a person an amount, where the amount, or the method for working out the amount, has been determined.\n\njust terms has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\nland means any legal or equitable estate or interest in real property, whether actual, contingent or prospective.\n\nland registration official, in relation to land, means the Registrar of Titles or other proper officer of the State or Territory in which the land is situated.\n\nliability means any liability, duty or obligation, whether actual, contingent or prospective.\n\nmember means:\n\n (a) in relation to ASIC—a member of ASIC; or\n\n (b) in relation to CAMAC—a member of CAMAC; or\n\n (c) in relation to APRA—an APRA member.\n\n\n\n\nPart 2—Application and transitional provisions for ASIC and CAMAC\n\nDivision 1—Application provision for ASIC and CAMAC\n\n2  Pre‑existing property, money and financial liabilities\n\n(1) Subject to items 3, 4 and 5 of this Schedule, any real or personal property or money that is held by ASIC or CAMAC immediately before the commencement time is taken, immediately after that time, to be held by ASIC or CAMAC for and on behalf of the Commonwealth.\n\n(2) Subject to items 3, 4 and 5 of this Schedule, any financial liabilities of ASIC or CAMAC that exist immediately before the commencement time are taken, immediately after that time, to be liabilities of the Commonwealth.\n\n(3) If an amount of money (the original amount) that is held by ASIC immediately before the commencement time is held by ASIC for and on behalf of the Commonwealth immediately after the commencement time, an amount equal to the original amount may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, for the purposes of ASIC.\n\n(4) If an amount of money (the original amount) that is held by CAMAC immediately before the commencement time is held by CAMAC for and on behalf of the Commonwealth immediately after the commencement time, an amount equal to the original amount may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, for the purposes of CAMAC.\n\nDivision 2—Transitional provisions for ASIC\n\n3  Trust property held under Part 9.7 of the Corporations Act\n\nAny unclaimed property held, immediately before the commencement time, on trust by ASIC to be dealt with under Part 9.7 of the Corporations Act 2001 (as in force at that time) is taken, immediately after that time, to be held by ASIC for and on behalf of the Commonwealth to be dealt with in accordance with Part 9.7 of the Corporations Act 2001 (as amended by Schedule 1 to this Act).\n\n4  Vesting of other assets held on trust by ASIC\n\n(1) This item applies to any other assets held on trust by ASIC immediately before the commencement time.\n\n(2) At the commencement time, the assets to which this item applies cease to be assets held on trust by ASIC and become assets held on trust by the Commonwealth, without any conveyance, transfer or assignment. The Commonwealth becomes the successor in law in relation to those assets.\n\nNote: ASIC may, for and on behalf of the Commonwealth, perform all the duties and exercise all the powers of the Commonwealth as trustee in relation to assets held on trust by the Commonwealth (see subsection 8(6) of the Australian Securities and Investments Commission Act 2001).\n\n5  Vesting of liabilities relating to assets held on trust\n\n(1) This item applies to the liabilities of ASIC in relation to assets mentioned in item 4 of this Schedule that are held on trust by ASIC immediately before the commencement time.\n\n(2) At the commencement time, the liabilities to which this item applies cease to be liabilities of ASIC in relation to the assets and become liabilities of the Commonwealth in relation to the assets, without any conveyance, transfer or assignment. The Commonwealth becomes the successor in law in relation to these liabilities.\n\n6  Certificates relating to vesting of land\n\n(1) This item applies if:\n\n (a) any land vests in the Commonwealth under this Schedule; and\n\n (b) there is lodged with a land registration official a certificate that:\n\n (i) is signed by the Minister; and\n\n (ii) identifies the land, whether by reference to a map or otherwise; and\n\n (iii) states that the land has become vested in the Commonwealth under this Schedule.\n\nNote: Certificates under paragraph (1)(b) are presumed to be authentic: see item 9 of this Schedule.\n\n(2) The land registration official may:\n\n (a) register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; and\n\n (b) deal with, and give effect to, the certificate.\n\n7  Certificates relating to vesting of assets other than land\n\n(1) This item applies if:\n\n (a) any asset other than land vests in the Commonwealth under this Schedule; and\n\n (b) there is lodged with an assets official a certificate that:\n\n (i) is signed by the Minister; and\n\n (ii) identifies the asset; and\n\n (iii) states that the asset has become vested in the Commonwealth under this Schedule.\n\nNote: Certificates under paragraph (1)(b) are presumed to be authentic: see item 9 of this Schedule.\n\n(2) The assets official may:\n\n (a) deal with, and give effect to, the certificate as if it were a proper and appropriate instrument for transactions in relation to assets of that kind; and\n\n (b) make such entries in the register as are necessary having regard to the effect of this Part.\n\n8  Substitution of Commonwealth as a party to pending proceedings\n\nIf any proceedings relating to an asset covered by item 4 of this Schedule, to which ASIC was a party, were pending in any court or tribunal immediately before the commencement time, the Commonwealth is substituted for ASIC, from the commencement time, as a party to the proceedings.\n\n9  Certificates taken to be authentic\n\nA document that appears to be a certificate made or issued under a particular provision of this Schedule:\n\n (a) is taken to be such a certificate; and\n\n (b) is taken to have been properly given;\n\nunless the contrary is established.\n\nDivision 3—Transitional provision for CAMAC\n\n10  Access to records\n\nFor the purposes of the operation of subsection 27L(4) of the Commonwealth Authorities and Companies Act 1997 in relation to the books of CAMAC, the reference in that subsection to a Commonwealth authority is to be read, after the commencement time, as a reference to the Convenor.\n\n\n\n\nPart 3—Application and transitional provisions for APRA\n\n11  Pre‑existing property, money and financial liabilities\n\n(1) Any real or personal property or money that is held by APRA immediately before the commencement time is taken, immediately after that time, to be held by APRA for and on behalf of the Commonwealth.\n\n(2) Any financial liabilities of APRA that exist immediately before the commencement time are taken, immediately after that time, to be liabilities of the Commonwealth.\n\n(3) After the commencement time, there must be credited to the Australian Prudential Regulation Authority Special Account an amount equal to the total of all money held by APRA immediately before the commencement time.\n\n12  Appointment and engagement of staff and consultants\n\n(1) A person who is appointed or engaged by APRA under section 45 or 47 of the Australian Prudential Regulation Authority Act 1998 immediately before the commencement time, is taken to be appointed or engaged (as the case requires) by the Chair, on behalf of APRA, immediately after the commencement time.\n\n(2) If:\n\n (a) an instrument is in force under section 45 or 47 of the Australian Prudential Regulation Authority Act 1998 immediately before the commencement time; and\n\n (b) the instrument contains a reference to APRA;\n\nso far as the context permits, the instrument has effect from the commencement time as if the reference to APRA were a reference to the Chair of APRA.\n\n(3) To avoid doubt, the amendments made by items 53 to 56 of Schedule 1 do not constitute a transmission of business for the purposes of the Workplace Relations Act 1996.\n\n13  Access to records\n\nFor the purposes of the operation of subsection 27L(4) of the Commonwealth Authorities and Companies Act 1997 in relation to the books of APRA, the reference in that subsection to a Commonwealth authority is to be read, after the commencement time, as a reference to the Chair of APRA.\n\n\n\n\nPart 4—Transitional provisions for ASIC, CAMAC and APRA\n\n14  Financial statements and other reporting requirements\n\nReporting requirements\n\n(1) If:\n\n (a) immediately before the commencement time, a law required an Agency or a member of the Agency to provide a report (whether financial statements or otherwise) for a period; and\n\n (b) the period ends after the commencement time;\n\nthe Agency head must provide the report, as required, for so much of the period as occurs before the commencement time.\n\n(2) If:\n\n (a) under subitem (1), the Agency head is required to provide a report for a part of a period; and\n\n (b) the Agency head is also required to provide a similar report for the remainder of the period;\n\nthe Agency head may meet the requirements in a single report for the period.\n\nOutstanding reporting requirements\n\n(3) If:\n\n (a) a law required the Agency or a member of the Agency to provide a report (whether financial statements or otherwise) for a period that ended before the commencement time; and\n\n (b) the report has not been provided by the commencement time;\n\nthe Agency head must provide the report as required.\n\nApplication of law to Agency head\n\n(4) To avoid doubt, if, under this item, an Agency head is required to provide a report under a law, the law applies to the Agency head in respect of the report in the same way as the law would have applied to the Agency or the member of the Agency in respect of the report.\n\n15  New annual report requirements to apply from 2007‑2008 and later financial years\n\nSections 136 and 162 of the Australian Securities and Investments Commission Act 2001 (as inserted by items 12 and 46 of Schedule 1 to this Act), and item 66 of Schedule 1 to this Act, apply to the 2007‑2008 financial year and later financial years.\n\n16  Continuing obligation to keep records\n\nIf, immediately before this item commences, an Agency has kept accounting records under subsection 20(1) of the Commonwealth Authorities and Companies Act 1997, then, after this item commences, section 20 of that Act (as in force from time to time), continues to apply, in respect of those records, as if the Agency continued to be subject to that Act.\n\n17  Constitutional safety net—acquisition of property\n\n(1) If the operation of this Schedule would result in an acquisition of property from a person otherwise than on just terms, the Commonwealth is liable to pay a reasonable amount of compensation to the person.\n\n(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n\n18  Exemption from stamp duty and other State or Territory taxes\n\nNo stamp duty or other tax is payable under a law of a State or Territory in respect of, or in respect of anything connected with:\n\n (a) the transfer of an asset or liability under this Schedule; or\n\n (b) the operation of this Schedule in any other respect.\n\n19  Delegation by Minister\n\n(1) The Minister may, by writing, delegate all or any of his or her powers and functions under this Schedule, in relation to an Agency, to the Agency head.\n\n(2) In exercising or performing powers or functions under a delegation, the delegate must comply with any directions of the Minister.\n\n20  Regulations\n\n(1) The Governor‑General may make regulations prescribing matters:\n\n (a) required or permitted by this Schedule to be prescribed; or\n\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Schedule.\n\n(2) In particular, regulations may be made prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments or repeals made by Schedule 1 to this Act.\n\n\n\n\nSchedule 3—Technical amendments relating to legislative instruments\n\n \n\nAustralian Prudential Regulation Authority Act 1998\n\n1  Subsection 51(1)\n\nOmit “written”, substitute “legislative”.\n\n2  Subsection 51(3)\n\nRepeal the subsection.\n\n3  Subsection 57(1)\n\nOmit “(1)”.\n\n4  Subsection 57(1)\n\nAfter “APRA may”, insert “, by legislative instrument,”.\n\n5  Subsection 57(2)\n\nRepeal the subsection.\n\n \n\n \n\n \n\n \n\n[Minister’s second reading speech made in—\n\nHouse of Representatives on 1 March 2007\n\nSenate on 29 March 2007]\n\n(28/07)\n\n \n","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The legislation appears to be implementing specific governance reforms as indicated by its title and content. It stays focused on its stated purpose of amending the law relating to statutory agencies in the Treasury portfolio, dealing with property holding, financial management, and reporting requirements. There is no evidence of significant scope creep beyond the original intent."},"complexity_factors":["Extensive cross-referencing between multiple Acts (ASIC Act, Corporations Act, APRA Act, Financial Institutions Supervisory Levies Collection Act)","Complex transitional provisions dealing with vesting of assets and liabilities at a specific commencement time","Nested conditional logic regarding trust property vs non-trust property (e.g., sections 601AD and 601AE of Corporations Act)","Creation of new statutory mechanisms (Special Accounts) with specific crediting/debiting rules","Substitution of parties in legal proceedings (item 8 of Schedule 2)","Multiple defined terms in Schedule 2 (12 defined terms in Part 1 alone)","Interaction between agency heads and agencies regarding delegation and direction (sections 10A, 12A, 147A)","Constitutional safety net provision (item 17 of Schedule 2) regarding acquisition of property on just terms"],"plain_english_summary":"This Act makes major changes to how three key financial regulators operate: the Australian Securities and Investments Commission (ASIC), the Corporations and Markets Advisory Committee (CAMAC), and the Australian Prudential Regulation Authority (APRA).\n\n**What it does:**\n\n*   **Changes who owns what:** Previously, these agencies held property and money in their own right. Now, they hold all property and money **on behalf of the Commonwealth** (the federal government). This means if ASIC seizes assets from a dodgy company, those assets technically belong to the government, not ASIC itself.\n*   **Separates trust property:** If a company is deregistered while holding property \"on trust\" for someone else (meaning they were looking after it for another person), that property now vests in (becomes owned by) the **Commonwealth** as trustee, not ASIC. ASIC can only act on the Commonwealth's behalf to manage it.\n*   **Creates special bank accounts:** Sets up special government accounts (called \"Special Accounts\") to manage money held by these agencies. For ASIC, this is the **Companies and Unclaimed Moneys Special Account**, which handles unclaimed money from dissolved companies.\n*   **Clarifies who is boss:** Makes it clear that the Chairperson of each agency (not the agency itself) controls financial and staffing matters under public service laws. The agencies themselves cannot give directions to their Chairs on these issues.\n*   **Makes liabilities clear:** Any debts or financial liabilities of these agencies are now treated as debts of the Commonwealth.\n*   **Updates reporting:** Changes what must be included in annual reports to Parliament, requiring more detail about goals, performance, and consumer protection activities.\n\n**Who it affects:**\n\n*   **ASIC, CAMAC, and APRA:** Their internal governance structures change significantly.\n*   **Companies being wound up:** When a company is deregistered, any trust property goes to the Commonwealth, while other property goes to ASIC.\n*   **People claiming unclaimed money:** The process for claiming money from dissolved companies now runs through the new Special Account system.\n*   **Taxpayers:** The government now explicitly backs these agencies' financial obligations.\n\n**Why it matters:**\nThis is a \"governance clean-up\" that clarifies the legal status of these regulators. It ensures that when regulators hold money or property, it's clear that the Commonwealth (and ultimately taxpayers) has ultimate responsibility. It also protects trust property by ensuring it's held by the government as trustee rather than a regulatory agency, providing clearer legal protections for beneficiaries."},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"The Act changes the scope of legal ownership, liability, and internal governance for ASIC, CAMAC and APRA. Mechanically, assets and money previously held by those agencies in their own right (including certain trust assets) are declared to be held for and on behalf of the Commonwealth (ASIC: subsections 8(3)–(5); CAMAC: 146(2)–(3); APRA: 11(4)–(5); Schedule 2 item 2). Financial liabilities of the agencies are taken to be Commonwealth liabilities (ASIC: section 8A; CAMAC: 146A; APRA: 11A). The Act also centralises certain financial flows into new or reconstituted Special Accounts (ASIC: 133–135; APRA: 52–54), alters the handling of unclaimed company property and property on deregistration (Corporations Act amendments 601AD–601AF and sections 1339–1341), and reallocates or clarifies operational and governance powers to agency chiefs and the Minister (APRA delegation and codes: 48AA–48AC; Ministerial determinations on levies: APRA section 50). These are scope changes from agencies-as-independent-holders/liability-bearers toward Commonwealth-held assets and Commonwealth-borne liabilities, with accompanying reporting, accounting and transitional mechanisms."},"complexity_factors":["Amendments span multiple existing Acts (ASIC Act, APRA Act, Corporations Act, Financial Institutions Levies Act) requiring cross-referencing and harmony.","Multiple legal domains involved: property law (vesting/registration), trust law, public finance (Special Accounts and Consolidated Revenue Fund interactions), and constitutional acquisition protection.","Detailed transitional provisions that effect transfers without conveyance and substitute parties in litigation (Schedule 2 items 2–9, 11–13).","New financial mechanics: Special Accounts, levy-splitting determinations by Minister (APRA section 50), and specific credit/debit rules for unclaimed moneys.","Governance changes that reassign operational powers (Chair/Convenor powers, delegation rules 48AA, Values and Code instruments 48AB–48AC) and exemptions from direction on FM&A/Public Service matters.","Administrative simplifications (ministerial certificates presumed authentic) that carry evidentiary implications and possible dispute pathways.","Amendments interact with existing Commonwealth financial management statutes (FM&A Act) and corporate insolvency/deregistration rules (Corporations Act Part 9.7), increasing interpretive load."],"plain_english_summary":"What this Act does, in plain terms\n\n- Mechanical effect first\n  - The Act changes the legal status and financial arrangements of three Treasury portfolio statutory agencies: the Australian Securities and Investments Commission (ASIC), the Companies and Markets Advisory Committee (CAMAC), and the Australian Prudential Regulation Authority (APRA). Key mechanical changes include:\n    - Property and money held by these agencies is declared to be held for and on behalf of the Commonwealth (ASIC: subsections 8(3)–(5); CAMAC: subsections 146(2)–(3); APRA: subsections 11(4)–(5)). Agencies are barred from holding property or money on trust in their own right (ASIC: subsection 8(5)).\n    - Financial liabilities of these agencies are taken to be Commonwealth liabilities (ASIC: section 8A; CAMAC: section 146A; APRA: section 11A).\n    - Each agency’s chief officer (the Chairperson of ASIC, the Convenor of CAMAC, the Chair of APRA) gains or retains specific personal powers to enter contracts and to perform certain administrative functions on behalf of the agency (ASIC: subsection 8(2); CAMAC: note 2 and subsection 146A; APRA: subsection 11(3)).\n    - The Act creates or remakes dedicated Special Accounts for unclaimed company property and for APRA (ASIC: Companies and Unclaimed Moneys Special Account, sections 133–135; APRA: Australian Prudential Regulation Authority Special Account, sections 52–54). It sets what may be credited and debited to those Accounts.\n    - It makes new or expanded annual reporting requirements for each agency, including specified contents that the agency heads must include and the Minister must table in Parliament (ASIC: section 136; CAMAC: section 162; APRA: section 59).\n    - It transfers property on company deregistration and clarifies whether property vests in ASIC or in the Commonwealth (Corporations Act amendments at sections 601AD–601AF and related items 19–33).\n    - It adjusts personnel and governance arrangements at APRA so that key appointment/engagement powers are exercised by the Chair on behalf of APRA (see items 53–57 and new delegation power 48AA), and requires the Chair to determine APRA’s Values and a Code of Conduct (48AB–48AC).\n    - The Act contains transitional rules to effect the transfers of assets, liabilities and records without separate conveyancing, authorises certificates to register vesting with registration officials, substitutes the Commonwealth into pending proceedings where relevant, and preserves an acquisition-on-just-terms protection (Schedule 2, items 2–9, 11–19).\n\n- The Act’s stated purpose and how that relates to the mechanics\n  - The Act’s title and text present these changes as implementation of a governance review for Treasury portfolio agencies: it \"amends the law relating to statutory agencies in the Treasury portfolio\" and makes consequential and transitional changes (Short title and long title). The mechanical effects listed above implement that stated purpose by shifting legal ownership and financial risk to the Commonwealth, clarifying who may contract and decide within each agency, and setting out accounting and reporting channels.\n\nPractical consequences, incentives and trade‑offs (mechanisms, not judgments)\n\n- Who pays and who bears financial risk\n  - By declaring agency financial liabilities to be Commonwealth liabilities (ASIC: section 8A; CAMAC: section 146A; APRA: section 11A) the Act places the legal obligation to pay determined monetary amounts on the Commonwealth. Transitional rules permit equivalents of pre-existing agency funds to be paid out of the Consolidated Revenue Fund for agency purposes (Schedule 2, item 2(3)–(4); APRA special-account crediting: item 11(3); Corporations Act note on debits and CRF in section 1341(1)). In practice, this shifts balance-sheet risk from the agency entity to the Commonwealth (taxpayers ultimately bear residual fiscal exposure) and channels some flows into specified Special Accounts (ASIC: sections 133–135; APRA: sections 52–54).\n\n- Who decides\n  - The Minister retains statutory roles in making determinations affecting levy splits and Commonwealth costs (APRA levy determinations by the Minister by legislative instrument, section 50(1)). The agency heads must prepare and deliver the expanded annual reports to the Minister and the Minister must table them in Parliament (ASIC: section 136; APRA: section 59; CAMAC: section 162). The Chair (or Convenor) is explicitly protected from direction by the agency in relation to performance of functions under the Financial Management and Accountability Act 1997 and the Public Service Act 1999 as they relate to the agency (ASIC: section 10A; CAMAC: section 147A; APRA: section 12A).\n  - The Chair of APRA gains or exercises operational appointment and procurement powers on behalf of APRA (items 53–57), may delegate certain powers in writing to members or staff (48AA(1)), and must determine APRA’s Values and a Code of Conduct (48AB–48AC). The Minister can delegate powers under the transitional schedule to the Agency head (Schedule 2, item 19).\n\n- Compliance, reporting and administrative burden\n  - Annual reporting obligations are spelled out in detail and impose specific reporting content requirements (ASIC: section 136(2) lists goals, progress, hindering matters, performance indicators, financial statements and audit reports; APRA: section 59(2) prescribes prudential activity reporting plus financial statements and audit; CAMAC: section 162(2) requires financial statements and audit report). Those requirements create an ongoing compliance task for agency heads and staffs to assemble and certify information each financial year.\n  - The Act also requires agencies to operate Special Accounts and to follow specified credit/debit rules for unclaimed property and levy money (ASIC: sections 133–135, 1341; APRA: sections 52–54, and levy handling in section 50), which imposes accounting and procedural obligations.\n\n- Bureaucratic discretion introduced or clarified\n  - The Act gives the Chair (or equivalent) explicit powers to enter contracts in their own right (ASIC: subsection 8(2); APRA: subsection 11(3)), to appoint staff and engage consultants on behalf of APRA (items 53–57), and to set internal Values/Code instruments that are not legislative instruments (48AB(1),(4); 48AC(1),(3)). These rules increase the formal discretion of agency chiefs over internal governance and staffing.\n  - The Act also allows the Minister and registration/asset officials to rely on ministerial certificates to record vesting of assets (Schedule 2, items 6–9). Certificates are presumed authentic unless shown otherwise (item 9), which creates a streamlined administrative path for registering changes in ownership.\n\n- Effects on private parties, businesses and contractual freedom (how private choices may be affected)\n  - On company deregistration, property that had been held on trust now vests in the Commonwealth and other company property vests in ASIC (Corporations Act amendments: inserted subsections 601AD(1A) and (2), and related changes items 19–33). This changes the immediate legal owner of deregistered company assets and can alter the path by which former owners or creditors claim value from those assets: the Commonwealth or ASIC will hold, sell or apply proceeds in accordance with the Act (601AE and 1339). The Act creates a defined process for claims on unclaimed money (section 1341) and for payment from Special Accounts if amounts have been debited.\n  - Levy handling for prudentially regulated institutions is adjusted: the Minister must determine, by legislative instrument, the Commonwealth’s share of levy money and how much levy money is payable to the Commonwealth (APRA section 50). That rule changes the statutory mechanism by which compulsory levies collected from private institutions are split or credited between APRA and the Commonwealth, affecting the effective cost burden and distribution of levy proceeds.\n\n- Opportunity costs, trade‑offs and implementation risks (mechanisms to watch)\n  - The Act transfers legal title and liability to the Commonwealth without separate conveyancing and without the need for new contracts or transfers (Schedule 2, items 2–8). That simplifies implementation (no separate registration transactions required in many cases) but concentrates the fiscal exposure at the Commonwealth level (sections 8A, 146A, 11A). The Act preserves a compensation route where an acquisition would otherwise be on other-than-just terms (Schedule 2, item 17), which limits constitutional challenge risk but creates a contingent compensation exposure.\n  - The new presumption of certificate authenticity for registration officials (Schedule 2, items 6–9) speeds administrative effect but shifts evidentiary burdens to parties who may later dispute the accuracy of ministerial certificates.\n\nSummary statement of who changes behaviour and how\n\n- The Commonwealth (via ministerial determinations, Special Accounts, and the Consolidated Revenue Fund) becomes the legal owner for certain assets and the legal payer for determined agency liabilities (ASIC: 8A; APRA: 11A; Schedule 2 items 2, 11). Taxpayers are therefore the residual financial backstop.\n- Agency chiefs (the Chairs or Convenor) exercise clarified contracting, appointment and reporting powers and are insulated from agency direction on FM&A and public service matters (ASIC: 10A; APRA: 12A; CAMAC: 147A; APRA governance and delegation: 48AA–48AC; ASIC and APRA contract powers: 8(2), 11(3)).\n- Private parties dealing with deregistered companies, unclaimed property, levy processes, or agency contracts will see legal ownership and payment routes changed (Corporations Act vesting: 601AD–601AF; ASIC unclaimed property: 1339–1341; APRA levy mechanics: section 50).\n\nConcise practical takeaways (mechanical, source‑grounded)\n\n- The Act shifts asset ownership and liability exposure from the named agencies to the Commonwealth (ASIC sections 8(3)–(6) and 8A; CAMAC subsections 146(2)–(3) and 146A; APRA subsections 11(4)–(5) and 11A).\n- It creates or restates Special Accounts to receive specified receipts and to fund specified disbursements (ASIC: 133–135; APRA: 52–54) and prescribes an administrative method by which levies and unclaimed money are handled (Corporations Act changes to Part 9.7 and sections 1339 and 1341).\n- It increases and standardises reporting, formalises certain governance powers in the chief officers, and provides transitional machinery to effect transfers without separate conveyance while preserving a constitutional compensation mechanism (reporting: ASIC 136, APRA 59, CAMAC 162; delegation and Codes: 48AA–48AC; transitional Schedule 2, items 2–9 and 17)."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. 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