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Commonwealth act
This Act has been repealed and is no longer in force. It is retained for historical reference.
What this legislation does
This Act makes major changes to Australian corporate and financial services law across four main areas:
1. Share Buy-backs (The biggest change) Previously, companies were generally banned from buying back their own shares. This Act creates a detailed scheme allowing buy-backs under strict conditions:
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Direct links to the current provisions in Co-operative Scheme Legislation Amendment Act 1989.
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View on official registerSourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
2. Electronic Company Registers Allows the Corporate Affairs Commission to maintain company registers electronically. People can search these registers using computers, and the Commission can provide information in electronic form rather than only as paper copies.
3. Financial Services Licensing Overhaul Restructures how securities dealers, investment advisers, futures brokers and futures advisers are regulated:
4. Fast Settlement System for Shares Introduces a pilot scheme (the "Flexible Accelerated Security Transfer System") to allow faster electronic transfer of shares:
5. Managed Investment Buy-backs Extends buy-back rules to "prescribed interests" (managed investment schemes), requiring trust deeds to contain buy-back covenants and adequate arrangements to fund them.
Who it affects
Why it matters This Act modernised Australian corporate law by permitting share buy-backs (common in other countries but previously prohibited here), introduced consumer protection measures for financial services clients, and began the shift toward electronic securities trading and settlement.