{"id":"C2004A03860","name":"Securities Exchanges (Membership) Fidelity Funds Contribution Act 1989","slug":"securities-exchanges-membership-fidelity-funds-contribution-act-1989","collection":"act","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":"112 of 1989","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":36849,"registerId":"commonwealth-C2004A03860-current","compilationNumber":null,"startDate":"2026-04-01","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Securities Exchanges (Membership) Fidelity Funds Contribution Act 1989","content":"![1.jpg](image.001.jpeg)\n\nSecurities Exchanges (Membership) Fidelity Funds Contribution Act 1989\n\nNo. 112 of 1989\n\nAn Act to impose a tax 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 (Membership) Fidelity Funds Contribution 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 tax\n\n4. The tax by the name of securities exchange (membership) fidelity fund contribution that is payable under subsection 902 (2) 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 tax\n\n5. The amount of the tax is such amount, being not less than $100 and not more than such amount as is prescribed, as is determined by the securities exchange concerned in respect of the member or in respect of a class of members of the security exchange in which the member is included.\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":2385},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The Act maintains its original narrow purpose of imposing a specific tax on securities exchange members to fund fidelity funds, with no evidence of expansion beyond the original policy intent."},"complexity_factors":["Only 6 operative sections with minimal text and no definitions section","Incorporation by reference to Corporations Act 1989 requires cross-referencing to understand full context","Delegated authority split between regulations (setting maximum amounts) and securities exchanges (setting actual amounts within bounds)","No exceptions, conditional logic, or interpretative provisions within the Act itself"],"plain_english_summary":"**What this law does**\n\nThis Act creates a tax that **members of stock exchanges** must pay into **fidelity funds** — insurance-like pools that compensate investors if a brokerage firm collapses or commits fraud.\n\n**Who is affected**\n\nSecurities exchange members (such as stockbrokers and dealers) who are required to contribute under the Corporations Act.\n\n**How much they pay**\n\n- **Minimum**: $100 per year\n- **Maximum**: Set by government regulations (different caps can apply to different exchanges)\n- **Actual amount**: Determined by the individual securities exchange, which can set different rates for different classes of members\n\n**How it works**\n\nThe Act works together with the *Corporations Act 1989* (which it incorporates by reference). While the Corporations Act specifies when contributions are due, this Act formally imposes the tax and sets the rules for calculating the amount."}},"importantCases":[],"_links":{"self":"/api/acts/securities-exchanges-membership-fidelity-funds-contribution-act-1989","history":"/api/acts/securities-exchanges-membership-fidelity-funds-contribution-act-1989/history","analysis":"/api/acts/securities-exchanges-membership-fidelity-funds-contribution-act-1989/analysis","conflicts":"/api/acts/securities-exchanges-membership-fidelity-funds-contribution-act-1989/conflicts","importantCases":"/api/acts/securities-exchanges-membership-fidelity-funds-contribution-act-1989/important-cases","documents":"/api/acts/securities-exchanges-membership-fidelity-funds-contribution-act-1989/documents"}}