{"id":"C2004A03863","name":"National Guarantee Fund (Participating Exchanges) Levy Act 1989","slug":"national-guarantee-fund-participating-exchanges-levy-act-1989","collection":"act","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":"115 of 1989","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":26397,"registerId":"commonwealth-C2004A03863-current","compilationNumber":null,"startDate":"2026-04-01","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"National Guarantee Fund (Participating Exchanges) Levy Act 1989","content":"![1.jpg](image.001.jpeg)\n\nNational Guarantee Fund (Participating Exchanges) Levy Act 1989\n\nNo. 115 of 1989\n\nAn Act to impose a levy on certain securities exchanges\n\n\\[Assented to 14 July 1989\\]\n\nBE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:\n\nShort title\n\n1. This Act may be cited as the National Guarantee Fund (Participating Exchanges) Levy Act 1989.\n\nCommencement\n\n2. This Act commences on the same day as Part 7.10 of the Corporations Act 1989.\n\nIncorporation\n\n3. The Corporations Act 1989 is incorporated, and shall be read as one, with this Act, and shall be so read as if the provisions of this Act were provisions of Division 4 of Part 7.10 of that Act.\n\nImposition of levy\n\n4. Any levy that is payable under section 940 of the Corporations Act 1989 is imposed by this Act.\n\n  \nRate of levy\n\n5. A levy in respect of a participating exchange shall be of such amount (not exceeding the prescribed amount) as is determined in writing by SEGC in relation to that exchange.\n\nRegulations\n\n6. (1) The Governor-General may make regulations prescribing a maximum amount or maximum amounts for the purposes of section 5.\n\n(2) The regulations may prescribe different maximum amounts in relation to different participating exchanges.\n\n\\[Minister’s second reading speech made in—\n\nHouse of Representatives on 25 May 1988\n\nSenate on 14 October 1988\\]","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1811},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This is the original 1989 Act. It remains tightly focused on its sole purpose: imposing a levy on participating securities exchanges to fund the National Guarantee Fund. The scope has not expanded beyond this specific taxation mechanism."},"complexity_factors":["Only 6 sections with minimal conditional logic","Incorporation by reference requiring the Act to be read as part of the Corporations Act 1989","Delegation of specific rate-setting to an external body (SEGC) rather than stating amounts in the legislation","Regulation-making power for maximum levy caps"],"plain_english_summary":"This law creates a **tax (levy) on securities exchanges** that participate in Australia's National Guarantee Fund.\n\n**What it does:**\n- **Authorises the charge**: It formally imposes the levy that is mentioned in section 940 of the Corporations Act 1989.\n- **Who sets the amount**: A body called **SEGC** (the Securities Exchange Guarantee Corporation) decides the specific dollar amount each exchange must pay, set in writing for each exchange.\n- **Caps on the charge**: SEGC cannot charge unlimited amounts—the Governor-General sets a maximum limit via regulations (which can be different for different exchanges).\n\n**Why it matters:**\nThis levy funds the National Guarantee Fund, which acts like an insurance scheme protecting investors if a stockbroker becomes insolvent (goes broke) or fails to complete trades. The exchanges pay into this safety net to help protect investors and maintain confidence in the stock market."}},"importantCases":[],"_links":{"self":"/api/acts/national-guarantee-fund-participating-exchanges-levy-act-1989","history":"/api/acts/national-guarantee-fund-participating-exchanges-levy-act-1989/history","analysis":"/api/acts/national-guarantee-fund-participating-exchanges-levy-act-1989/analysis","conflicts":"/api/acts/national-guarantee-fund-participating-exchanges-levy-act-1989/conflicts","importantCases":"/api/acts/national-guarantee-fund-participating-exchanges-levy-act-1989/important-cases","documents":"/api/acts/national-guarantee-fund-participating-exchanges-levy-act-1989/documents"}}