{"id":"C2004A03861","name":"Securities Exchanges Fidelity Funds Levy Act 1989","slug":"securities-exchanges-fidelity-funds-levy-act-1989","collection":"act","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":"113 of 1989","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":26395,"registerId":"commonwealth-C2004A03861-current","compilationNumber":null,"startDate":"2026-04-01","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Securities Exchanges Fidelity Funds Levy Act 1989","content":"![1.jpg](image.001.jpeg)\n\nSecurities Exchanges Fidelity Funds Levy Act 1989\n\nNo. 113 of 1989\n\nAn Act to impose a levy on members of 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 Securities Exchanges Fidelity Funds Levy Act 1989.\n\nCommencement\n\n2. This Act commences on the same day as Part 7.9 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 Part 7.9 of that Act.\n\n  \nImposition of levy\n\n4. Any levy by the name of securities exchange fidelity fund levy that is payable under subsection 904 (1) of the Corporations Act 1989 by a member of a securities exchange referred to in that subsection is imposed by this Act.\n\nAmount of levy\n\n5. The amount of the levy in such amount, not exceeding the prescribed amount, as is determined by the securities exchange concerned.\n\nRegulations\n\n6. (1) The Governor-General may make regulations prescribing maximum amounts for the purposes of section 5.\n\n(2) The regulations may prescribe different maximum amounts in relation to different securities 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":1668},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This is the original 1989 legislation as enacted. Its scope remains confined to the original purpose of imposing a statutory levy on securities exchange members to fund fidelity funds."},"complexity_factors":["Extremely brief text (only 6 sections)","Substantive content outsourced to external legislation (Corporations Act 1989, Part 7.9 and section 904)","No definitions section—relies entirely on definitions contained in the Corporations Act","Unusual delegation of taxing authority to private entities (securities exchanges determine the specific levy amounts)"],"plain_english_summary":"This Act gives securities exchanges the legal power to charge their members a \"fidelity fund\" levy so exchanges can build compensation funds to protect investors if a broker fails or misappropriates client money. Exchanges set member contributions subject to government‑set maximums (which can vary by exchange). It creates the legal basis for a financial safety net for investors."}},"importantCases":[],"_links":{"self":"/api/acts/securities-exchanges-fidelity-funds-levy-act-1989","history":"/api/acts/securities-exchanges-fidelity-funds-levy-act-1989/history","analysis":"/api/acts/securities-exchanges-fidelity-funds-levy-act-1989/analysis","conflicts":"/api/acts/securities-exchanges-fidelity-funds-levy-act-1989/conflicts","importantCases":"/api/acts/securities-exchanges-fidelity-funds-levy-act-1989/important-cases","documents":"/api/acts/securities-exchanges-fidelity-funds-levy-act-1989/documents"}}